Textainer Group Holdings (TGH) Tops Q1 EPS by 25c

Textainer Group Holdings (NYSE: TGH) reported Q1 EPS of $1.16, $0.25 better than the analyst estimate of $0.91.

• Net income of $62.1 million for the first quarter or $1.22 per diluted common share, as compared to $44.3 million, or $0.87 per diluted common share in the fourth quarter of 2020;
• Adjusted net income of $59.2 million for the first quarter, or $1.16 per diluted common share, as compared to $41.1 million, or $0.81 per diluted common share in the fourth quarter of 2020;
• Adjusted EBITDA of $153.1 million for the first quarter, as compared to $136.8 million in the fourth quarter of 2020;
• Utilization averaged 99.6% for the first quarter, and is currently at 99.7%;
• Invested $580 million in containers delivered during the first quarter, virtually all of which are currently on lease;
• As announced on March 30, 2021, issued $651 million of fixed-rate asset backed notes that closed on April 20, 2021. Proceeds were used to pay off the 2019-1 notes and to pay down variable-rate bank facilities, which will further lower our effective interest rate and create additional borrowing capacity for future container investment;
• Repurchased 546,220 shares of common stock at an average price of $19.68 per share during the first quarter under the share repurchase program. On May 1, 2021, Textainer\'s board of directors authorized an increase to the share repurchase program for an additional $50 million of the Company\'s outstanding shares; and
• As announced on April 14, 2021, completed an underwritten public offering of 6,000,000 depositary shares, each representing a 1/1,000th interest in a share of its 7% Series A cumulative redeemable perpetual preference shares, for an aggregate public offering price of $150 million. Textainer\'s board of directors approved and declared a quarterly preferred cash dividend, payable on June 15, 2021, to holders of record as of May 31, 2021.

For earnings history and earnings-related data on Textainer Group Holdings (TGH) click here.

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