Textainer Group Q3 Profit Rises

(RTTNews) - Shipping container leasing company Textainer Group Holdings Ltd. (TGH), Tuesday reported an increase in profit for the third quarter as revenues grew.

Hamilton, Bermuda-based Textainer's third-quarter net income rose 35.4 percent to $54.3 million or $0.95 per share from 40.1 million or $0.71 per share last year.

Adjusted earnings increased 25.9 percent to $50.2 million, or $0.88 per share from $39.9 million or $0.70 per share last year. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues grew 9 percent to $144.5 million from $132.6 million a year ago. Analysts had a consensus revenue estimate of $141.2 million for the quarter.

Lease rental income grew 10.9 percent from the prior year quarter to $130.5 million, while utilization increased 1.6 percentage points to 97.4 percent, the highest since 2012.