Triton Gains On Q2 Earnings Beat; Declares Dividend

Triton International Ltd TRTN reported second-quarter FY22 total leasing revenue growth of 14% year-over-year to $421.61 million, marginally beating the consensus of $421.57 million.
Adjusted EPS improved to $2.92 compared to $2.14 in 2Q21, beating the consensus of $2.65.
The company stated that Container utilization remains exceptionally high. Utilization averaged 99.4% in Q2, and ending utilization was 99.3% as of July 26, 2022.
The trading margin declined by 40.3% Y/Y to $6.4 million in the quarter.
The operating income increased by 18% Y/Y to $269.75 million, and the margin expanded by 217 bps to 63.9%.
Triton generated cash from operating activities year-to-date totaled $1.04 billion, compared to $613.32 million a year ago.
Dividend: TRTN declared a quarterly cash dividend of $0.65 per common share, payable on September 22, 2022, to shareholders of record on September 8, 2022.
Triton repurchased 1.8 million common shares during the quarter and another 0.9 million common shares through July 26, 2022.
"While we anticipate that market conditions will continue to moderate, we expect our cash flow, profitability, and Adjusted return on equity will remain very high throughout the year and into the longer term. For the third quarter, we expect our Adjusted net income per share will remain in line with our very strong second quarter results, excluding the extra benefits to our disposal gains," commented CEO Brian M. Sondey.
Price Action: TRTN shares are trading higher by 6.60% at $63.94 on the last check Thursday.

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Triton Gains On Q2 Earnings Beat; Declares Dividend