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Textainer Group Holdings Limited Reports Second-Quarter 2012 Results And Increases Quarterly Dividend

Stocks in this article: TGH


The run rate of our capital expenditures for new dry-freight and refrigerated containers already exceeds the record levels of 2011. In-fleet container utilization continues to remain at or near historic highs. Textainer is seeing an increase in purchase leaseback transactions and opportunities to purchase some of the Company’s managed fleet. Additionally, industry data suggests that worldwide container production in 2012 will be approximately 2.3 million TEU, a 15% decline from 2011 production of approximately 2.7 million TEU. The Company expects declining production, coupled with increasing industry container disposals and limited new shipping line investment, will support continued high fleet utilization.

“In spite of slowing economic growth rates and their impact on trade, we remain focused on organic growth. We believe the increasing owned percentage of our fleet, high percentage of long-term leases and high utilization rates will provide sustained performance,” commented Mr. Brewer. “Today, 80% of our fleet is committed to long-term operating, financing and sales-type leases, compared to 78% a year ago, further reducing the volatility of our utilization.”

“We are pleased to see more purchase leaseback and trading opportunities which increase container trading profits and signal the possibility of increased replacement demand for new containers.”


On August 3, 2012, Textainer’s board of directors approved and declared a quarterly cash dividend of $0.42 per share on Textainer’s issued and outstanding common shares, payable on August 28, 2012 to shareholders of record as of August 17, 2012. This dividend is an increase of $0.02 per share from the prior quarter. The current dividend represents 47% of adjusted net income (1).

“In addition to driving value with our consistent performance, we are focused on total shareholder return,” added Mr. Brewer. “This quarter we increased our dividend by 5% which is our tenth consecutive quarterly increase and represents a 47% payout.”

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