Triton International Limited (TRTN) Tops Q2 EPS by 7c

Triton International Limited (NYSE: TRTN) reported Q2 EPS of $1.10, $0.07 better than the analyst estimate of $1.03. Revenue for the quarter came in at $329.8 million versus the consensus estimate of $331.59 million.

Second Quarter Highlights:

• Triton reported net income attributable to shareholders of $104.9 million or $1.30 per diluted share, an increase of 30.0% per diluted share from the first quarter of 2018. Net income attributable to shareholders included a one-time gain of $21.0 million on the sale of a building. The gain on the building sale also led to an increase in our effective tax rate to 13% in the second quarter.
• Triton reported Adjusted net income of $88.9 million or $1.10 per diluted share, an increase of 11.1% per diluted share from the first quarter of 2018.
• Container pick-up activity increased strongly in the second quarter, reflecting the start of the traditional peak season for dry containers. Our utilization averaged 98.8% during the second quarter of 2018.
• Triton announced a quarterly dividend of $0.52 per share payable on September 25, 2018 to shareholders of record as of September 4, 2018.
• Triton announced the Board of Directors has authorized the repurchase of up to $200 million of its common shares.

Mr. Sondey continued, “We are starting the second half of 2018 with strong operating and financial momentum. Container pick-up activity and lease deal activity remain strong, and our key operating metrics remain at high levels. Based on the continued growth in our container fleet, continued high utilization and the currently limited impacts from the tariffs, we expect our Adjusted net income to increase sequentially throughout the balance of the year.”

For earnings history and earnings-related data on Triton International Limited (TRTN) click here.

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