Jennifer. Thanks Okay.
its oversupply. As North XXXX, business I'll our said In year minutes But give the of guidance. outlook car some North our condition. she take above American we few color the utilization next again, entered American year, outstanding of last to remained fourth and year the is entering the rail fleet XX%. you market on end At in
the placed have majority committed car of new deliveries. our We XXXX
very market. lease composition withstand weak well continued us -- and the fully our positions remaining Our term average to
Now expectations much press as all outperformed in said across in I release, pretty our the we our XXXX. original segments financial business
So let XXXX perspective. in me earnings put
of earned peak the that our year earnings above of cycle. in per third railcar still are market the these well railcar share XXXX of of tax our Jennifer in $X.XX we said in XXXX large although, end the operating with per were this impact new that's share we guidance, the as morning, the of earned of the last we earnings the $X.XX As reported downturn positive $X.XX in top upper leasing law, and we at ignoring
did our the investments, during that good market me a terms. long great making rates in high the commercial So lease team strong shows job locking for
are especially given in cycle. where in renewal financial than railcars scheduled the Now America cost of strong along business year some XX,XXX North with in XXXX We're projecting with continued we control. for less another performance
over and I'll in then segment, outlook start North business the with So rail XXXX let each America. me go by
good to to XXXX. news revenue lease ago during most expect we our increased a America, is types that But, outlook North for lease the rail, it's car absolute again compared rates XXXX. in So decline year in
as well average coming enough rate we're see is fact lease rates offset XXXX up market that today's as anticipating increasing year. to However, cars the expiring will rates the for for not still the to this moving renewal also be high through
into definitely a it's than pressure it was better rate environment So lease expect rate in But, XXXX. lease we still coming XXXX. renewal
utilization XX% to hold anticipated. some more this anticipate that We're from we few said, better I drop performance we was last As year the were We year optimistic point year. throughout utilization. able utilization still downward and on over in a -- originally pressure
slight in drop XXXX. So a we project
assumptions cars to are revenue lower lower XXXX. the fact that of much in in of less in negative for XXXX renewal the I by impact strong coming markets than mentioned than the exposure that So year the number scheduled cars average XXXX is muted the the somewhat renewing the XX,XXX were of last than that's
market the once work So in off strong commercial in good again extending is terms paying really our done the team those now. lease by
renewal with expect in side, strong revenue investment level XXXX, the a to car the cars placed of railcar $XXX the I new so are this year. And will of additions Again, contribute more. customers, positively or be already XXXX you on million and investment to slightly under these it On net majority we X% effect obviously the utilization, little revenue delivering from a fleet last American North decreasing in that rates results expect if revenue placement on existing of in new lower year. rail, combine declining cars fleet
expense. North segment obviously net rail driver Another at profit is America of maintenance
of higher car and our the with XXXX which start have in looking of that we continue and have strategy especially maintenance providers cost moving technically success from cars XXXX. qualifications due party maintenance maintenance. at due what into away cost our number our main to cars is about We But, tank driver tank certain third one drivers. is XXXX network of will was own The in the freight I with maintenance than particularly car
possible. work maintain to of even network, compliance tried discussed However, in we flow extent efficiency for in an as that purposes we the to the past our year-to-year
cars in other just for try due years. that are try reasons. later We qualifications XXXX. a cars Thus that in few we we complete network to and due forward to more anticipate hundred work actually completing the qualification So XXXX but tank in on not are pull are
expect to portion that also the that assignment boxcar income. we from which factor maintenance last some expense rail's I'll is good idle XXXX discuss net work level. is expected back cost to America fleet as The of effect X% North the put The higher for remarketing is approximately of We XXXX news. X% in to increase overall
the every to we we is So continue optimize by robust through year secondary sale of railcars that market where surprised to in as the we how we cycle. do continue are given market fleet be our but
We up. have not seen it let
economic will for realistic us our remarketing So, do. is income to really the projection up XXXX, it's in again thing be
in North from remarketing expense profit, effect of result American between income the will increased last down and summarizing investment, we American to rail, low XXXX rail ownership higher revenue maintenance new year. segment higher So expect XX% costs and net from XX% slightly North car in be
be suffered We XXXX is you Let's their getting petroleum They service. XXXX And lower we been Rail now. result That of fleet the or will offset on a last anticipate their GATX modernization it's that rates scrapping the fleet high Europe They in utilization XX% Rail the over plan their the continue that and either and talk to efficient be level fleet their and if to years. should tough the LPG customers with them they the growth first level investing net will market somewhat it in rail cars remember focus international about and currently more to by slightly several in fleet on few required the that GATX maintain we growth. fleet of have still capacity markets. in that existing be of even lease will although and that Europe. new continues see maintenance and X% in redeploying by high maintaining will XX% years, euros XXXX higher tank small set market experienced revisions ownership that on cars its fleet other cost in continue last due to and finding we over XXXX. higher than are revenue from expect between That increase, in expense the older also car serving difficult higher margins cost and modern to new in rail however, they the seen offset in we wheel and side, add Europe euros. that's are in cars utilization GATX XXXX to cars Rail are net better higher scrapping smaller investment will increase plan slightly seems revenue in
due to local So, Europe dollar flat segment much the those up dollar. in weaker on Rail basis U.S. we as expect of effect to fairly be profit a in factors currency but net XXXX the GATX
it's Rail Now, XXXX, in GATX profitability increased segment of adding India. International profit to Rail increase this in in
fleet more are We currently importantly diversification. and increased experiencing fleet growth
as Now, I'm are but Indian really profit overall million our growth we applying in a taking one market. well growing number attractive strategy to they and will prospects huge they fast GATX's And a the the profitability, do positioned rail of and perfectly economy of this in leasor contributor it do again rail fits But, business. America in generate dollars what It's North about segment not excited within our well few outlook their year. markets. and they a rail more
be European International and offset growth should in and by Indian overall X% having maintenance expectations in profit ownership segment growth our Rail, So, help expense somewhat the XXXX. increased summarizing over Europe in revenue will for and fleet stronger euro and International Rail
We than the other later they fewer but actually the delivering labor through anticipated that would realize more spot was in press were release, to and cetera. from efficiently some able more up XXXX. vessels tonnages As it due in as cost iron year. contract as as They well vessels Steamship prior to But, limestone $X million expectations we the the expected they developed the and outperformed ended over using efficiencies we carry et ore tonnage and originally efficiencies we carry return realizing in tons the plan. leased that efficiencies in our year indicated similar American to year, to
to XXXX, continued efficiencies. anticipate So, expect we Steamship gain year; tonnage of and profit looking however, increases fleet due carry we produce do last will rate freight less than will higher slightly segment to they
performance So, expect that in strong will they XXXX. our increase
profit income But, segment Royce expect Rolls by management, managed offset this portfolio. lower it affiliates excellent investment see year. in again this Now we will lower that their residual financial performance and our portfolio anticipate will in in We continue be to year.
in You might managed last gain residual the year remember for instance legacy our portfolio. from the nuclear large facility
repeat So that's not itself. going to
that management portfolio be segment that expect So, XXXX profit some the and approximately from we XX% Rolls in down we earnings XXXX. effect performance sold were in assets despite have to lower will marine also Royce's net
XXXX year. in higher items X% SG&A the in reduction modest did SG&A range some so. was that don't a expect come of originally in than in anticipate but we we reoccurring projected side, this corporate we due the unusual On or XXXX in that to
So generally operations which higher to the at foreign tax to due would change, prior be rate our to expected that the U.S. than operations. recent rate XXXXs fact XXXX lower than effective law our have we a are taxed
We in are expected generate percentage pretax to XXXX. of income lower a
we Now passed, expect XX%. law that's true, still to approximate rate XXXX but with that tax new tax the now
net and consolidating So lower to range the XXXX repurchase of the total $X.XX combined results for guidance that share in than individual with income $X.XX when anticipated guidance XXXX, this but results that's all of somewhat Jennifer segment referenced. annual XXXX
economic a model on that not You know assumptions for lot build really of are variety of color variables? guidance for because into buildup. performance, input more railroad financial little of as how our What get EPS questions backdrop, using kind far economic railcar about we assumptions the performance. loadings, a we're it's our the what direct a as for So we
lease commercial we for contract in are based as renewal cars coming our lease well review are will cars be What as that think we for of the those a this As I expectations what cars and said build operational XXXX delivering. year. the up by for new on past, contract outcome
expectations in not what from supply year-over-year Also press hearing does our to as significant I the positive experiencing number of expectations well for in So and in few such I North will business as is mention market absolute North for rates, last release, on say and years. the market. as loadings over What economic a railcar metrics a been their lease America guidance over is has did demand. the move America in relevant all indicators are obviously, positive our increase railcar what customers in the based we're their a reflect those situation growth railcar our business what XXXX
catalyst, it one appear that currently demand slow is absent market is we the again, does year. the of the this leasing So unforeseen But continued recovery trend off railcar think moving bottom.
increase fleet we with they as from absolute today. not assumption, in So in rates our that significant where XXXX lease any have assumed are across the
the does So I characteristics of our is fairly financial lease I take grows in coming show the revenue. it well way may if anticipate. our say said term economy business obviously, some for Well, as of do one revenue material minor than guidance a statements. say demand time it's we up known our of is structure Much market into trends the of There performance It for year. our earnings is appear in a the catalyst to minor? some unique why much so unforeseen, upside and stronger our
we've XXXX majority example, deliveries at So for market rate. for in new XXXX, the XXXX placed our instance of coming
I on on what As happen our solid renewals I the pretty a with said, view have lease existing fleet. think, may XXXX we
if underestimated to there So XXXX more for leasing and be recovery is much of have impactful in pace we the minor the beyond. outlook it's but in going in market, XXXX, our upside some
The very don't announce way, Board a advantage example have. our will we almost shareholders their the consecutive long-term we're that. take our to our dividend. see. of streak. it our last year to of understand continue record I at decision So that dividend any can of will companies growth competitors XXXX last GATX importance next of to mark outperform I think That's all our either meets up that great year So of. before as well questions I track paying mention time. long and say week, opportunities they that dividend of The that's as our will open I thing a our is XXXth the match and is record commitment that many think proud I'll focus success Through a century we
to Let's up it open questions.
