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Triton (TRTN) Q1 Earnings Beat Estimates, Increase Y/Y

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Triton International Limited’s (TRTN - Free Report) first-quarter 2022 earnings (excluding 2 cents from non-recurring items) of $2.76 per share surpassed the Zacks Consensus Estimate of $2.63. The bottom line jumped 44.5% year over year owing to strong trade volumes and container demand.

Total leasing revenues of $417.1 million meet the Zacks Consensus Estimate. The top line jumped 20.3% year over year, driven by more than 300% year-over-year rise in revenues from finance leases. Revenues from operating leases (which accounted for 90.6% of the top line) grew marginally year over year.  

Equipment trading revenues of $34.12 million soared 31.5% from the year-ago quarter’s figure. Trading margin came in at $4.14 million compared with $8.14 million in the prior-year quarter.

Triton generated a return on equity of 30.3% in the reported quarter compared with 30.7% in the year-ago quarter. Total operating expenses increased 10% year over year to $188.2 million.

Triton, currently carrying a Zacks Rank #4 (Sell), exited the first quarter with average utilization of 99.6%, flat on a sequential basis.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

During the first quarter, Triton repurchased 1.7 million shares for a total of $110.5 million. TRTN increased its share repurchase authorization to $200 million.

Dividend Update

Triton’s board approved a quarterly cash dividend of 65 cents per share, payable Jun 23 to its shareholders of record as of Jun 9.

Outlook

Adjusted net income per share in the second quarter is likely to decrease slightly from the first- quarter results.

Earnings Snapshots

Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) , CSX Corporation (CSX - Free Report) and United Airlines (UAL - Free Report) recently reported first-quarter 2022 results.

J.B. Hunt reported better-than-expected first-quarter 2022 earnings numbers. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on higher revenues across all segments.

Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year. JBHT currently carries a Zacks Rank #3 (Hold).

CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.

Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year. CSX carries a Zacks Rank of 3 at present.

United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss suffered by UAL as coronavirus concerns continue to weigh on air-travel demand.

Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million. UAL is presently Zacks #3 Ranked.