CAI Int'l (CAP) Tops Q3 EPS by 2c

CAI Int'l (NYSE: CAP) reported Q3 EPS of $0.69, $0.02 better than the analyst estimate of $0.67. Revenue for the quarter came in at $59.2 million versus the consensus estimate of $57.1 million.

Victor Garcia, Chief Executive Officer of CAI, commented, “We are very pleased with our results for this past quarter. Our total revenue increased 9.8% from the third quarter of 2013 to $59.2 million, a record revenue quarter for the Company. Net income increased to $16.4 million for the quarter, or $0.77 per share, compared to $13.4 million, or $0.60 per share, in the second quarter of 2014.”

Mr. Garcia continued, “We had a number of positive developments this quarter in both our container and rail businesses. During the quarter we leased out approximately 35,000 CEU of new container equipment, which contributed to our revenue and earnings this quarter. During the quarter we were also able to increase our overall container utilization to 94.1% on a CEU basis at the end of the quarter, from 92.1% at the beginning of the quarter, which has increased our revenue contribution from our depot equipment and reduced some of our overall storage costs during the quarter. We also successfully settled with a customer this quarter, contributing an additional $1.7 million to net income. Market pricing on new equipment transactions remains very aggressive and thus we intend to continue to manage the level of our investments in containers with what we believe to be acceptable returns on those investments.

For earnings history and earnings-related data on CAI Int'l (CAP) click here.

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