- Triton International Ltd TRTN reported fourth-quarter FY21 total leasing revenue growth of 23.6% year-over-year to $417.2 million, missing the consensus of $422.52 million.
- Adjusted EPS improved to $2.67 compared to $1.70 in 4Q20, beating the consensus of $2.52.
- The trading margin declined by 13% Y/Y to $6.07 million in the quarter.
- The operating income increased by 34.7% Y/Y to $256.34 million, and the margin expanded by 500 bps to 61.5%.
- Triton generated cash from operating activities of $1.41 billion in FY21, compared to $943.75 million a year ago.
- At the end of the quarter, utilization stood at 99.6%, the same as last quarter.
- The company declared a $0.65 per share quarterly cash dividend, payable on March 25, 2022, to shareholders of record on March 11, 2022.
- Triton repurchased 1.1 million shares in Q4 and repurchased an additional 0.7 million common shares through February 11, 2022.
- Outlook: For Q1, the company expects Adjusted EPS to be relatively in line with Q4 of 2021, mentioning the quarter typically represents the slow season for dry containers and contains the fewest number of billable days.
- "Our financial trajectory after the first quarter will depend on how market conditions develop, but our strong lease portfolio and durable cash flows give us a high degree of confidence that our profitability and returns will remain at a very high level throughout 2022 and into the longer term," said CEO Brian M. Sondey.
- Price Action: TRTN shares are trading higher by 7.56% at $67.03 on the last check Tuesday.
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