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Triton (TRTN) Beats on Q3 Earnings & Revenues, Hikes Dividend
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Triton International Limited’s third-quarter 2021 earnings (excluding 60 cents from non-recurring items) of $2.43 per share surpassed the Zacks Consensus Estimate of $2.21. Moreover, the bottom line surged more than 100% year over year owing to strong trade volumes and container demand.
Total leasing revenues of $400.2 million outperformed the Zacks Consensus Estimate of $392.9 million. The top line jumped 22.1% year over year with a 20.2% rise in revenues from operating leases, which accounted for 96.3% of the top line.
Equipment trading revenues of $44.42 million soared 70.2% from the year-ago quarter’s figure. Trading margin came in at $9.16 million compared with $3.87 million in the prior-year quarter.
Triton International Limited Price, Consensus and EPS Surprise
The company generated a return on equity of 29.4% in the reported quarter compared with 15.8% in the year-ago quarter. Total operating expenses inched up 3.7% year over year to $190.48 million.
Triton declared a 14% hike in its quarterly dividend to 65 cents per share (annually: $2.60). The dividend is payable to shareholders on Dec 23, of record as of Dec 9.
Having repurchased 0.4 million shares during the third quarter and an additional 0.2 million shares through Oct 22, 2021, the company increased its share repurchase authorization to $200 million.
Outlook
Triton anticipates fourth-quarter adjusted earnings to increase slightly from the third quarter owing to improved trade volumes. The company expects leasing margin to keep increasing in the fourth quarter due to pick up activity and benefits from a large number of containers picked up during the third quarter. Thanks to strong leasing activity, the company expects profitability and cash flows to remain high.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
CSX Corporation (CSX - Free Report) , carrying a Zacks Rank #2, reported third-quarter 2021 earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 38 cents. Total revenues of $3,292 million outperformed the Zacks Consensus Estimate of $3030.9 million.
Southwest Airlines (LUV - Free Report) , carrying a Zacks Rank #4 (Sell), incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million.
United Airlines Holdings (UAL - Free Report) , carrying a Zacks Rank #3 (Hold), incurred a loss (excluding $2.46 from non-recurring items) of $1.02 per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.65. Operating revenues of $7,750 million surpassed the Zacks Consensus Estimate of $7639.7 million.
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Triton (TRTN) Beats on Q3 Earnings & Revenues, Hikes Dividend
Triton International Limited’s third-quarter 2021 earnings (excluding 60 cents from non-recurring items) of $2.43 per share surpassed the Zacks Consensus Estimate of $2.21. Moreover, the bottom line surged more than 100% year over year owing to strong trade volumes and container demand.
Total leasing revenues of $400.2 million outperformed the Zacks Consensus Estimate of $392.9 million. The top line jumped 22.1% year over year with a 20.2% rise in revenues from operating leases, which accounted for 96.3% of the top line.
Equipment trading revenues of $44.42 million soared 70.2% from the year-ago quarter’s figure. Trading margin came in at $9.16 million compared with $3.87 million in the prior-year quarter.
Triton International Limited Price, Consensus and EPS Surprise
Triton International Limited price-consensus-eps-surprise-chart | Triton International Limited Quote
The company generated a return on equity of 29.4% in the reported quarter compared with 15.8% in the year-ago quarter. Total operating expenses inched up 3.7% year over year to $190.48 million.
The Zacks Rank #2 (Buy) company exited the third quarter with average utilization of 99.6%, up 20 basis points, sequentially. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Dividend Hike
Triton declared a 14% hike in its quarterly dividend to 65 cents per share (annually: $2.60). The dividend is payable to shareholders on Dec 23, of record as of Dec 9.
Having repurchased 0.4 million shares during the third quarter and an additional 0.2 million shares through Oct 22, 2021, the company increased its share repurchase authorization to $200 million.
Outlook
Triton anticipates fourth-quarter adjusted earnings to increase slightly from the third quarter owing to improved trade volumes. The company expects leasing margin to keep increasing in the fourth quarter due to pick up activity and benefits from a large number of containers picked up during the third quarter. Thanks to strong leasing activity, the company expects profitability and cash flows to remain high.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
CSX Corporation (CSX - Free Report) , carrying a Zacks Rank #2, reported third-quarter 2021 earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 38 cents. Total revenues of $3,292 million outperformed the Zacks Consensus Estimate of $3030.9 million.
Southwest Airlines (LUV - Free Report) , carrying a Zacks Rank #4 (Sell), incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million.
United Airlines Holdings (UAL - Free Report) , carrying a Zacks Rank #3 (Hold), incurred a loss (excluding $2.46 from non-recurring items) of $1.02 per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.65. Operating revenues of $7,750 million surpassed the Zacks Consensus Estimate of $7639.7 million.