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

Stocks in this article: TGH

“We have seen some compression of returns from new container investments over the course of the year. While we remain pleased with the performance of these investments, we are also excited about our managed fleet acquisitions. Such purchases are immediately accretive to earnings as the containers are on-lease from their purchase date and these older containers generally have less depreciation expense than new containers.”

Dividend

On November 5, 2012, Textainer’s board of directors approved and declared a quarterly cash dividend of $0.44 per share on Textainer’s issued and outstanding common shares, payable on November 28, 2012 to shareholders of record as of November 16, 2012. This dividend is an increase of $0.02 per share from the prior quarter. The current dividend represents 50% of adjusted net income (1).

“We again achieved an excellent annualized return on equity of 24% in the third quarter, compared to an average of 23% annually since our IPO. We also increased our dividend by 5% from the second quarter, resulting in a 50% payout ratio. This is our eleventh consecutive quarterly dividend increase, continues our record of either stable or increasing dividends every quarter and is a 19% increase compared to the dividend paid in the fourth quarter of 2011,” added Mr. Brewer. “We believe our focus on total shareholder return is the best way to maximize shareholder value.”

Investors’ Webcast

Textainer will hold a conference call and a Webcast at 11:00 am PST on Tuesday, November 6, 2012 to discuss Textainer’s 2012 third-quarter results. An archive of the Webcast will be available one hour after the live call through November 6, 2013. For callers in the U.S. the dial-in number for the conference call is (888) 895-5271; for callers outside the U.S. the dial-in number for the conference call is (847) 619-6547. To access the live Webcast or archive, please visit Textainer’s website at http://www.textainer.com.

About Textainer Group Holdings Limited

Textainer Group Holdings Limited and its subsidiaries (“Textainer”) is the world's largest lessor of intermodal containers based on fleet size. The Company began operations in 1979 and as of the most recent quarter end had more than 1.7 million containers, representing more than 2.6 million TEU, in its owned and managed fleet. Textainer leases dry freight, refrigerated, and specialized containers. Each year the Company is one of the largest purchasers of new containers as well as one of the largest sellers of used containers in the world. Textainer leases containers to approximately 400 shipping lines and other lessees and sells containers to more than 1,000 customers worldwide and provides services worldwide via a network of regional and area offices, as well as independent depots.

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