Textainer Group Holdings Limited (NYSE:TGH), the world’s largest lessor of intermodal containers based on fleet size, today reported results for the second quarter ended June 30, 2012.
- Total revenues increased 13.5%, to $120.0 million, from the prior year quarter;
- Net income attributable to Textainer Group Holdings Limited (“Textainer”, or “the Company”) common shareholders was $45.8 million, or $0.91 per diluted common share. Net income excluding gain on sale of containers to noncontrolling interest (1) for the second quarter of 2011 was $36.9 million;
- Adjusted net income (1) increased 10.5% to $44.7 million, or $0.89 per diluted common share, from the prior year quarter;
- Utilization continued at very high levels, averaging 97.5% during the second quarter and ending the quarter at 98.1%;
- The strong pace of expansion continued, as Textainer invested more than $760 million in new and used containers, as well as purchases from our managed fleet through August 2012. Approximately 25% of the Company’s new container investments were in refrigerated containers, as Textainer continues to expand market share in the refrigerated container sector;
- Annualized 2012 return on equity of 26%, continuing Textainer’s performance whereby the Company has delivered an average annual return on equity of 23% since its October 2007 initial public offering; and
- Textainer paid a $0.40 per share dividend in the second quarter and declared a $0.42 per share dividend in the third quarter of 2012, an increase of 5.0% from the first quarter and the Company’s tenth consecutive quarterly increase.
“Our second quarter results marked a solid finish to the first half of 2012 for Textainer,” commented Philip K. Brewer, President and Chief Executive Officer of Textainer. “We saw double digit top line and bottom line growth during the second quarter and first half of 2012, as we benefited from our opportunistic investment in new containers late last year and early this year. We have also benefited from an increase in utilization of more than 1 percentage point since the start of the second quarter."