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8-K - FORM 8-K - GATX CORP | c64268e8vk.htm |
NEWS RELEASE |
FOR RELEASE: IMMEDIATE
GATX CORPORATION REPORTS 2011 FIRST QUARTER RESULTS
CHICAGO, April 21 - GATX Corporation (NYSE:GMT) today reported 2011 first quarter net
income of $19.9 million or $.42 per diluted share, compared to net income of $18.7 million or $.40
per diluted share in the first quarter of 2010. The 2011 first quarter results include positive
after-tax fair-value adjustments of $6.4 million or $.14 per diluted share related to certain
interest rate swaps at GATXs European rail affiliate, AAE Cargo (AAE), and the 2010 first
quarter results include negative after-tax fair-value adjustments of $0.8 million or $.02 per
diluted share related to the AAE interest rate swaps.
Brian A. Kenney, president and chief executive officer of GATX, stated, As we expected
entering 2011, rail market conditions continue to improve. In North America, fleet utilization
increased to 97.8%, compared to 97.4% in the prior quarter. As the number of idle railcars in the
industry continues to decline, our commercial team is focused on improving lease rates. These
efforts are reflected in GATXs Lease Price Index (LPI), which improved to negative 0.5% during
the quarter. In March, we also ordered 12,500 new railcars that will deliver over a five-year
period. Coupled with the sizable existing railcar investments made in the last two years, this
order enables us to serve our customers with attractively priced, high quality railcars.
In Specialty, certain of our marine joint ventures continue to experience challenging market
conditions, while our aircraft engine leasing joint venture with Rolls-Royce is performing well.
American Steamship Company (ASC) started its sailing season in recent weeks and based on early
demand indications, we continue to expect similar operating results in 2011 as in 2010.
Mr. Kenney concluded, Overall, the first quarter operating environment and financial results
were consistent with our expectations. Therefore, our 2011 full-year earnings estimate remains
unchanged at $1.70 $1.80 per diluted share, excluding the impact of the AAE interest rate swaps
as noted above.
RAIL
Rail segment profit was $51.6 million in the first quarter of 2011, compared to $49.3 million
in the first quarter of 2010. The first quarter 2011 and 2010 results include positive pre-tax
adjustments of $7.2 million and negative pre-tax adjustments of $0.9 million, respectively, related
to the change in fair-value of interest rate swaps at AAE.
At March 31, 2011, Rails wholly-owned North American fleet totaled approximately 110,000
cars, and fleet utilization was 97.8% compared to 97.4% at year end and 96.0% at March 31,
Page 2
2010. The market is showing signs of tightening as carloadings continue to improve and idle
railcar capacity in the industry continues to decline significantly. GATXs LPI was negative 0.5%
in the first quarter, compared to negative 14.0% in the fourth quarter of 2010 and negative 15.2%
in the prior year period. The average lease renewal term for cars in the LPI was 41 months
compared to 36 months in the 2010 fourth quarter and 31 months in the prior year period.
The European wholly-owned tank car fleet totaled approximately 21,000 cars and utilization was
95.8% compared to 95.7% at year end and 94.4% at March 31, 2010.
Additional current and historical fleet and operating data as well as macroeconomic data
related to Rails business can be found on the last page of this press release.
SPECIALTY
Specialty reported segment profit of $10.7 million in the first quarter of 2011 compared to
$12.1 million in the prior year period. The decline was due to modestly lower asset remarketing
income.
The Specialty portfolio currently consists of approximately $763.6 million of owned assets
(including on and off balance sheet assets) and third-party managed portfolios totaling
approximately $226.7 million.
AMERICAN STEAMSHIP COMPANY
American Steamship Company reported segment profit of $0.8 million in the first quarter of
2011 compared to $0.4 million in the first quarter 2010. ASCs vessels are in winter lay up from
January through late March and therefore first quarter operational activity is very limited.
COMPANY DESCRIPTION
GATX Corporation (NYSE:GMT) provides leasing and related services to customers operating rail,
marine and other targeted assets. GATX is a leader in leasing transportation assets and controls
one of the largest railcar fleets in the world. Applying over a century of operating experience
and strong market and asset expertise, GATX provides quality assets and services to customers
worldwide. GATX has been headquartered in Chicago, Illinois since its founding in 1898 and has
traded on the New York Stock Exchange since 1916. For more information, visit the Companys
website at www.gatx.com.
Page 3
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2011 first quarter results. Teleconference
details are as follows:
Thursday, April 21 11:00 A.M. Eastern Time |
||
Domestic Dial-In: | 1-888-282-4591 | |
International Dial-In: | 1-719-325-2170 | |
Replay: 1- 888-203-1112 / Access Code: 9625671 |
Call-in details, a copy of this press release and real-time audio access are available at
www.gatx.com. Please access the call 15 minutes prior to the start time. Following the call, a
replay will be available on the same site.
FORWARD-LOOKING STATEMENTS
This document contains statements that may constitute forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934
and are subject to the safe harbor provisions of those sections and the Private Securities
Litigation Reform Act of 1995. Some of these statements may be identified by words such as
anticipate, believe, estimate, expect, intend, predict, project or other words and
terms of similar meaning. Investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, including those described in
GATXs Annual Report on Form 10-K for the year ended December 31, 2010 and other filings with the
SEC, and that actual results or developments may differ materially from those in the
forward-looking statements. Specific factors that might cause actual results to differ from
expectations include, but are not limited to, general economic, market, regulatory and political
conditions in the rail, marine, industrial and other industries served by GATX and its customers;
lease rates, utilization levels and operating costs in GATXs primary operating segments;
conditions in the capital markets; changes in GATXs credit ratings and financing costs; regulatory
rulings that may impact the economic value and operating costs of assets; costs associated with
maintenance initiatives; competitive factors in GATXs primary markets including lease pricing and
asset availability; operational and financial risks associated with long-term railcar purchase
commitments; changes in loss provision levels within GATXs portfolio; impaired asset charges that
may result from changing market conditions or portfolio management decisions implemented by GATX;
the opportunity for remarketing income; and the outcome of pending or threatened litigation. Given
these risks and uncertainties, readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect managements analysis, judgment, belief or expectation
only as of the date hereof. GATX has based these forward-looking statements on information
currently available and disclaims any intention or obligation to update or revise these
forward-looking statements to reflect subsequent events or circumstances.
FOR FURTHER INFORMATION CONTACT:
Jennifer Van Aken
Director, Investor Relations
GATX Corporation
312-621-6689
jennifer.vanaken@gatx.com
Director, Investor Relations
GATX Corporation
312-621-6689
jennifer.vanaken@gatx.com
Investor, corporate, financial, historical financial, photographic and news release
information may be found at www.gatx.com.
(04/21/11)
Tabular Follows
Page 4
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
Three Months Ended | ||||||||
March 31 | ||||||||
2011 | 2010 | |||||||
Gross Income |
||||||||
Lease income |
$ | 224.8 | $ | 221.2 | ||||
Marine operating revenue |
11.1 | 8.3 | ||||||
Asset remarketing income |
8.9 | 14.4 | ||||||
Other income |
20.2 | 19.7 | ||||||
Revenues |
265.0 | 263.6 | ||||||
Share of affiliates earnings |
17.1 | 18.3 | ||||||
Total Gross Income |
282.1 | 281.9 | ||||||
Ownership Costs |
||||||||
Depreciation |
52.3 | 51.7 | ||||||
Interest expense, net |
42.9 | 42.6 | ||||||
Operating lease expense |
34.6 | 34.6 | ||||||
Total Ownership Costs |
129.8 | 128.9 | ||||||
Other Costs and Expenses |
||||||||
Maintenance expense |
69.3 | 67.8 | ||||||
Marine operating expense |
8.9 | 6.4 | ||||||
Selling, general and administrative |
36.4 | 33.5 | ||||||
Other |
11.9 | 19.0 | ||||||
Total Other Costs and Expenses |
126.5 | 126.7 | ||||||
Income before Income Taxes |
25.8 | 26.3 | ||||||
Income Taxes |
5.9 | 7.6 | ||||||
Net Income |
$ | 19.9 | $ | 18.7 | ||||
Page 5
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In Millions, Except Per Share Data)
(Continued)
Three Months Ended | ||||||||
March 31 | ||||||||
2011 | 2010 | |||||||
Per Share Data |
||||||||
Basic |
$ | 0.43 | $ | 0.41 | ||||
Average number of common shares (in millions) |
46.3 | 46.0 | ||||||
Diluted |
$ | 0.42 | $ | 0.40 | ||||
Average number of common shares and
common share equivalents (in millions) |
47.0 | 47.5 | ||||||
Dividends declared per common share |
$ | 0.29 | $ | 0.28 |
Page 6
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)
March 31 | December 31 | |||||||
2011 | 2010 | |||||||
Assets |
||||||||
Cash and Cash Equivalents |
$ | 53.9 | $ | 78.5 | ||||
Restricted Cash |
54.7 | 56.6 | ||||||
Receivables |
||||||||
Rent and other receivables |
63.6 | 71.1 | ||||||
Finance leases |
333.8 | 347.7 | ||||||
Less: allowance for possible losses |
(11.6 | ) | (11.6 | ) | ||||
385.8 | 407.2 | |||||||
Operating Assets and Facilities |
||||||||
Rail |
5,593.4 | 5,513.6 | ||||||
Specialty |
288.8 | 280.8 | ||||||
ASC |
394.2 | 389.1 | ||||||
Less: allowance for depreciation |
(2,086.7 | ) | (2,049.7 | ) | ||||
4,189.7 | 4,133.8 | |||||||
Investments in Affiliated Companies |
524.6 | 486.1 | ||||||
Goodwill |
96.7 | 92.7 | ||||||
Other Assets |
193.3 | 187.5 | ||||||
Total Assets |
$ | 5,498.7 | $ | 5,442.4 | ||||
Liabilities and Shareholders Equity |
||||||||
Accounts Payable and Accrued Expenses |
$ | 126.4 | $ | 114.6 | ||||
Debt |
||||||||
Commercial paper and borrowings under bank
credit facilities |
175.8 | 115.6 | ||||||
Recourse |
2,810.6 | 2,801.8 | ||||||
Nonrecourse |
193.1 | 217.2 | ||||||
Capital lease obligations |
40.6 | 41.9 | ||||||
3,220.1 | 3,176.5 | |||||||
Deferred Income Taxes |
759.0 | 750.6 | ||||||
Other Liabilities |
239.5 | 287.0 | ||||||
Total Liabilities |
4,345.0 | 4,328.7 | ||||||
Total Shareholders Equity |
1,153.7 | 1,113.7 | ||||||
Total Liabilities and Shareholders Equity |
$ | 5,498.7 | $ | 5,442.4 | ||||
Page 7
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended March 31, 2011
(In Millions)
SEGMENT DATA (UNAUDITED)
Three Months Ended March 31, 2011
(In Millions)
GATX | ||||||||||||||||||||
Rail | Specialty | ASC | Other | Consolidated | ||||||||||||||||
Gross Income |
||||||||||||||||||||
Lease income |
$ | 209.4 | $ | 14.4 | $ | 1.0 | $ | | $ | 224.8 | ||||||||||
Marine operating revenue |
| | 11.1 | | 11.1 | |||||||||||||||
Asset remarketing income |
7.6 | 1.3 | | | 8.9 | |||||||||||||||
Other income |
19.8 | 0.2 | | 0.2 | 20.2 | |||||||||||||||
Revenues |
236.8 | 15.9 | 12.1 | 0.2 | 265.0 | |||||||||||||||
Share of affiliates earnings |
7.1 | 10.0 | | | 17.1 | |||||||||||||||
Total Gross Income |
243.9 | 25.9 | 12.1 | 0.2 | 282.1 | |||||||||||||||
Ownership Costs |
||||||||||||||||||||
Depreciation |
47.9 | 4.4 | | | 52.3 | |||||||||||||||
Interest expense, net |
32.7 | 7.1 | 2.0 | 1.1 | 42.9 | |||||||||||||||
Operating lease expense |
34.4 | 0.3 | | (0.1 | ) | 34.6 | ||||||||||||||
Total Ownership Costs |
115.0 | 11.8 | 2.0 | 1.0 | 129.8 | |||||||||||||||
Other Costs and Expenses |
||||||||||||||||||||
Maintenance expense |
68.9 | | 0.4 | | 69.3 | |||||||||||||||
Marine operating expense |
| | 8.9 | | 8.9 | |||||||||||||||
Other |
8.4 | 3.4 | | 0.1 | 11.9 | |||||||||||||||
Total Other Costs and Expenses |
77.3 | 3.4 | 9.3 | 0.1 | 90.1 | |||||||||||||||
Segment Profit (Loss) |
$ | 51.6 | $ | 10.7 | $ | 0.8 | $ | (0.9 | ) | 62.2 | ||||||||||
Selling, general and administrative |
36.4 | |||||||||||||||||||
Income before Income Taxes |
25.8 | |||||||||||||||||||
Income Taxes |
5.9 | |||||||||||||||||||
Net Income |
$ | 19.9 | ||||||||||||||||||
Selected Data: |
||||||||||||||||||||
Investment Volume |
$ | 53.9 | $ | 36.4 | $ | 5.2 | $ | 0.7 | $ | 96.2 | ||||||||||
Asset Remarketing Income: |
||||||||||||||||||||
Disposition gains on owned assets |
7.6 | 0.2 | | | 7.8 | |||||||||||||||
Residual sharing income |
| 1.1 | | | 1.1 | |||||||||||||||
Total Asset Remarketing Income |
$ | 7.6 | $ | 1.3 | $ | | $ | | $ | 8.9 | ||||||||||
Scrapping Gains (a) |
$ | 6.6 | | | | $ | 6.6 |
(a) | Included in Other income |
Page 8
GATX CORPORATION AND SUBSIDIARIES
SEGMENT DATA (UNAUDITED)
Three Months Ended March 31, 2010
(In Millions)
SEGMENT DATA (UNAUDITED)
Three Months Ended March 31, 2010
(In Millions)
GATX | ||||||||||||||||||||
Rail | Specialty | ASC | Other | Consolidated | ||||||||||||||||
Gross Income |
||||||||||||||||||||
Lease income |
$ | 204.9 | $ | 15.3 | $ | 1.0 | $ | | $ | 221.2 | ||||||||||
Marine operating revenue |
| | 8.3 | | 8.3 | |||||||||||||||
Asset remarketing income |
12.5 | 1.9 | | | 14.4 | |||||||||||||||
Other income |
19.3 | 0.2 | | 0.2 | 19.7 | |||||||||||||||
Revenues |
236.7 | 17.4 | 9.3 | 0.2 | 263.6 | |||||||||||||||
Share of affiliates earnings |
8.6 | 9.7 | | | 18.3 | |||||||||||||||
Total Gross Income |
245.3 | 27.1 | 9.3 | 0.2 | 281.9 | |||||||||||||||
Ownership Costs |
||||||||||||||||||||
Depreciation |
47.6 | 4.1 | | | 51.7 | |||||||||||||||
Interest expense, net |
31.7 | 6.8 | 2.1 | 2.0 | 42.6 | |||||||||||||||
Operating lease expense |
34.4 | 0.3 | | (0.1 | ) | 34.6 | ||||||||||||||
Total Ownership Costs |
113.7 | 11.2 | 2.1 | 1.9 | 128.9 | |||||||||||||||
Other Costs and Expenses |
||||||||||||||||||||
Maintenance expense |
67.4 | | 0.4 | | 67.8 | |||||||||||||||
Marine operating expense |
| | 6.4 | | 6.4 | |||||||||||||||
Other |
14.9 | 3.8 | | 0.3 | 19.0 | |||||||||||||||
Total Other Costs and Expenses |
82.3 | 3.8 | 6.8 | 0.3 | 93.2 | |||||||||||||||
Segment Profit (Loss) |
$ | 49.3 | $ | 12.1 | $ | 0.4 | $ | (2.0 | ) | 59.8 | ||||||||||
Selling, general and administrative |
33.5 | |||||||||||||||||||
Income before Income Taxes |
26.3 | |||||||||||||||||||
Income Taxes |
7.6 | |||||||||||||||||||
Net Income |
$ | 18.7 | ||||||||||||||||||
Selected Data: |
||||||||||||||||||||
Investment Volume |
$ | 48.1 | $ | 19.6 | $ | 1.6 | $ | 0.9 | $ | 70.2 | ||||||||||
Asset Remarketing Income: |
||||||||||||||||||||
Disposition gains on owned assets |
12.5 | 0.5 | | | 13.0 | |||||||||||||||
Residual sharing income |
| 1.4 | | | 1.4 | |||||||||||||||
Total Asset Remarketing Income |
$ | 12.5 | $ | 1.9 | $ | | $ | | $ | 14.4 | ||||||||||
Scrapping Gains (a) |
$ | 4.1 | | | | $ | 4.1 |
(a) | Included in Other income |
Page 9
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Leverage)
SUPPLEMENTAL INFORMATION (UNAUDITED)
(In Millions, Except Leverage)
3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 3/31/2011 | ||||||||||||||||
Assets by Segment (includes off-balance
sheet assets) |
||||||||||||||||||||
Rail |
$ | 4,998.1 | $ | 4,899.7 | $ | 4,978.0 | $ | 5,189.9 | $ | 5,185.8 | ||||||||||
Specialty |
693.8 | 691.5 | 713.8 | 728.1 | 755.5 | |||||||||||||||
ASC |
260.3 | 285.5 | 274.3 | 271.1 | 269.1 | |||||||||||||||
Other |
90.3 | 89.5 | 94.7 | 89.7 | 82.7 | |||||||||||||||
Total Assets, Excluding Cash |
$ | 6,042.5 | $ | 5,966.2 | $ | 6,060.8 | $ | 6,278.8 | $ | 6,293.1 | ||||||||||
Non-performing Investments |
$ | 17.8 | $ | 17.4 | $ | 17.1 | $ | 16.7 | $ | 16.5 | ||||||||||
Capital Structure |
||||||||||||||||||||
Commercial Paper and Bank Credit Facilities,
Net of Unrestricted Cash |
$ | (132.4 | ) | $ | 72.0 | $ | 48.4 | $ | 37.1 | $ | 121.9 | |||||||||
On Balance Sheet Recourse Debt |
2,764.1 | 2,515.3 | 2,534.6 | 2,801.8 | 2,810.6 | |||||||||||||||
On Balance Sheet Nonrecourse Debt |
226.9 | 225.2 | 222.7 | 217.2 | 193.1 | |||||||||||||||
Off Balance Sheet Recourse Debt |
742.6 | 746.3 | 787.4 | 782.8 | 718.3 | |||||||||||||||
Off Balance Sheet Nonrecourse Debt |
200.3 | 197.8 | 195.5 | 188.7 | 184.7 | |||||||||||||||
Capital Lease Obligations |
53.4 | 52.0 | 50.3 | 41.9 | 40.6 | |||||||||||||||
Total Borrowings, Net of Unrestricted Cash |
$ | 3,854.9 | $ | 3,808.6 | $ | 3,838.9 | $ | 4,069.5 | $ | 4,069.2 | ||||||||||
Total Recourse Debt (a) |
$ | 3,427.7 | $ | 3,385.6 | $ | 3,420.7 | $ | 3,663.6 | $ | 3,691.4 | ||||||||||
Shareholders Equity |
$ | 1,096.2 | $ | 1,044.9 | $ | 1,098.6 | $ | 1,113.7 | $ | 1,153.7 | ||||||||||
Recourse Leverage |
3.1 | 3.2 | 3.1 | 3.3 | 3.2 |
(a) | Total Recourse Debt = On Balance Sheet Recourse + Off Balance Sheet Recourse | |
+ | Capital Lease Obligations + Commercial Paper and Bank Credit Facilities, Net of Unrestricted Cash | |
(b) | Recourse Leverage = Total Recourse Debt / Shareholders Equity |
Page 10
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)
SUPPLEMENTAL INFORMATION (UNAUDITED)
(Continued)
3/31/2010 | 6/30/2010 | 9/30/2010 | 12/31/2010 | 3/31/2011 | ||||||||||||||||
North American Rail Statistics (wholly-owned fleet) |
||||||||||||||||||||
Lease Price Index (LPI) (a) |
||||||||||||||||||||
Average Renewal Lease Rate Change |
-15.2 | % | -18.6 | % | -15.7 | % | -14.0 | % | -0.5 | % | ||||||||||
Average Renewal Term (months) |
31 | 36 | 36 | 36 | 41 | |||||||||||||||
Fleet Rollforward |
||||||||||||||||||||
Beginning Balance |
110,870 | 108,918 | 108,626 | 108,800 | 111,389 | |||||||||||||||
Cars Added |
346 | 434 | 1,189 | 3,479 | 175 | |||||||||||||||
Cars Scrapped |
(1,026 | ) | (726 | ) | (917 | ) | (870 | ) | (963 | ) | ||||||||||
Cars Sold |
(1,272 | ) | | (98 | ) | (20 | ) | (821 | ) | |||||||||||
Ending Balance |
108,918 | 108,626 | 108,800 | 111,389 | 109,780 | |||||||||||||||
Utilization |
96.0 | % | 96.5 | % | 96.8 | % | 97.4 | % | 97.8 | % | ||||||||||
GATX Rail Europe Statistics (wholly-owned fleet) |
||||||||||||||||||||
Fleet Rollforward |
||||||||||||||||||||
Beginning Balance |
20,033 | 20,321 | 20,302 | 20,226 | 20,432 | |||||||||||||||
Cars Added |
288 | 15 | 61 | 298 | 109 | |||||||||||||||
Cars Scrapped/Sold |
| (34 | ) | (137 | ) | (92 | ) | (17 | ) | |||||||||||
Ending Balance |
20,321 | 20,302 | 20,226 | 20,432 | 20,524 | |||||||||||||||
Utilization |
94.4 | % | 94.4 | % | 95.3 | % | 95.7 | % | 95.8 | % | ||||||||||
Rail Industry Statistics |
||||||||||||||||||||
Manufacturing Capacity Utilization Index (b) |
72.8 | % | 74.2 | % | 75.3 | % | 76.8 | % | 77.4 | % | ||||||||||
Year-over-year Change in U.S. Carloadings (total, excl.
intermodal) (c) |
2.2 | % | 7.8 | % | 7.2 | % | 7.3 | % | 5.1 | % | ||||||||||
Year-over-year Change in U.S. Carloadings (chemical) (c) |
13.5 | % | 12.8 | % | 10.2 | % | 9.6 | % | 7.0 | % | ||||||||||
Year-over-year Change in U.S. Carloadings (petroleum products) (c) |
2.0 | % | 4.9 | % | 4.9 | % | 5.9 | % | 9.6 | % | ||||||||||
Production Backlog at Railcar Manufacturers (d) |
12,990 | 14,930 | 19,267 | 22,658 | n/a | (e) | ||||||||||||||
American Steamship Company (ASC) Statistics |
||||||||||||||||||||
Total Net Tons Carried (millions) |
1.3 | 8.3 | 9.9 | 8.5 | 1.2 |
(a) | LPI is an internally generated business indicator that measures general lease rate pricing on renewals within GATXs North American rail fleet. The index reflects the weighted average lease rate for a select group of railcar types that GATX believes to be representative of its overall North American fleet. The LPI measures the percentage change between the weighted average renewal lease rate and the weighted average expiring lease rate. Average renewal term reflects the weighted average renewal lease term in months. | |
(b) | As reported and revised by the Federal Reserve | |
(c) | As reported by the Association of American Railroads (AAR) | |
(d) | As reported by the Railway Supply Institute (RSI) | |
(e) | n/a = not available; not published by the RSI as of the date of this release. |
-30-