It has been about a month since the last earnings report for Gatx (GATX). Shares have added about 17.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Gatx due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Earnings Beat at GATX in Q3GATX's earnings per share (excluding 32 cents from non-recurring items) came in at $1.03, which surpassed the Zacks Consensus Estimate of 86 cents. However, the bottom line declined 17.6% year over year primarily due to lower profitability in the Rail North America segment. Total revenues were $304.4 million in the reported quarter. Total expenses (on a reported basis) inched up 1.2% to $226.3 million.Segmental ResultsProfits in the Rail North America segment declined to $56.1 million in the third quarter from the prior-year quarter’s level of $60.9 million. The downside was primarily due to lower lease revenues. The renewal lease rate change of the company’s Lease Price Index (“LPI”) was -29.4% in the reported quarter, compared with the year-ago quarter’s -7.7%. Additionally, average lease renewal term for cars included in the LPI was 29 months compared with 40 months in the year-ago quarter.In fact, Rail North America’s wholly-owned fleet had approximately 118,100 rail cars at the end of Sep 30, 2020. Fleet utilization was 98.2% compared with 99.2% at the end of third-quarter 2019.Meanwhile, in the Rail International segment, profits rose to $24 million in the third quarter from the prior-year quarter’s level of $19.9 million. Results were driven by more railcars on lease.Also, GATX Rail Europe’s fleet totaled 26,000 rail cars at the end of the quarter. Fleet utilization was 98.2% compared with 99.4% at the end of third-quarter 2019.In the Portfolio Management unit, profits surged more than 100% year over year to $44.3 million, driven by higher remarketing income at the Rolls-Royce and Partners Finance affiliates.LiquidityGATX exited the third quarter with cash and cash equivalents of $459.8 million compared with $151 million at the end of 2019.How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.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 GATX Corporation (GATX): Free Stock Analysis Report To read this article on Zacks.com click here.