Textainer net income jumps for fiscal 2021
Bermudian-based Textainer Group Holdings Limited, one of the world's largest lessors of intermodal containers, has reported net income of $273.5 million for fiscal year 2021.
That compares with net income of $72.8 million in 2020.
The company reported net income of $72.9 million in the fourth quarter of 2021, compared with net income of $44.2 million for the prior-year fourth quarter.
Textainer reported an average and ending utilisation rate for the fourth quarter of 99.7 per cent.
The company invested $251 million in containers delivered during the fourth quarter, for a total $2 billion delivered through the full year, virtually all of which are currently on lease with tenors in excess of 12 years.
It now has a fleet of more than 4.3 million 20ft-equivalent units.
Textainer's board of directors approved and declared a $0.25 per common share cash dividend in the fourth quarter, payable on March 15 to holders of record as of March 4.
Olivier Ghesquiere, president and chief executive officer, said: "We are very pleased to report another quarter of strong performance, which provided a fantastic finish to a tremendous year.
“For the full year 2021, lease rental income increased 25 per cent to $751 million, driven by organic fleet growth in a strong demand environment.
“Adjusted ebitda increased by 47 per cent to $698 million, reflecting our ongoing profitability focus, as well as a favourable lease and resale environment.
“Adjusted net income increased 226 per cent to $284 million, or $5.62 per diluted share, and represents an ROE [return on equity] of almost 21 per cent for the year.”
He added: “For the fourth quarter of 2021, we achieved lease rental income of $198 million, adjusted ebitda of $182 million, and adjusted net income of $73 million or $1.46 per diluted common share.
“We expect to continue achieving favourable results over the next several years, as we benefit from stability and reduced cyclicality risk provided by the long tenors of our fixed-rate leases and fixed-rate debt.
“We are very well positioned through the attractive and flexible terms, pricing and reliable sourcing of our debt financing platform, methodically enhanced and optimised over the course of the last few years."
Mr Ghesquiere concluded: "In summary, 2021 was a tremendous year for Textainer. We achieved outstanding performance across all our key operating metrics, with the company now considerably stronger and better protected against cyclicality than in prior years. I'm very proud of the strong execution across the organisation, which has secured our profitability and cashflow for many years to come.
“As we look out at 2022 and beyond, we are strategically well positioned in the market, with extremely competitive metrics across the company. Our strong cash flows and financial stability will enable us to create significant shareholder value, through further strategic capex as well as continued capital returns to shareholders through our reinstated dividend programme and ongoing share repurchase programme."