Thanks, Jennifer.
our XXXX So I to on more some helpful usually before would do I’ll than results. a take the little that it I talk give in about thought to to detail color but be you and outlook our get next guidance, few I minutes business
Rail, range our performance and Rolls-Royce valuations of in So excess in them compared XXXX produced earnings prior was joint the the XX for that $X.XX. we our of gains after laid sell to International our positive of prices ended the leased in year the American all that asset $X.XX outperformed look this in of outperformance. the 'XX, American net of so over out expectations that we effects ventures we continuing was share higher average adjusting to $X.XX forecast and year premium that that press considerably in XXXX, We tax our into per and important secondary drivers the first expectation original coming items. American earned be scrap primary to be earnings the Steamship morning market. reflective and to it’s to the was Rail, adjustments disposition And release both that Rail. expectations, than North strong were in higher sure somewhat but North in driver originally but able I And in than two higher for million of and think up at was railcars to we other
for than result. hold the values we we those a significantly we was The realize we great was prices continued was economic great so it to that expected to cars, lot but expected a achieved stronger exceeded GATX Now it the a shareholder. result if
call The second like in outperformance maintenance North expense net driver is I’d Rail. earnings to important out the for American
net year, the XXXX into we expected in cars in the qualification rail higher remember X%. coming that customers short be reluctance mostly tank by maintenance fell significantly and due as throughout And events. issues leasing year send I’d volume anticipated. if service to to their we described of maintenance, higher say was for to we But improving among our scheduled the you approximately market and Now we an caused
railroad this come XXXX. than lower maintenance with in lower net X% combined caused repairs, in So actually expense to
asset Now other I consistently strong the two disposition through weak income, market that a drivers obviously expectations our leasing for were out XXXX. reason. in variances there but from right it’s started called original these railcar On been
a to gains What and we et for sharply from experience this can declined market XXXX the down say a reasons entering low always stated secondary down market cetera, cycle. income or see interest is look to players disposition have access for all that though, rates, throughout the disposition to however, But last is even few call asset that. to financial this unlikely disappears consistently I need that the market, level to you strong. XXXX years, in new recession the usually on Now capital, remained very high be unfettered the through
relatively for market interest can have example, that capital exit hiccups and the financial of change you some XXXX, increase, economics rates For and new often can railcars the quickly. players saw in selling
it more than the XXXX an little what a maintenance uncertain I in lower unexpected anomaly. call is appears. will expense Similarly, it’s So net
XXXX send customers their driving an and maintenance compliance tank next increase network especially good the maintenance earnings costs, resulted to to more simply Specifically and that of a in into to was in going tank expense that our busy and higher of despite the starts for inability It presents our beyond a level increasingly in of result, years. deferred over being to challenge few in not economic XXXX. ours car forward cars operations compliance events get as work
existing it market think low few in in North did XXXX, profit maintenance. are weak the income as revenue the I as years. during and expected the American leasing it the massed have actually around asset Now they year-over-year best particularly because due those revenue increased and railcar lease And just factors last two significantly relevant discussed on I originally but the the decline example decline $XX million X.X% segment or disposition to unusually to was I the fleet
XXXX, Railcar So if produced other American We all the summarize improve. strong the original significantly across market did I businesses expectations. performance leasing outperformed we North our and
balance and Our liquidity strong. sheet are
pursuing. investment opportunities of a are lot have attractive we We
near-term given as North outperformance our factors economic and America I with combination 'XX. our general outlook to optimistic just in what in uncertainty cautiously best that’s the and describe political and see we today, However, might of I expect relative would discussed the the you
XXXX business the let’s by talk our outlook now about each segments. So of
in that calls. to changes what differently of driving – the year profit going I I really segment statement, a to little I’m just about want approach down want than to Now is each instead this in marching prior income talk business.
lower in let’s fleet. So in decrease the with million do Rail start profit existing to by to XXXX driver approximately $XX America $XX And and first million. of we that earnings North expect the a decline on be is segment
you widespread of absolute throughout increases Now we know saw as rate lease XXXX. most
However, that momentum rate recently. somewhat has positive stalled
broad-based car anticipate Although fleet we across increases select existing in don’t further do in XXXX. we the lease in types, rates forecast absolute strengthening currently
In addition, on XXXX. the expected increase expiring average in leases again to is rate
So due additions new in XXXX large that’s relatively to recent portfolio but our to acquisition. be year-over-year flat total actually is the revenue car and expected
and the and contribute on as completed to million the in segment the $XX $XX as on existing in million the decrease we sales that should fleet revenue discussed, existing So well about few going degrade profit revenue last there’s I to that’s railcar fleet continued over XXXX. as that years, pressure have to
in Looking that on XXXX get beyond. work well at XX% and are net that’s level tank maintenance increase due increasing qualifications the that expense, from XXXX the and primarily qualification in jump again XXXX trying to as to higher we of currently to a expect a completing X% due both was tank works as deferred
XXXX. lease new in again American minute through but may XXXX. market to and to Increased optimize asset Once that disposition said XX maintenance XX do, to negatively is those Jennifer in the million I North as we’ll we railcars secondary surprise secondary in realize talked railcar the is that expected robust not the we Now in I’ll years million. segment effect costs estimate suggest Currently forever. accounting to that last last and profit the last market Rail X the in million ago, rules And about segment items market of contribute income. about the fleet rates interest in continue on the also North of a it XXXX of the America are discuss weakness our million Rail effect sales by history few factor that we about made to impact despite as always to the the XX to expected drop be increased profit
but can can in a But it’s how level certainty. that current that our XXXX, we unfolds in the So we’ll have approach and little more the in year expectation to with more is we saw XXXX. before reality wait it discuss see uncertain
So with Rail let’s and I’ll GATX International start Rail Europe. at look
the increasing markets XXXX, the oil, strength it’s to throughout through these discussed showed in LPG rate starting And increases we mineral while. all we’re a chemical now see As lease newer markets year. been European and and
expected investment to and has that In growth profit segment addition, is new added to their car in accelerate XXXX. fleet
As paying materialize is freight but lot is in of you comprised fleet a opportunities know, cars XXXX. effort off, we’ll is and new find which investment investment in of majority see to historically their volume that tank their cars
XXXX. the in and as profit of Adding expect euro Rail So the India, to growth Rail in a to the should be is net International Europe year, Europe in segment segment compared good million profit effect growth GATX last rates rates news by few a utilization which dollars is see Rail and segment to story. weaker and higher a somewhat we from profit higher higher interest offset
XXXX, As doubled last in we indicated their year. fleet size
types. starting diversification in to fleet that utilization grow I see at car We’re And other see X,XXX cars we in into customers well path investment committed to have is for next to significant XXXX. Their to car clear some XXX%. XX a the months. over
return higher a well. in in few prior metro that are million When profit rail grow GRE appropriately range. Rail so, but profit have in should we dollars by this do in we investment Europe, combine lease $X or rate a should growth factors you all International for be to attractive that XXXX the Now that’s or expect say, growth and India given and India Rail million GATX as the segment million expected I $X to segment with
favorable they realized operated a lower they just they importantly year Looking to profit tonnage efficiently increased year the segment of the beginning normal number increases. million. higher during entire because and conditions stated a them They profit than in had carry would segment smaller XXXX. show great operating with prior at their the actually rate year, we At the and that year of over $X but hence more we American they a expected contractual vessels. in more And did much freight operate than Steamship,
they the multiyear Importantly also end favorable another vessel. up bring and used to towards tonnage year lock on market
this to If XXth tonnage market to a 'XX, as strong to expected higher operating well be year. you look that as due is vessel
in other fully will utilized. fleet their be words So
So costs. higher revenue offset increase will a by you That see somewhat should be operating there.
You assume and work. costs scheduled as a have deployed well to winter a to due maintenance higher more more vessels as higher environment normal operating
portfolio in strong XXXX. year segment So as effect have operating lastly ASC have another investment be in great. in is slightly management, And been performance to Rolls-Royce the should XXXX is opportunities projected and profit up net
also management the in access. also that performance that by profit trying few we’re should is the increase effect segment marine portfolio net to in XXXX. million We expect a better investments to in see financial But remaining
to moving what’s efficiency segment business driving that’s profit SG&A, basis, On each XXXX. in unit. So consolidated gains plan we a in
certain expenses in won’t move We with reoccur. were XXXX our that have that associated headquarters
with $XX by and million. in to lower share XXXX similar tax We be $X.XX share one $X.XX net the plan XX compensation combine be have SG&A of income million pretty gets to range and 'XX repurchase; per year. our expect We And of approximately you last lower to the us that expense XX if to continued should to rate year. we project that guidance million be in the to in currently lower diluted this assuming that
I’ll can by paying XXXst So match. our consecutive that end companies marks year reminding track and a that’s XXXX you few dividend record as a of
Now example their dividend this shareholders. of of will they week, announce streak decision commitment I success the our dividend and the that GATX board is importance later of But meets century time. to the a record and our great at our understand think long
go I ahead questions. Operator, had. all open that’s let’s So to and up it
