GATX Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenues of $362.1 million against $378.7 million a year ago. Income before income taxes and share of affiliates' earnings were $9.7 million against $73.9 million a year ago. Net income was $30.9 million against $58.2 million a year ago. Diluted earnings per share were $0.77 against $1.37 a year ago. Return on equity was 2.3% against 4.6% a year ago. Net income, excluding tax adjustments and other items was $46.0 million or $1.14 per diluted share compared with $61.2 million or $1.44 per diluted share for the same period a year ago. Both fourth quarter 2016 and fourth quarter 2015 net income include a net negative impact from tax adjustments and other items of $0.37 per diluted share and $0.07 per diluted share, respectively.

For the year, the company reported total revenues of $1,418.3 million against $1,449.9 million a year ago. Income before income taxes and share of affiliates' earnings were $305.4 million against $270.3 million a year ago. Net income was $257.1 million against $205.3 million a year ago. Diluted earnings per share were $6.29 against $4.69 a year ago. Return on equity was 19.6% against 15.8% a year ago. Net income, excluding tax adjustments and other items was $235.9 million or $5.77 per diluted share compared with $234.9 million or $5.37 per diluted share for the same period a year ago. The 2016 full year net income include a net benefit from tax adjustments and other items of $0.52 per diluted share, and the 2015 full year results include a net negative impact from tax adjustments and other items of $0.68 per diluted share.

The company currently expects EPS in 2017 to be in the range of $4.40 - $4.60 per diluted share. The company expects a lower tax rate in 2017 versus recent years due to the fact that the company's U.S. operations, which are generally taxed at a higher rate than the company's foreign operations, will comprise a smaller percentage of pretax income in 2017.

For the quarter, the company announced asset impairment of $36.7 million against $2.7 million a year ago.