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UPDATE 1-GATX Q1 beats Street, sees rev pressure
April 22, 2010 / 2:31 PM / 7 years ago

UPDATE 1-GATX Q1 beats Street, sees rev pressure

* Q1 EPS $0.40 vs est. $0.33/shr

* CEO: Signs of recovery inconsistent

* Shares down 2 percent

April 22 (Reuters) - GATX Corp GMT.N, which provides leasing services for transportation assets, posted better-than-expected quarterly results, but said it sees revenue remaining under pressure until there is a sustainable global economic recovery.

“As we expected entering 2010, our markets have stabilized at relatively low levels. While there are some signs of recovery, they are inconsistent,” Chief Executive Brian Kenney said in a statement.

For the first quarter, GATX reported net income of $18.7 million, or 40 cents a share, compared with $27.6 million, or 56 cents a share, a year earlier.

Revenue was almost flat at $263.6 million.

Analysts on an average were expecting earnings of 33 cents a share on revenue of $252.2 million, according to Thomson Reuters I/B/E/S.

Shares of Chicago-based company were trading down 2 percent at $33.25 on the New York Stock Exchange. (Reporting by Megha Mandavia in Bangalore; Editing by Jarshad Kakkrakandy)

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