Textainer fourth quarter and full-year results published
Textainer, one of the world’s largest lessors of intermodal containers, has reported financial results for the fourth-quarter and full-year ended December 31, 2019.
It reported a net income of $28.8 million for the fourth quarter and $56.7 million for the full year. These figures include a $14 million gain recorded during the fourth quarter related to a cash distribution from the Hanjin bankruptcy estate.
Adjusted net income was $11 million for the fourth quarter, (or $0.19 per diluted common share), as compared to $13.0 million, (or $0.22 per diluted common share) in the third quarter of 2019.
Adjusted net income was $55.4 million for the full year, or $0.96 per diluted common share, compared to $51.5 million or $0.90 per diluted common share the year before.
There was an adjusted EBITDA of $113.2 million for the fourth quarter, compared to $118.3 million in the third quarter of 2019. It recorded an adjusted EBITDA of $464.3 million for the full year, as compared to $443.1 million in the prior year.
Utilisation averaged 96.4 per cent for the fourth quarter, compared to 97.3 per cent for the third quarter of 2019. Utilisation averaged 97.4 per cent for the full year, as compared to 98.1 per cent for the prior year.
There were container investments of approximately $28 million during the fourth quarter, for a total of $739 million for the full year. In addition, it also acquired a container investment company named Leased Assets Pool Company Limited (LAPCO) on December 31, 2019. LAPCO’s assets consist primarily of approximately 165,000 TEU of containers previously part of its managed fleet.
Olivier Ghesquiere, President and Chief Executive Officer of Textainer Group Holdings Limited, said: “Textainer achieved solid results in a challenging operating environment, delivering stable lease rental income of $619.8 million, Adjusted EBITDA growth of 4.8 per cent, and adjusted net income growth of 7.6 per cent during the full year 2019.
“We leased out over 400,000 TEU during the year, most of which was new production leased at attractive yields with double-digit returns related to specific market opportunities captured earlier in the year. Average utilization for the year remained high at 97.4 per cent, and at year-end, we owned approximately 85.4 per cent of the total fleet, which stood at 3.5 million TEU.”
He continued: “While we are pleased with our performance for the year, our fourth quarter results reflect the continued atypical lull in market activity. Accordingly, fourth quarter lease rental income of $151.6 million, adjusted EBITDA of $113.2 million, and adjusted net income of $11 million all decreased modestly as compared to the third quarter.”
For more information visit www.textainer.com
24th February 2020
