CAI International (NYSE: CAI) reported Q3 EPS of $1.04, $0.16 better than the analyst estimate of $0.88. Revenue for the quarter came in at $73.9 million versus the consensus estimate of $76.75

• Net income from continuing operations attributable to CAI common stockholders for the third quarter of 2020 was $14.8 million, or $0.83 per fully diluted share.
• Adjusted net income from continuing operations attributable to CAI common stockholders1 for the third quarter of 2020 was $18.4 million, or $1.04 per fully diluted share.
• Container lease revenue for the third quarter of 2020 was $73.9 million, compared to $69.4 million in the second quarter of 2020.
• CAI’s Board of Directors declared a cash dividend of $0.25 per common share payable on December 24, 2020 to shareholders of record as of December 9, 2020.
• Average utilization for CAI’s owned container fleet during the third quarter of 2020 was 98.4%, compared to 98.0% for the second quarter of 2020. Current utilization is 99.2%.
• During the quarter, the Company disposed of its logistics business and continues to explore opportunities to divest of its railcar leasing business.
• In September 2020, the Company issued $742.7 million of asset-backed notes at a fixed rate averaging 2.3%. The proceeds have been used to refinance $709.4 million of asset-backed debt with an average interest rate of 4.1%.

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