GATX INCREASES DIVIDEND
GATX INCREASES DIVIDEND CHICAGO, Jan. 31 /PRNewswire/ -- GATX Corp. (NYSE: GMT) today
announced that its board of directors approved a 8.3 percent increase in its quarterly dividend to $.325 per common share, payable March 31, 1992, to shareholders of record March 6, 1992. On an annual basis, this is an increase from $1.20 to $1.30 per common share.
James J. Glasser, chairman, president and chief executive officer of GATX stated, "GATX recently announced 1991 earnings which were the second highest in the history of the company. From 1986 through 1991, our earnings have grown at an annualized rate of 24 percent. Equally important, GATX's cash flow from operations and portfolio proceeds have grown at an annualized rate of 13 percent over this same period. Although 1992 earnings and cash flow will be below 1991 levels, cash flow will remain strong and relatively stable. Because of our continuing confidence in the quality of these cash flows, their comparative stability, and our desire to share with our stockholders the benefits of the stable structure we have built, we are raising our common dividend at this time. This is GATX's sixth increase in dividends in as many years." The board also declared a quarterly dividend of $0.625 per share on the $2.50 preferred stock, payable March 1, 1992, to shareholders of record Feb. 14, 1992. GATX Corporation is a $3.5 billion service-based asset company which provides long-lived distribution assets, related value-added services and financing that it owns or controls. GATX's rail equipment, aircraft, dry and liquid storage terminals, pipelines, and ships are an integral part of its customers' transportation/distribution/storage logistic network. GATX Corp. (GMT) is listed on the New York, London, and other stock exchanges. -0- 1/31/92 /CONTACT: George S. Lowman of GATX Corp., 312-621-6599/ (GMT) CO: GATX Corp. ST: Illinois IN: SU: DIV PS -- NY045 -- 5658 01/31/92 13:28 EST
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|Date:||Jan 31, 1992|
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