Triton Q3 Earnings Best Estimates, Raises Dividend By 14%

Triton International Ltd TRTN reported third-quarter FY21 total leasing revenue growth of 22.1% year-over-year to $400.19 million, beating the consensus of $397.6 million.
Adjusted EPS improved to $2.43 compared to $1.14 in 3Q20, beating the consensus of $2.18.
The operating income increased by 54% Y/Y to $244.48 million, and the margin expanded by 1,265 bps to 61.1%.
Triton generated cash from operating activities year-to-date of $986.92 million, compared to $682.34 million a year ago.
Utilization at the end of the quarter stood at 99.6%, compared to 97.4% last year.
Triton raised its quarterly common share dividend by 14% to $0.65 per share payable on December 23, 2021, to shareholders of record as of December 9, 2021.
The company repurchased 0.4 million common shares during the quarter. The Board of Directors increased its share repurchase authorization to $200 million.
Triton expects Q4 Adjusted EPS to increase slightly compared to the third quarter. It expects the leasing margin to continue to grow.
"Looking further forward, we expect our profitability and cash flows will remain at very high levels due to the durable benefits from our strong leasing activity this year, and we expect our net book value per share will increase rapidly due to our strong return on equity," said CEO Brian Sondey.
Price Action: TRTN shares closed higher by 0.47% at $59.24 on Tuesday.