Triton International Limited’s (TRTN - Free Report) second-quarter 2019 earnings per share (excluding 3 cents from non-recurring items) of $1.15 outpaced the Zacks Consensus Estimate by 5 cents and also improved 4.6% year over year. Results were aided by the company’s strong operating performance.
Quarterly revenues totaled $338.6 million, which lagged the Zacks Consensus Estimate of $354.8 million. However, the top line improved 2.7% year over year primarily owing to more than 100% increase in revenues from finance leases.
Equipment trading revenues of $23.2 million increased more than 28% from the year-ago quarter. Trading margin in the quarter under review came in at approximately $4.5 million compared with $4 million in the year-ago period.
The company generated a return on equity of 16.2% in the reported quarter compared with 16.4% a year ago. However, total operating expenses increased 5.5% to $174 million.
These apart, Triton exited the second quarter with average utilization of 97.2%, down 40 basis points sequentially. Container pick-up volumes were slow during the quarter mainly due to the trade dispute between the United States and China.
Moreover, the company bought back 2.3 million shares during the reported quarter. In fact, Triton purchased 7.1 million shares as of Jul 19, 2019, under the share buyback plan cleared last August. Additionally, the company’s board announced a quarterly cash dividend of 52 cents per share. The amount is payable Sep 26 to its shareholders of record as of Sep 5.