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Textainer 3Q Profit Rises 50 Percent

Fri, 11/04/2011 - 9:21am

NEW YORK (AP) — Textainer Group, which leases shipping containers, reported that its third-quarter net income jumped nearly 50 percent as the size of its fleet, the percentage of containers it leased and the rates it charged all increased.

The Bermuda company posted earnings of $45.8 million Friday, or 92 cents per share, up from $30.7 million, or 62 cents per share, for the same quarter in 2010.

Excluding unrealized losses on interest rate swaps and a gain on the sale of containers, the company said it posted an adjusted profit of $49.3 million, or 99 cents per share, up from an adjusted $33.3 million, or 67 cents per share.

Revenue rose 45 percent to $109.5 million from $75.6 million in the year-ago period.

The results beat Wall Street predictions. Analysts, on average, expected a profit of 86 cents per share on $102.7 million in revenue, according to a FactSet poll.

Textainer said the size of its owned fleet increased 32.8 percent, while per diem rental rates rose 5.5 percent and fleet utilization edged up to 98.6 percent from 98 percent.

The company said it expects utilization rates to remain high through at least the rest of the year.

Also on Friday, the company raised its common stock dividend by 6.1 percent to 35 cents. The dividend will be paid on Nov. 28 to shareholders of record as of Nov. 14.

In midday trading, shares of Textainer Group Holdings Ltd. fell 33 cents to $27.37.

 

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