GATX Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company's total revenues were $352.8 million against $362.1 million a year ago. Income before income taxes and share of affiliates' earnings were $24.8 million against $9.7 million a year ago. Net income was $342.1 million against $30.9 million a year ago. Diluted earnings per share were $8.83 against $0.77 a year ago. Net income, excluding tax adjustments and other items (Non-GAAP) was $26.2 million or $0.68 per diluted share compared with $46.0 million or $1.14 per diluted share for the same period a year ago. The fourth-quarter 2017 and 2016 results include impacts from Tax Adjustments and Other Items; 2017 includes a net positive impact of $8.15 per diluted share, and 2016 includes a net negative impact of $0.37 per diluted share.

For the year, the company's total revenues were $1,376.9 million against $1,418.3 million a year ago. Income before income taxes and share of affiliates' earnings were $214.4 million against $305.4 million a year ago. Net income was $502.0 million against $257.1 million a year ago. Diluted earnings per share were $12.75 against $6.29 a year ago. Return on equity was 32.0% against 19.6% a year ago. Net income, excluding tax adjustments and other items was (Non-GAAP) $185.0 million or $4.70 per diluted share compared with $235.9 million or $5.77 per diluted share for the same period a year ago. Return on Equity, excluding tax adjustments and other items (non-GAAP) was 13.1% compared to 18.0% a year ago. The 2017 and 2016 full-year results include net benefits from Tax Adjustments and Other Items of $8.05 per diluted share and $0.52 per diluted share, respectively.

The company currently expects 2018 earnings to be in the range of $4.55-$4.75 per diluted share, which would be excellent financial performance at this point in the industry cycle. This range incorporates an impact of approximately $0.20 per diluted share resulting from lower U.S. corporate tax rates effective in 2018. Prior to the recent tax law change, the company would has expected 2018's effective rate to be lower than '17's due to the fact that U.S. operations were sort of generally taxed at a higher rate than foreign operations. The company is expected to generate a lower percentage of pretax income in 2018. With the new tax law passed, the company now expects the 2018 tax rate to approximate 25%.