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Income higher for Textainer

Textainer Group Holdings Limited has reported net income of $73.8 million for the second quarter, or $1.45 per diluted common share, as compared to $62.1 million, or $1.22 per diluted common share in the first quarter of 2021.

The Bermuda-headquartered company is one of the world’s largest lessors of intermodal freight containers, with approximately 4.1 million 20-foot equivalent units in its owned and managed fleet.

Adjusted net income was $75.2 million for the second quarter, or $1.48 per diluted common share, as compared to $59.2 million, or $1.16 per diluted common share in the first quarter of 2021.

Adjusted EBITDA was $178.4 million for the second quarter, as compared to $153.1 million in the first quarter of 2021,

Average and ending utilisation rate for the second quarter was 99.8 per cent.

The company said it invested $501 million in containers delivered during the second quarter, for a total $1.1 billion delivered through the first six months of the year, virtually all of which are currently on lease.

Lease rental income increased $18.2 million from the first quarter of 2021 due to an increase in fleet size, utilisation and average rental rate, and a $5.9 million settlement received from a previously insolvent customer related to unrecognised lease rental income from prior periods.

Textainer said it repurchased 615,680 shares of common stock at an average price of $29.84 per share during the second quarter under the share repurchase programme. As of the end of the second quarter, the remaining authority under the share repurchase programme totalled $44.1 million.

Olivier Ghesquiere, president and chief executive officer of Textainer Group Holdings Limited, said: "We are pleased to deliver another quarter of strong results with outstanding performance across all of our key operating metrics.”

He added: "Year-over-year, our on-hire fleet growth is nearly 30 per cent. I am very proud of this strong execution across the organisation as we continue to grow organically and improve profitability and returns, through our disciplined investments, focus on cost controls, and further optimisation of our capital structure. We remain committed to enhancing our financial performance and delivering long-term value to our shareholders."

Mr Ghesquiere said the company has placed additional orders for more than $600 million of containers for delivery during the third quarter.

He said: "As we look out to the second half of the year, we remain confident in the strength of the underlying business fundamentals, and we believe our business is well-positioned to sustain the positive momentum.

“The current market environment remains very favourable, and we expect container demand to remain elevated through the rest of the year.”

Textainer Group Holdings Ltd: reported net income of $73.8 million for the second quarter (File photograph)

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Published August 06, 2021 at 12:35 pm (Updated August 06, 2021 at 1:22 pm)

Income higher for Textainer

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