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GATX GATX Corporation Reports 2021 First - Quarter Results April 20 , 2021 • Net income for the first quarter 2021 was $ 36.5 million or $ 1.02 per diluted share • Rail North America's fleet utilization was 97.8 % • GATX's first - quarter direct investment of aircraft spare engines totals approximately $ 350 million • Company reiterates 2021 full - year earnings guidance CHICAGO , April 20 , 2021 ( GLOBE NEWSWIRE ) -- GATX Corporation ( NYSE : GATX ) today reported 2021 first - quarter results . Results for the first quarter ended March 31 , 2021 are summarized below : Per Diluted Share Income from Continuing Operations Income from Discontinued Operations Total Three Months Ended March 31 2021 2020 $ 1.02 $ 1.33 ( 0.02 ) $ 1.02 $ 1.31 2021 first quarter net income from continuing operations was $ 36.5 million or $ 1.02 per diluted share , compared to net income from continuing operations of $ 47.2 million or $ 1.33 per diluted share in the first quarter of 2020. Net income from discontinued operations in the first quarter of 2021 was zero , compared to a net loss of $ 0.9 million or $ ( 0.02 ) per diluted share in the same period of 2020 . " Conditions in the North American railcar leasing market are consistent with our outlook coming into the year , " said Brian A. Kenney , president and chief executive officer of GATX . " GATX's fleet utilization decreased slightly to 97.8 % and our renewal success rate was 77.7 % for the quarter . While absolute lease rates for many car types modestly increased from the prior quarter , pressure on revenue remains given the continuing high number of idle cars industrywide . The first - quarter renewal lease rate change of GATX's Lease Price Index was negative 18.1 % , primarily due to energy - related car types . " We continue to identify opportunities in the current environment to grow our asset base in North America . Our commercial team has successfully placed with customers nearly all cars expected to be delivered in 2021 under our supply agreements as well as over 1,000 additional cars outside of the supply agreements that will deliver by mid - 2022 . " Rail International performed as expected . GATX Rail Europe maintained high fleet utilization of 98.2 % at quarter - end and continues to experience small increases in renewal lease rates . Despite a recent resurgence of COVID - 19 in Europe and India , demand for railcars remains stable as we continue to grow and diversify our fleets in both regions . " Within Portfolio Management , the operating environment for the Rolls - Royce and Partners Finance affiliates remains challenging due to the ongoing adverse impact of COVID - 19 on international air travel . We continue to execute our strategy of capitalizing on difficult market conditions to invest in attractive growth opportunities . Since commencing our program of direct investment in aircraft spare engines in January 2021 , we acquired additional Rolls - Royce aircraft spare engines during the first quarter , bringing our total year - to - date investment to approximately $ 350 million . All of these engines are on long - term leases to a group of strong airline customers and will be managed by RRPF . " Mr. Kenney concluded , " First quarter operating results , and the generally gradual pace of recovery in our markets , are consistent with our expectations . Therefore , our 2021 full - year earnings estimate is unchanged at $ 4.00 to $ 4.30 per diluted share . " RAIL NORTH AMERICA Rail North America reported segment profit of $ 65.7 million in the first quarter of 2021 , compared to $ 72.0 million in the first quarter of 2020. Lower segment profit was primarily a result of lower gains on asset dispositions and lower lease revenue , partially offset by lower maintenance expense . At March 31 , 2021 , Rail North America's wholly owned fleet was comprised of approximately 116,800 cars , including approximately 13,900 boxcars . The following fleet statistics and performance discussion exclude the boxcar fleet . Fleet utilization was 97.8 % at the end of the first quarter , compared to 98.1 % at the end of the prior quarter and 99.0 % at the end of the first quarter of 2020. During the first quarter of 2021 , the GATX Lease Price Index ( LPI ) , a weighted - average lease renewal rate for a group of railcars representative of Rail North America's fleet , was negative 18.1 % . This compares to an LPI of negative 22.6 % in the prior quarter and negative 11.6 % in the first quarter of 2020. The average lease renewal term for all cars included in the LPI during the first quarter was 30 months , compared to 34 months in the prior quarter and 31 months in the first quarter of 2020. Rail North America's investment volume during the first quarter was $ 109.1 million . Additional fleet statistics , including information on the boxcar fleet , and macroeconomic data related to Rail North America's business are provided on the last page of this press release . RAIL INTERNATIONAL Rail International's segment profit was $ 21.8 million in the first quarter of 2021 , compared to $ 13.9 million in the first quarter of 2020. Higher segment profit was predominately driven by more railcars on lease as well as impacts from foreign currency exchange rates . At March 31 , 2021 , GATX Rail Europe's ( GRE ) fleet consisted of approximately 26,500 cars . Utilization was 98.2 % , compared to 98.1 % at the end of