Triton International posts record Q1 profits
Bermudian-based Triton International Limited, the world’s largest lessor of intermodal freight containers, has continued its profitable run.
Triton, which posted 2021 net income of $484.5 million, has reported record net income attributable to common shareholders of $181.2 million in the first quarter of 2022.
That compares with net income of $129.3 million in the same quarter last year and $177.4 million in the fourth quarter of 2021.
Triton achieved an annualised adjusted return on equity of 30.3 per cent.
The company said container utilisation remains exceptionally high, averaging 99.6 per cent in the first quarter.
Triton has ordered $428 million of new containers for delivery in 2022.
The company’s board of directors has declared a quarterly cash dividend of $0.65 per common share, payable on June 23 to shareholders of record at the close of business on June 9.
Brian M. Sondey, chief executive officer of Triton, said the first-quarter performance reflects the significant operational and financial strength Triton is carrying in 2022.
He added: “Our leasing margin continues to be supported by very high fleet utilisation, the strong growth in our container fleet last year, our well-protected portfolio of long-term, high-value leases and our low average effective interest rate.
“Our gain on container disposals and trading margins also remained exceptionally high in the first quarter, reflecting a continued tight market for containers and Triton’s market-leading resale capabilities."
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