Brief: Triton International Reports Q1 Earnings Per Share Of $0.94

Triton International

24/04/2020 13:42

April 24 (Reuters) - Triton International Ltd  TRTN.N :
    * TRITON INTERNATIONAL REPORTS FIRST QUARTER 2020 RESULTS
AND
DECLARES QUARTERLY DIVIDENDS
    * Q1 ADJUSTED EARNINGS PER SHARE $0.93
    * Q1 EARNINGS PER SHARE $0.94
    * Q1 EARNINGS PER SHARE ESTIMATE $0.94 -- REFINITIV IBES
DATA
    * BOARD OF DIRECTORS INCREASED SHARE REPURCHASE
AUTHORIZATION TO
$200.0 MILLION
    * EXPORT VOLUMES FROM CHINA INCREASED THROUGHOUT MARCH AS
WORK
RESTRICTIONS EASED IN CHINA
    * Q1 RESULTS INCLUDE A $3.9 MILLION CREDIT CHARGE RELATED TO
ONE
OF CO'S MID-SIZED CUSTOMERS
    * TRITON INTERNATIONAL - EXPECT DEMAND FOR LEASED CONTAINERS
TO BE
NEGATIVELY IMPACTED FOR AS LONG AS GLOBAL ECONOMIC ACTIVITY AND
TRADE VOLUMES ARE WEAK
    * "PROLONGED SLOWDOWN IN TRADE VOLUMES DUE TO PANDEMIC COULD
SIGNIFICANTLY INCREASE FINANCIAL CHALLENGES FACING OUR
CUSTOMERS"
    * DROP IN EXPORTS FROM CHINA LED TO LIMITED CONTAINER
DEMAND, AND
CO'S UTILIZATION HAS BEEN DECREASING SINCE FEBRUARY
    * Q1 CONTAINER PRODUCTION WAS VERY LOW
    * EXPECT PROFITABILITY WILL DECREASE FROM Q1 OF 2020 TO Q2
    * CONTAINER DROP-OFF VOLUMES HAVE BEEN MODERATE AND
UTILIZATION
WAS 95.2% AS OF APRIL 17, 2020
    * NEW CONTAINER PURCHASES REMAIN BELOW TARGET LEVEL
    * TRITON INTERNATIONAL - TRAJECTORY OF PROFITABILITY FROM Q2
THROUGH 2020 TO DEPEND ON HOW RAPIDLY GLOBAL ECONOMY, TRADE
VOLUMES RECOVER FROM COVID-19
    * QTRLY TOTAL LEASING REVENUES $321.5 MILLION VERSUS $340.9
MILLION

Source text for Eikon:  ID:nBw5p4rRma 
Further company coverage:  TRTN.N 

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