GATX Corporation GMT performed impressively in the first quarter of 2016, reporting higher-than-expected earnings as well as revenues. The railcar leasing company’s earnings (on an adjusted basis) came in at $1.62 per share, well ahead of the Zacks Consensus Estimate of $1.21. Moreover, earnings improved 16.5% from the year-ago figure.Gatx Corporation (GMT) Street EPS & Surprise Percent - Last 5 Quarters | FindTheCompany Meanwhile, the top line expanded 20.2% in the first quarter of 2016 to $334.4 million on the back of higher lease revenues. Furthermore, revenues managed to beat the Zacks Consensus Estimate of $321 million.Segment-wise Results Profits at the Rail North America segment improved to $108.7 million from $105.8 million in the first quarter of 2015. The upside was primarily led by increased revenues and reduced maintenance expenses.During the reported quarter, GATX’s Lease Price Index (LPI) showed a positive 6.4% renewal rate change. The comparable figure in the first quarter of 2015 was 43.2%. Furthermore, the average lease renewal term for cars included in the LPI was 34 months versus 59 months in the comparable quarter last year.GATX stated in its press release that Rail North America’s wholly owned fleet had approximately 124,000 rail cars at the end of the first quarter of 2016. Fleet utilization came in at 98.9% as compared to 99.3% in the year-earlier quarter.Profits at the Rail International segment declined 42.2% year over year to $12.6 million. GATX Rail Europe’s fleet totaled approximately 23,000 cars at the end of the reported quarter. Fleet utilization was 95.1% versus 95.9% at the end of the first quarter of 2015.Profits at the Portfolio Management unit improved 17% to $18.6 million in the first quarter of 2016. The American Steamship Company segment made a profit of $0.9 million in the first quarter compared with the year-ago figure of $0.4 million.LiquidityGATX exited the quarter with cash and cash equivalents of $216.2 million compared with $202.4 million at the end of 2015. Restricted cash was flat sequentially at $17.3 million.2016 GuidanceGATX maintains its full-year 2016 earnings projection in the band of $5.25 to $5.45 per share. The Zacks Consensus Estimate for the same currently stands at $5.28, well within the guided range.Zacks RankGATX currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the broader transportation space are Canadian National Railway Company CNI, Canadian Pacific CP and China Eastern Airlines Corp. Ltd. CEA, all of which sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CHINA EASTN-ADR (CEA): Free Stock Analysis Report GATX CORP (GMT): Free Stock Analysis Report CDN NATL RY CO (CNI): Free Stock Analysis Report CDN PAC RLWY (CP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research