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Textainer adds $500m of new containers

Bermudian-based Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers, has reported net income of $72.7 million for the first quarter, compared to $72.9 million for the fourth quarter of 2021.

Adjusted net income was $72.9 million and adjusted Ebitda was $182.3 million, in line with the fourth quarter of 2021.

Average and ending utilisation rate for the first quarter was 99.7 per cent.

The company added $497 million of new containers during the first quarter, primarily assigned to long-term finance leases.

Textainer repurchased 957,689 shares of common stock at an average price of $37.91 per share during the first quarter.

On April 29, the company’s board of directors authorised a further increase of $50 million to the share repurchase programme, bringing the total authorisation level to $250 million since inception of the programme in 2019.

Combined with the increased authorisation, the remaining authority under the share repurchase programme totalled $65 million at the end of the first quarter.

Textainer’s board of directors approved and declared a $0.25 per common share cash dividend, payable on June 15 to holders of record as of June 3.

Olivier Ghesquiere, president and chief executive officer, said: “As we evaluate the remainder of 2022, we are confident in the strength of our underlying business fundamentals.

“We remain focused on delivering a long-term balanced approach of driving organic growth through disciplined and accretive capex investments, while returning capital to common shareholders through our ongoing share repurchase and dividend programmes.”

Olivier Ghesquiere, president and chief executive officer (File photograph)

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Published May 06, 2022 at 7:38 am (Updated May 06, 2022 at 7:38 am)

Textainer adds $500m of new containers

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