Textainer Group Holdings Limited (NYSE:TGH), the world’s largest lessor of intermodal containers based on fleet size, today reported results for the first quarter ended March 31, 2012.
“Our Q1 results represent a solid start to 2012,” said Philip Brewer, President and Chief Executive Officer of Textainer. “We significantly expanded our fleet size by ordering 224,000 TEU of dry freight containers and 15,000 TEU of refrigerated containers, representing over $658 million of capital expenditures, for delivery through July 2012, building momentum and positioning the Company for continued success in 2012.”
Key Financial Information (in thousands except for per share and TEU amounts):
|Q1 2012||Q1 2011||% Change|
|Net income attributable to Textainer Group Holdings Limited common shareholders||
|Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share||
|Adjusted net income (1)||$48,842||$35,448||37.8%|
|Adjusted net income per diluted common share (1)||$0.97||$0.71||36.6%|
|Average fleet utilization||96.9%||98.2%||(1.3%)|
|Total fleet size at end of period (TEU)||2,487,029||2,358,077||5.5%|
|Owned percentage of total fleet at end of period||58.5%||52.1%||12.3%|
“Adjusted net income” and “EBITDA” are Non-GAAP Measures that are reconciled to GAAP measures in footnote 1. “Adjusted net income” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before unrealized gains on interest rate swaps and caps, net and related impact of reconciling item on net (loss) income attributable to the noncontrolling interest (“NCI”). “EBITDA” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before interest income and interest expense, realized and unrealized losses (gains) on interest rate swaps and caps, net, income tax expense, net income attributable to the NCI, depreciation and amortization expense and related impact of reconciling items on net (loss) income attributable to the NCI. Footnote 1 provides certain qualifications and limitations on the use of Non-GAAP Measures.