I would now like to turn the call over to Victor Garcia, our CEO.
Good afternoon. We are very pleased with our results for this quarter and for the first half of this year, with quarterly year-over-year revenue growth of 66% and earnings per fully diluted share up 77% to $0.55 per share.
In line with our expectations, market demand for our service was strong in the second quarter as equipment that was ordered by the shippers in the fourth quarter of last year and first quarter of this year was picked up.Utilization rates remain robust at 98%, the average per diem rates of our own fleet increased 31% over last year and our average owned fleet on lease to customers during the second quarter of this year increased 37% as compared to the second quarter of last year. All these factors contributed to strong top and bottom line results for the quarter.Year-to-date, we have leased out 61,000 TEUs of new equipment, including 13,000 picked up so far this month. We have commitments from our customers to pick up an additional $86 million of equipment during the remainder of the third quarter.Our investment level so far this year has exceeded our original plans and exceeds our 2010 investment level. Our owned fleet now represents 47% of our total fleet, as compared to 34% at the end of the second quarter last year.We expect that by year end the ratio of owned versus managed fleet will be 50-50. This increase in the size of our owned fleet is one of the primary factors driving our earnings growth. We expect to continue investing in our fleet but we’ll seek opportunities to also grow our managed fleet.Besides our commitment to invest in our owned fleet we believe there are strong macro forces that have been and will continue to be positive for the container leasing industry in general and CIA in particular.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV