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Triton's (TRTN) Q1 Earnings Surpass Estimates, Soar Y/Y

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Triton International Limited’s TRTN first-quarter 2021 earnings (excluding 1 cent from non-recurring items) of $1.91 per share surpassed the Zacks Consensus Estimate of $1.70. Moreover, the bottom line surged 105.4% year over year owing to strong trade volumes and container demand.

Total leasing revenues of $346.7 million, however, fell short of the Zacks Consensus Estimate of $353.3 million. The top line, however, inched up 1.9% year over year with 0.9% rise in revenues from operating leases, which accounted for 98% of the top line.

Equipment trading revenues of $25.9 million climbed 68.7% from the year-ago quarter’s figure. Trading margin came in at $8.14 million compared with $1.93 million in the prior-year quarter.

The company generated a return on equity of 25% in the reported quarter compared with 13.1% in the year-ago quarter. Total operating expenses dipped 4.6% to $171.13 million.

This currently Zacks Rank #2 (Buy) company exited the first quarter with average utilization of 99.3%, up 40 basis points sequentially.

You can see  the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The company did not repurchase shares in the first quarter of 2021. Since the commencement of the share-buyback plan in August 2018, the company has bought back more than 13.9 million shares.

Dividend Update

Triton's board approved a quarterly dividend of 57 cents per share, payable Jun 24 to its shareholders of record as of Jun 10.


Per CEO Brian M. Sondey, “Looking ahead, we have significant operational and financial momentum, and we expect to achieve outstanding profitability throughout 2021. Trade volumes remain strong, our container fleet is close to maximum utilization.” Sondey further expects “leasing margin to increase substantially due to a high volume of new container pick-ups.”

Sectorial Snapshots

Let’s take a look at some of the other recently released earnings reports from companies within the Zacks  Transportation  sector.

Canadian National Railway Company CNI reported first-quarter 2021 earnings (excluding 11 cents from non-recurring items) of 97 cents per share (C$1.23), missing the Zacks Consensus Estimate of 99 cents. Quarterly revenues of $2,791.6 million (C$3,535 million) also lagged the Zacks Consensus Estimate of $2,813.1 million.

Landstar System  LSTR reported first-quarter 2021 earnings of $2.01 per share, surpassing the Zacks Consensus Estimate of $1.61. Additionally, revenues of $1,287.5 million outperformed the Zacks Consensus Estimate of $1,142.5 million.

Southwest Airlines (LUV - Free Report) incurred a loss of $1.72 per share (excluding $1.91 from non-recurring items) in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.82. Moreover, operating revenues of $2,052 million surpassed the Zacks Consensus Estimate of $2,031.7 million.

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