This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Textainer Group Holdings Limited Reports Third Quarter 2013 Results And Declares Quarterly Dividend

“We continued to invest throughout the quarter with total containers ordered over the last 12 months for delivery in 2013 of $827 million. Additionally, we are planning to invest approximately $10 million in tank containers with Trifleet over the coming months,” continued Mr. Brewer. “Our fleet size has grown by 12 percent over the past twelve months to almost 3.0 million TEU which will be a major milestone for Textainer. Utilization is stable, averaging 94.1 percent for the quarter and currently it is slightly higher at 94.2 percent.”

Business Highlights:
  • Invested $629 million in new and used containers year-to-date following $198 million invested in new containers in the fourth quarter of 2012 for lease out in 2013, continuing our strong pace of expansion;
  • Increased total fleet size by 11.7 percent over the last year to close to 3 million TEU today, reflecting our strong investment in new and purchase leaseback containers;
  • Grew lease rental income by 20.7 percent in the quarter to $118 million compared to the year ago quarter;
  • Lowered our funding costs and locked in attractive long-term rates as we established a $300 million asset-backed revolving credit facility at LIBOR plus 2.25 percent and issued $300.9 million of asset-backed term notes with a coupon of 3.90 percent;
  • Achieved average utilization of 94.1 percent during the quarter and is 94.2 percent today; and
  • Day Sales Outstanding improved by 8 percent compared to the year ago quarter.
           

Key Financial Information (in thousands except for per share and TEU amounts):
 
 
Q3 QTD Q3 YTD
      2013       2012     % Change       2013       2012     % Change  
Total revenues   $ 132,647     $ 122,305     8.5 %   $ 391,494     $ 359,810     8.8 %
Income from operations   $ 64,317     $ 69,865     -7.9 %   $ 212,448     $ 207,090     2.6 %
Net income attributable to Textainer Group Holdings Limited common shareholders   $ 40,115     $ 50,658     -20.8 %   $ 137,264     $ 146,377     -6.2 %
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share   $ 0.71     $ 0.99     -28.3 %   $ 2.41     $ 2.88     -16.3 %
Adjusted net income (1)   $ 39,858     $ 49,464     -19.4 %   $ 131,648     $ 142,980     -7.9 %
Adjusted net income per diluted common share (1)   $ 0.70     $ 0.97     -27.8 %   $ 2.32     $ 2.82     -17.7 %
Adjusted EBITDA (1)   $ 106,416     $ 97,370     9.3 %   $ 321,183     $ 280,422     14.5 %
Average fleet utilization     94.1 %     97.9 %   -3.9 %     94.7 %     97.4 %   -2.8 %
Total fleet size at end of period (TEU)     2,971,589      

2,659,150
    11.7 %            
Owned percentage of total fleet at end of period     75.0 %     68.8 %   9.0 %            
 

“Adjusted net income” and “adjusted 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 income (loss) attributable to the noncontrolling interest (“NCI”). “Adjusted 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 (benefit), net income attributable to the NCI, depreciation expense and impairment of containers, amortization expense and related impact of reconciling items on net income (loss) attributable to the NCI. Footnote 1 provides certain qualifications and limitations on the use of Non-GAAP Measures.

2 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs