By Ritika Rai

However, growth beyond its existing committed railcar orders will become more challenging as asset prices rise, the company said in a post-earnings call. Backlog in tank car market is still over 12 to 15 months, it said.

GATX, valued at about $2 billion, forecast a 2012 profit of $2.40 to $2.60 a share. Analysts, on average, were expecting earnings of $2.55 a share, according to Thomson Reuters

I/B/E/S.

The company -- which also leases out equipment to marine and other industrial customers -- expects to raise rates on the 20,000 railcars that are scheduled for renewal in North America this year, Chief Executive Brian Kenney said in a statement.

The rail segment, which handles tank, freight car, and locomotive leasing, contributed about 71 percent to Chicago-based GATX's revenue in the fourth quarter.

For the quarter ended December 31., GATX's net profit rose to $31.6 million, or 67 cents a share, from $19.5 million, or 42 cents a share, last year.

Analysts had expected earnings of 55 cents a share.

Revenue rose 14 percent to $350.4 million, higher than the $328.3 million anticipated by analysts.

Shares of the company rose about a percent to a more-than-three-year high of $45.50 Thursday morning on the New York Stock Exchange, but were down about a percent at $44.47.

The stock has gained about 25 percent since GATX reported third-quarter results last October.

(Reporting by Ritika Rai in Bangalore; Editing by Sreejiraj Eluvangal, Unnikrishnan Nair)