GATX Corporation

At this time, I'd like to welcome everyone to the GATX 2022 fourth quarter and full year earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. Sherry Hallerman, Head of Investor Relations. You may begin.

Thank you, Chris. Good morning, everyone, and thank you for joining GATX's fourth quarter and 2022 year-end earnings conference call. I'm joined today by Bob Lyons, President and CEO, Tom Ellman, Executive Vice President and CFO, and Paul Titterton, Executive Vice President and President of Rail North America. Please note that some of the information you'll hear during our discussion today will consist of four looking statements. Actual results or trends could differ materially from those statements or forecasts. For more information, please refer to the risk factors included in our earnings release and those discussed in GATX's Form 10-K for 2021 and in our other filings for the SEC. GATX assumes no obligation to update or revise any forelooking statements to reflect subsequent events or circumstances. I'll provide a quick overview of our 2022 fourth quarter and full year results, and then I'll turn it over to Bob for additional commentary on 2022, as well as our outlook for 2023. After that, we'll open the call up for questions. Earlier today, GATX reported 2022 fourth quarter net income of $48.4 million, or $1.36 per diluted share. This compares to 2021 fourth quarter net income of $61 million, or $1.69 per diluted share. The 2022 fourth quarter results include a net negative impact from tax adjustments and other items of $0.18 per diluted share. The 2021 fourth quarter results include a net positive impact from tax adjustments and other items of $0.11 per diluted share. For the full year 2022, GATX reported net income of $155.9 million, or $4.35 per diluted share. This compares to net income of $143.1 million, or $3.98 per diluted share in 2021. The 2022 and 2021 full-year results include net negative impacts from tax adjustments and other items of $1.72 per diluted share and $1.08 per diluted share, respectively. Details related to tax adjustments and other items can be found on page 13 of our earnings release. As noted in the release, we currently expect 2023 earnings to be in the range of $6.50 to $6.90 per diluted share. With that, I will now turn the call over to Bob.

Thank you, Sherry.