Triton International Limited (TRTN) Tops Q3 EPS by 5c, Slight Miss on Revenues

Triton International Limited (NYSE: TRTN) reported Q3 EPS of $1.17, $0.05 better than the analyst estimate of $1.12. Revenue for the quarter came in at $350.1 million versus the consensus estimate of $351.34 million.

• Adjusted net income was $94.8 million or $1.17 per diluted share, an increase of 46.3% per diluted share from the third quarter of 2017 and an increase of 6.4% per diluted share from the second quarter of 2018.
• Net income attributable to shareholders was $94.2 million or $1.17 per diluted share.
• Container pick-up activity remained strong in the third quarter of 2018 and our utilization averaged 98.7%.
• Announced a quarterly dividend of $0.52 per share payable on December 20, 2018 to shareholders of record as of December 3, 2018.

“Triton achieved outstanding performance in the third quarter of 2018", commented Brian M. Sondey, Chief Executive Officer of Triton. "We generated $94.8 million of Adjusted net income in the third quarter, or $1.17 of Adjusted net income per share, which represents an increase of 6.4% from the second quarter of 2018 and an increase of 46.3% from the third quarter of 2017. We also realized an annualized Return on equity of 16.9%.”

“Triton’s strong financial results continue to be driven by outstanding operational performance, our unique competitive advantages and a favorable market environment. Container pick-up activity was strong throughout the third quarter, reflecting ongoing trade growth and a tight supply / demand balance for containers. We also continued to benefit from an increase in the share for leasing relative to direct container purchases by our customers, and a continued high leasing deal share for Triton. Our utilization averaged 98.7% in the third quarter, and currently stands at 98.4%. The start of the fourth quarter typically marks the end of the peak season for dry containers, and net container pick-up activity has slowed from the high volumes we generated in the second and third quarters. New container prices and market lease rates have also decreased as demand has slowed seasonally."

"Triton continues to grow its fleet through value-added investment and we have ordered $1.5 billion of containers for delivery in 2018. We continue to focus on reducing our exposure to changes in market conditions by extending our lease durations, and the average initial lease duration for new container leases originated this year is approximately seven years.”

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

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