GATX reported 2011 fourth quarter net income of $31.6 million was up 62% compared to net income of $19.5 million in the same 2010 quarter. Net income for the full-year 2011 was $110.8 million compared to net income of $80.8 million in the prior year.

GATX said its rail segment profit was $62.1 million in the fourth quarter of 2011, compared to $39.2 million in the fourth quarter of 2010. The improvement in segment profit was reflective of the strong operating environment in 2011 as evidenced by lease rate, utilization and remarketing results. Rail reported segment profit of $233.4 million in 2011, compared to $150.6 million in 2010.

Brian A. Kenney, president and chief executive officer of GATX, said, “The North American rail market recovered more quickly than we anticipated in 2011. Due to broad-based improvement in the demand for railcars, we successfully raised lease rates while maintaining high utilization throughout the year. The Lease Price Index for the fourth quarter was a positive 13.2% and utilization was strong, ending the year at 98.2%.

To read the full GATX earnings news release: click here.