Textainer Results Miss Estimates

(RTTNews) - Textainer Group Holdings Ltd (TGH), a lessor of intermodal containers, on Tuesday reported second-quarter net earnings of $40.3 million or $0.70 per share compared with $33 million or $0.58 per share last year.

Excluding items, adjusted earnings for the quarter were $0.66 per share compared with $0.70 per share a year ago.

Revenues for the quarter were $138.2 million compared with $139.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.73 per share on revenues of $140.8 million for the quarter. Analysts' estimates typically exclude special items.

""The demand for containers this year has been below our expectations. Additionally, new and used container prices have continued to decline resulting in lower rental rates and gains on container sales," said CEO Philip Brewer.

"We have not seen a traditional peak season and remain cautious about container demand during the second half of the year," Brewer added.