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Last week, GATX Rail reported first-quarter net income of $24.8 million, a 24 percent increase compared with first-quarter 2005. The GATX Corp. subsidiary leased more freight cars, obtained higher average lease rates and increased income from European operations.

During the quarter, GATX Rail utilized 99 percent of it North American fleet — which totaled 108,000 cars on March 31 — compared with 98 percent at 2005’s end. The company spent $70 million to acquire 785 cars in the first quarter.

“We continue to renew rail-car leases at higher rates [and] are balancing these rate increases with extending the average lease term on certain car types,” said GATX Corp. President and Chief Executive Officer Brian Kenney in a prepared statement.