Triton Beats Q1 Expectation After M&A Announcement, Updates On Brookfield Deal

  • Triton International Ltd TRTN reported a first-quarter FY23 total leasing revenue decline of 4.6% year-over-year to $397.72 million, marginally beating the consensus of $397.55 million.
  • Adjusted EPS of $2.42 beat the consensus of $2.32.
  • Utilization averaged 97.6% in Q1 of FY23 and was 97.1% as of April 25, 2023.
  • The operating income decreased by 15.4% Y/Y to $221.55 million.
  • Triton generated $302.82 million in cash from operating activities, down from $398.67 million a year ago.
  • On April 12, 2023, Triton announced a deal to be acquired by Brookfield Infrastructure in a transaction likely to close in the fourth quarter of 2023.
  • Dividend: TRTN declared a quarterly cash dividend of $0.70 per common share, payable on June 22, to shareholders of record on June 8.
  • Triton repurchased 1.7 million common shares in Q1.
  • CEO Brian M. Sondey said, "While market conditions remain slow, our revenues and profitability are well protected by our strong long-term lease portfolio. Our utilization averaged 97.6% during the first quarter and currently stands at 97.1%. We are excited about our recent agreement to be acquired by Brookfield Infrastructure."
  • The company has suspended its share repurchase program in light of the pending transaction with Brookfield Infrastructure.
  • Price Action: TRTN shares traded lower by 0.34% at $82.30 on the last check Tuesday.
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