Triton International Reports Third Quarter 2019 Results: Adjusted EPS of $1.16 and Quarterly Dividend of $0.52
Third Quarter Highlights:
- Adjusted net income was
$85.0 million or$1.16 per diluted share, a decrease of 0.9% per diluted share from the third quarter of 2018. - Net income attributable to common shareholders was
$85.9 million or$1.17 per diluted share. - Utilization averaged 96.7% in the third quarter of 2019.
- Triton repurchased 1.6 million common shares during the third quarter. As of October 18, 2019, over 8.7 million shares have been repurchased since the inception of the program.
- Triton announced a quarterly dividend of
$0.52 per common share payable on December 20, 2019 to shareholders of record as of December 3, 2019.
Financial Results
The following table summarizes Triton’s selected key financial information for the three and nine months ended September 30, 2019 and 2018.
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(in millions, except per share data) |
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Three Months Ended, |
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Nine Months Ended, |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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Total leasing revenues |
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GAAP |
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Net income attributable to common shareholders |
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(3) |
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(3) |
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(4) |
Net income per share - Diluted |
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Non-GAAP(1) |
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Adjusted net income |
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Adjusted net income per share - Diluted |
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Return on equity (2) |
16.1 |
% |
|
|
16.9 |
% |
|
|
16.5 |
% |
|
|
16.3 |
% |
|
(1) Refer to the "Use of Non-GAAP Financial Measures" and "Non-GAAP Reconciliations of Adjusted Net Income" set forth below.
(2) Refer to the “Calculation of Return on Equity” set forth below.
(3) Net of dividends on preferred shares of
(4) Net income attributable to common shareholders in 2018 included a one-time gain of
Operating Performance
“Triton achieved solid results in the third quarter of 2019," commented Brian M. Sondey, Chief Executive Officer of Triton. “We generated
“Triton's financial performance has remained solid despite facing weak leasing demand since last fall, and leasing activity remained slow throughout the traditional peak third quarter. Global economic conditions have softened this year, and the ongoing trade dispute between
“Triton’s investment level has been limited so far this year. As of October 18, 2019, we have purchased
Outlook
“Our customers and market forecasters have reduced their expectations for containerized trade growth this year following the weak summer peak season, and most are currently projecting growth will be just slightly positive in 2019. We are also heading into the seasonally-slower time of year. As a result, we expect our key operating metrics will continue to gradually decrease over the next several quarters. However, the short ordering cycle for containers and multiple drivers for container leasing demand typically limit the duration of soft market conditions, and we continue to benefit from numerous advantages and strong, stable cash flow. Overall, we expect our Adjusted net income per share will decrease from the third quarter to the fourth quarter, though we also expect our financial performance will remain solid.”
Dividends
Triton’s Board of Directors has approved and declared a
Triton’s Board of Directors has approved a cash dividend of
Share Repurchase Update
As of October 18, 2019, we have repurchased approximately 8.7 million common shares since the initial Board of Director authorization of share repurchases in August 2018 for a total of
Investors’ Webcast
Triton will hold a Webcast at 8:30 a.m. (
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.1 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
The following table sets forth the equipment fleet utilization for the periods indicated:
|
Quarter Ended |
||||||||
|
September 30, 2019 |
|
June 30, 2019 |
|
March 31, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
Average Utilization (1) |
96.7% |
|
97.2% |
|
97.6% |
|
98.2% |
|
98.7% |
Ending Utilization (1) |
96.3% |
|
97.0% |
|
97.4% |
|
97.8% |
|
98.6% |
(1) Utilization is computed by dividing total units on lease (in cost equivalent units, or "CEUs") by the total units in fleet (in CEUs), excluding new units not yet leased and off-hire units designated for sale.
The following table summarizes the equipment fleet as of September 30, 2019, December 31, 2018 and September 30, 2018:
|
Equipment Fleet in Units |
|
Equipment Fleet in TEU |
|||||||||
|
September 30, |
|
December 31, |
|
September 30, |
|
September 30, |
|
December 31, |
|
September 30, |
|
Dry |
3,287,025 |
|
3,340,946 |
|
3,336,793 |
|
5,393,705 |
|
5,476,406 |
|
5,464,515 |
|
Refrigerated |
226,114 |
|
228,778 |
|
228,559 |
|
436,129 |
|
440,781 |
|
440,164 |
|
Special |
94,678 |
|
93,900 |
|
94,038 |
|
171,579 |
|
169,614 |
|
169,870 |
|
Tank |
12,539 |
|
12,509 |
|
12,284 |
|
12,539 |
|
12,509 |
|
12,284 |
|
Chassis |
24,704 |
|
24,832 |
|
23,396 |
|
45,498 |
|
45,787 |
|
42,911 |
|
Equipment leasing fleet |
3,645,060 |
|
3,700,965 |
|
3,695,070 |
|
6,059,450 |
|
6,145,097 |
|
6,129,744 |
|
Equipment trading fleet |
17,054 |
|
13,138 |
|
14,513 |
|
25,764 |
|
21,361 |
|
23,182 |
|
Total |
3,662,114 |
|
3,714,103 |
|
3,709,583 |
|
6,085,214 |
|
6,166,458 |
|
6,152,926 |
|
Equipment in CEU |
|||||
|
September 30, 2019 |
|
December 31, 2018 |
|
September 30, 2018 |
|
Operating leases |
6,929,682 |
|
7,009,605 |
|
7,208,106 |
|
Finance leases |
526,553 |
|
538,867 |
|
318,607 |
|
Equipment trading fleet |
42,739 |
|
47,476 |
|
53,730 |
|
Total |
7,498,974 |
|
7,595,948 |
|
7,580,443 |
Important Cautionary Information Regarding Forward-Looking Statements
Certain statements in this release, other than statements of historical information, are "forward-looking statements", including statements regarding our strategy, future operations, and future financial positions, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," “estimate”, "anticipate," “predict”, "believe," “plan”, "will," "should", “intend”, “seek”, “potential” and similar expressions and variations are intended to identify forward-looking statements, although not all forward looking statements contain these identifying words. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.
These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: uncertainty as to the long-term value of Triton's common shares; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of
The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors set forth in our Form 10-K. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Certain financial measures are identified as not being prepared in accordance with
TRITON INTERNATIONAL LIMITED Consolidated Balance Sheets (In thousands, except share data) (Unaudited) |
|||||||
|
September 30, |
|
December 31, |
||||
ASSETS: |
|
|
|
||||
Leasing equipment, net of accumulated depreciation of |
$ |
8,519,730 |
|
|
$ |
8,923,451 |
|
Net investment in finance leases |
431,619 |
|
|
478,065 |
|
||
Equipment held for sale |
98,868 |
|
|
66,453 |
|
||
Revenue earning assets |
9,050,217 |
|
|
9,467,969 |
|
||
Cash and cash equivalents |
46,840 |
|
|
48,950 |
|
||
Restricted cash |
111,276 |
|
|
110,589 |
|
||
Accounts receivable, net of allowances of |
245,209 |
|
|
264,382 |
|
||
Goodwill |
236,665 |
|
|
236,665 |
|
||
Lease intangibles, net of accumulated amortization of |
63,491 |
|
|
92,925 |
|
||
Other assets |
47,303 |
|
|
34,610 |
|
||
Fair value of derivative instruments |
882 |
|
|
13,923 |
|
||
Total assets |
$ |
9,801,883 |
|
|
$ |
10,270,013 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY: |
|
|
|
||||
Equipment purchases payable |
$ |
34,922 |
|
|
$ |
22,392 |
|
Fair value of derivative instruments |
75,777 |
|
|
10,966 |
|
||
Accounts payable and other accrued expenses |
106,332 |
|
|
99,885 |
|
||
Net deferred income tax liability |
291,342 |
|
|
282,129 |
|
||
Debt, net of unamortized debt costs of |
6,985,531 |
|
|
7,529,432 |
|
||
Total liabilities |
7,493,904 |
|
|
7,944,804 |
|
||
|
|
|
|
||||
Shareholders' equity: |
|
|
|
||||
Series A Preferred shares, |
86,250 |
|
|
— |
|
||
Series B Preferred shares, |
143,750 |
|
|
— |
|
||
Common shares, |
810 |
|
|
809 |
|
||
Undesignated shares, |
— |
|
|
— |
|
||
Treasury shares, at cost, 8,442,311 and 1,853,148 shares, respectively |
(267,233 |
) |
|
(58,114 |
) |
||
Additional paid-in capital |
907,022 |
|
|
896,811 |
|
||
Accumulated earnings |
1,493,765 |
|
|
1,349,627 |
|
||
Accumulated other comprehensive income (loss) |
(56,385 |
) |
|
14,563 |
|
||
Total shareholders' equity |
2,307,979 |
|
|
2,203,696 |
|
||
Noncontrolling interests |
— |
|
|
121,513 |
|
||
Total equity |
2,307,979 |
|
|
2,325,209 |
|
||
Total liabilities and equity |
$ |
9,801,883 |
|
|
$ |
10,270,013 |
|
TRITON INTERNATIONAL LIMITED Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
Leasing revenues: |
|
|
|
|
|
|
|
||||||||
Operating leases |
$ |
326,800 |
|
|
$ |
346,461 |
|
|
$ |
985,592 |
|
|
$ |
981,646 |
|
Finance leases |
9,868 |
|
|
3,617 |
|
|
30,501 |
|
|
13,300 |
|
||||
Total leasing revenues |
336,668 |
|
|
350,078 |
|
|
1,016,093 |
|
|
994,946 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Equipment trading revenues |
25,796 |
|
|
25,292 |
|
|
66,833 |
|
|
56,766 |
|
||||
Equipment trading expenses |
(21,646 |
) |
|
(19,482 |
) |
|
(54,600 |
) |
|
(43,971 |
) |
||||
Trading margin |
4,150 |
|
|
5,810 |
|
|
12,233 |
|
|
12,795 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Net gain on sale of leasing equipment |
6,196 |
|
|
7,055 |
|
|
22,184 |
|
|
27,378 |
|
||||
Net gain on sale of building |
— |
|
|
— |
|
|
— |
|
|
20,953 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
133,367 |
|
|
141,337 |
|
|
403,324 |
|
|
405,664 |
|
||||
Direct operating expenses |
20,457 |
|
|
11,489 |
|
|
55,356 |
|
|
32,732 |
|
||||
Administrative expenses |
18,496 |
|
|
19,966 |
|
|
56,671 |
|
|
60,293 |
|
||||
Provision (reversal) for doubtful accounts |
126 |
|
|
677 |
|
|
505 |
|
|
551 |
|
||||
Total operating expenses |
172,446 |
|
|
173,469 |
|
|
515,856 |
|
|
499,240 |
|
||||
Operating income (loss) |
174,568 |
|
|
189,474 |
|
|
534,654 |
|
|
556,832 |
|
||||
Other expenses: |
|
|
|
|
|
|
|
||||||||
Interest and debt expense |
77,401 |
|
|
82,502 |
|
|
243,181 |
|
|
236,627 |
|
||||
Realized (gain) loss on derivative instruments, net |
(539 |
) |
|
(608 |
) |
|
(1,912 |
) |
|
(1,348 |
) |
||||
Unrealized (gain) loss on derivative instruments, net |
504 |
|
|
322 |
|
|
2,757 |
|
|
(975 |
) |
||||
Debt termination expense |
1,870 |
|
|
1,348 |
|
|
2,428 |
|
|
1,851 |
|
||||
Other (income) expense, net |
(116 |
) |
|
492 |
|
|
(2,047 |
) |
|
(752 |
) |
||||
Total other expenses |
79,120 |
|
|
84,056 |
|
|
244,407 |
|
|
235,403 |
|
||||
Income (loss) before income taxes |
95,448 |
|
|
105,418 |
|
|
290,247 |
|
|
321,429 |
|
||||
Income tax expense (benefit) |
4,845 |
|
|
9,789 |
|
|
20,737 |
|
|
36,182 |
|
||||
Net income |
$ |
90,603 |
|
|
$ |
95,629 |
|
|
$ |
269,510 |
|
|
$ |
285,247 |
|
Less: income (loss) attributable to noncontrolling interest |
— |
|
|
1,393 |
|
|
592 |
|
|
5,249 |
|
||||
Less: dividend on preferred shares |
4,708 |
|
|
— |
|
|
7,038 |
|
|
— |
|
||||
Net income (loss) attributable to common shareholders |
$ |
85,895 |
|
|
$ |
94,236 |
|
|
$ |
261,880 |
|
|
$ |
279,998 |
|
Net income per common share—Basic |
$ |
1.18 |
|
|
$ |
1.18 |
|
|
$ |
3.49 |
|
|
$ |
3.50 |
|
Net income per common share—Diluted |
$ |
1.17 |
|
|
$ |
1.17 |
|
|
$ |
3.47 |
|
|
$ |
3.47 |
|
Cash dividends paid per common share |
$ |
0.52 |
|
|
$ |
0.52 |
|
|
$ |
1.56 |
|
|
$ |
1.49 |
|
Weighted average number of common shares outstanding—Basic |
72,689 |
|
|
80,064 |
|
|
74,984 |
|
|
80,026 |
|
||||
Dilutive restricted shares |
560 |
|
|
664 |
|
|
573 |
|
|
594 |
|
||||
Weighted average number of common shares outstanding—Diluted |
73,249 |
|
|
80,728 |
|
|
75,557 |
|
|
80,620 |
|
TRITON INTERNATIONAL LIMITED Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
|||||||
|
Nine Months Ended September 30, |
||||||
|
2019 |
|
2018 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net income (loss) |
$ |
269,510 |
|
|
$ |
285,247 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
403,324 |
|
|
405,664 |
|
||
Amortization of deferred debt cost and other debt related amortization |
9,718 |
|
|
10,070 |
|
||
Lease related amortization |
32,317 |
|
|
54,965 |
|
||
Share-based compensation expense |
7,238 |
|
|
7,412 |
|
||
Net (gain) loss on sale of leasing equipment |
(22,184 |
) |
|
(27,378 |
) |
||
Net (gain) loss on sale of building |
— |
|
|
(20,953 |
) |
||
Unrealized (gain) loss on derivative instruments |
2,757 |
|
|
(975 |
) |
||
Debt termination expense |
2,428 |
|
|
1,851 |
|
||
Deferred income taxes |
18,885 |
|
|
34,636 |
|
||
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
22,006 |
|
|
(21,440 |
) |
||
Accounts payable and other accrued expenses |
(7,202 |
) |
|
(3,469 |
) |
||
Net equipment sold for resale activity |
(1,798 |
) |
|
(6,031 |
) |
||
Cash collections on finance lease receivables, net of income earned |
53,706 |
|
|
45,164 |
|
||
Other assets |
(11,198 |
) |
|
(578 |
) |
||
Net cash provided by (used in) operating activities |
779,507 |
|
|
764,185 |
|
||
Cash flows from investing activities: |
|
|
|
||||
Purchases of leasing equipment and investments in finance leases |
(160,518 |
) |
|
(1,347,202 |
) |
||
Proceeds from sale of equipment, net of selling costs |
163,033 |
|
|
122,100 |
|
||
Proceeds from the sale of building |
— |
|
|
27,630 |
|
||
Other |
(245 |
) |
|
(103 |
) |
||
Net cash provided by (used in) investing activities |
2,270 |
|
|
(1,197,575 |
) |
||
Cash flows from financing activities: |
|
|
|
||||
Issuance of preferred shares, net of underwriting discount and expenses |
221,790 |
|
|
— |
|
||
Purchases of treasury shares |
(209,592 |
) |
|
— |
|
||
Redemption of common shares for withholding taxes |
(5,666 |
) |
|
(1,117 |
) |
||
Debt issuance costs |
(8,709 |
) |
|
(12,492 |
) |
||
Borrowings under debt facilities |
1,417,200 |
|
|
2,118,637 |
|
||
Payments under debt facilities and capital lease obligations |
(1,970,334 |
) |
|
(1,563,947 |
) |
||
Dividends paid on preferred and common shares |
(122,772 |
) |
|
(119,280 |
) |
||
Distributions to noncontrolling interests |
(2,078 |
) |
|
(12,123 |
) |
||
Purchase of noncontrolling interests |
(103,039 |
) |
|
— |
|
||
Net cash provided by (used in) financing activities |
(783,200 |
) |
|
409,678 |
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash |
$ |
(1,423 |
) |
|
$ |
(23,712 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
159,539 |
|
|
226,171 |
|
||
Cash, cash equivalents and restricted cash, end of period |
$ |
158,116 |
|
|
$ |
202,459 |
|
Supplemental disclosures: |
|
|
|
||||
Interest paid |
$ |
224,033 |
|
|
$ |
213,577 |
|
Income taxes paid (refunded) |
$ |
2,504 |
|
|
$ |
1,837 |
|
Right-of-use asset for leased property |
$ |
7,206 |
|
|
$ |
— |
|
Supplemental non-cash investing activities: |
|
|
|
||||
Equipment purchases payable |
$ |
34,922 |
|
|
$ |
127,755 |
|
Use of Non-GAAP Financial Measures
We use the term "Adjusted net income" throughout this press release.
Adjusted net income is adjusted for certain items management believes are not representative of our operating performance. Adjusted net income is defined as net income attributable to shareholders excluding debt termination expenses net of tax, unrealized gains and losses on derivative instruments net of tax, transaction and other costs net of tax, gain on sale of building, net of tax, tax benefit from vesting of restricted shares, and foreign income tax adjustments.
Adjusted net income is not a presentation made in accordance with
We believe that Adjusted net income is useful to an investor in evaluating our operating performance because this measure:
- is widely used by securities analysts and investors to measure a company’s operating performance;
- helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure, our asset base and certain non-routine events which we do not expect to occur in the future; and
- is used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.
We have provided a reconciliation of net income attributable to common shareholders, the most directly comparable
TRITON INTERNATIONAL LIMITED |
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Three Months Ended, |
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Nine Months Ended, |
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|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
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Net income attributable to common shareholders |
$ |
|
85,895 |
|
|
$ |
|
94,236 |
|
|
$ |
|
261,880 |
|
|
$ |
|
279,998 |
|
|
Adjustments: |
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|
|
|
|
|
|
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Unrealized loss (gain) on derivative instruments, net |
|
497 |
|
|
|
286 |
|
|
|
2,721 |
|
|
|
(866 |
) |
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Transaction and other (income) costs |
|
|
2 |
|
|
— |
|
|
(25 |
) |
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Debt termination expense |
|
1,461 |
|
|
|
1,197 |
|
|
|
2,012 |
|
|
|
1,644 |
|
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Foreign income tax adjustment |
|
(931 |
) |
|
|
(881 |
) |
|
|
(517 |
) |
|
|
(881 |
) |
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Gain on sale of building |
|
— |
|
— |
|
|
(16,316 |
) |
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Tax benefit from vesting of restricted shares |
|
(1,972 |
) |
|
— |
|
|
(1,972 |
) |
|
— |
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Adjusted net income |
$ |
|
84,950 |
|
|
$ |
|
94,840 |
|
|
$ |
|
264,124 |
|
|
$ |
|
263,554 |
|
|
Adjusted net income per common share—Diluted |
$ |
|
1.16 |
|
|
$ |
|
1.17 |
|
|
$ |
|
3.50 |
|
|
$ |
|
3.27 |
|
|
Weighted average number of common shares outstanding—Diluted |
|
73,249 |
|
|
|
80,728 |
|
|
|
75,557 |
|
|
|
80,620 |
|
TRITON INTERNATIONAL LIMITED |
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Three Months Ended, |
|
Nine Months Ended, |
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|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
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Adjusted net income |
$ |
84,950 |
|
|
$ |
94,840 |
|
|
$ |
264,124 |
|
|
$ |
263,554 |
|
|
Annualized Adjusted net income (1) |
337,030 |
|
|
376,267 |
|
|
353,133 |
|
|
352,371 |
|
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Average Shareholders' equity (2)(3) |
$ |
2,092,294 |
|
|
$ |
2,230,042 |
|
|
$ |
2,138,327 |
|
|
$ |
2,167,468 |
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Return on equity |
16.1 |
% |
|
16.9 |
% |
|
16.5 |
% |
|
16.3 |
% |
(1) Annualized Adjusted net income was calculated based on calendar days per quarter.
(2) Average Shareholders' equity was calculated using the quarter’s beginning and ending Shareholder’s equity for the three-month ended periods, and the ending Shareholder’s equity from each quarter in the current year and December 31 of the previous year for the nine month ended periods.
(3) Shareholders' equity was adjusted to exclude preferred shares.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191024005167/en/
Andrew Greenberg
Senior Vice President
Finance & Investor Relations
(914) 697-2900
Source: Triton International Limited