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||$49,910||$37,190||34.2%|
|Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share||$0.99||$0.75||32.0%|
|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.
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 + 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