Triton International Reports Second Quarter 2019 Results: Adjusted EPS of $1.15 and Quarterly Dividend of $0.52

HAMILTON, Bermuda--()--Triton International Limited (NYSE: TRTN) ("Triton")

Second Quarter Highlights:

  • Adjusted net income was $86.4 million or $1.15 per diluted share, an increase of 4.5% per diluted share from the second quarter of 2018.
  • Net income attributable to common shareholders was $84.1 million or $1.12 per diluted share.
  • Utilization averaged 97.2% in the second quarter of 2019.
  • Triton raised gross proceeds of $143.8 million through a perpetual preferred equity offering in June 2019.
  • Triton repurchased 2.3 million common shares during the second quarter. As of July 19, 2019, over 7.1 million shares have been repurchased since the inception of the program.
  • Triton announced a quarterly dividend of $0.52 per common share payable on September 26, 2019 to shareholders of record as of September 5, 2019.

Financial Results

The following table summarizes Triton’s selected key financial information for the three and six months ended June 30, 2019 and 2018.

 

(in millions, except per share data)

 

Three Months Ended,

 

Six Months Ended,

 

June 30,
2019

 

June 30,
2018

 

June 30,
2019

 

June 30,
2018

Total leasing revenues

$338.6

 

 

 

$329.8

 

 

 

$679.4

 

 

 

$644.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

$84.1

(3)

 

$104.9

(4)

 

$176.0

(3)

 

$185.8

(4)

Net income per share - Diluted

$1.12

 

 

 

$1.30

 

 

 

$2.29

 

 

 

$2.30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP (1)

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

$86.4

 

 

 

$88.9

 

 

 

$179.2

 

 

 

$168.7

 

 

Adjusted net income per share - Diluted

$1.15

 

 

 

$1.10

 

 

 

$2.34

 

 

 

$2.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity (2)

16.2

%

 

 

16.4

%

 

 

16.7

%

 

 

15.9

%

 

(1) 

Refer to the "Use of Non-GAAP Financial Measures" and "Non-GAAP Reconciliations of Adjusted Net Income" set forth below.

(2)

Refer to the “Calculation of Return on Equity” set forth below.

(3)

Net of dividends on preferred shares of $2.0 million and $2.3 million for the three and six months ended June 30, 2019.

(4)

Net income attributable to common shareholders included a one-time gain of $21.0 million on the sale of a building.

Operating Performance

“Triton achieved solid results in the second quarter of 2019," commented Brian M. Sondey, Chief Executive Officer of Triton. “We generated $86.4 million of Adjusted net income in the second quarter, or $1.15 of Adjusted net income per share, and we realized an annualized Return on equity of 16.2%.”

“Triton faced mixed market conditions in the second quarter. While container supply and demand were generally well balanced, lease transaction and container pick-up activity remained slow despite the start of the traditional summer peak season. Global economic conditions have softened this year, and the ongoing trade dispute between the United States and China continues to create uncertainty and impact shipping activity. Our utilization continued to gradually trend down during the second quarter, though it remains strong at 96.8% as of July 19, 2019.”

“Triton’s investment level has been limited so far this year. As of July 19, 2019, we have purchased $146.7 million of containers for delivery in 2019. We have also repurchased the third-party partnership interests in one of our container-owning subsidiaries for $103.0 million. New container purchase prices have been impacted by the slow start to the peak season, and new container prices are in the mid-$1,700 range for a 20’ dry container.”

“Triton continues to use its strong cash flow to drive shareholder value despite the current limited availability of new container investment opportunities. Our regular dividend currently provides over a six percent annual yield, and we also continue to actively repurchase shares of our common stock. We repurchased 2.3 million common shares during the second quarter, and have purchased over 7.1 million shares since last August, leading to an 8.8% reduction in our diluted share count. In addition, we believe the repurchase of the third-party investor interests was an attractive investment in our existing container fleet. Overall, our strong cash flow, unrivaled operating capabilities and range of financing options continue to give us many levers to drive shareholder value.”

Outlook

“Our customers expect trade growth will be modestly positive this year, and we expect container demand will improve somewhat as we move deeper into the summer. However, we expect third quarter leasing activity will be less than usual due to the slow start for the peak season and the lack of resolution for the trade dispute between the United States and China. As a result, we expect our Adjusted net income per share will hold relatively steady from the second to the third quarter of 2019.”

Dividends

Triton’s Board of Directors has approved and declared a $0.52 per share quarterly cash dividend on its issued and outstanding common shares, payable on September 26, 2019 to shareholders of record at the close of business on September 5, 2019.

Triton’s Board of Directors has approved a cash dividend of $0.53125 per share on its 8.50% Series A Preferred Shares (NYSE:TRTNpA) and an initial cash dividend of $0.45 per share on its 8.00% Series B Preferred Shares (NYSE:TRTNpB), each payable on September 16, 2019 to holders of record at the close of business on September 9, 2019.

Share Repurchase Update

As of July 19, 2019, we have repurchased approximately 7.1 million common shares since the initial Board of Director authorization of share repurchases in August 2018 for a total of $225.3 million at an average price per-share of $31.51.

Investors’ Webcast

Triton will hold a Webcast at 8:30 a.m. (New York time) on Thursday, July 25, 2019 to discuss its second quarter results. To listen by phone, please dial 1-877-418-5277 (domestic) or 1-412-717-9592 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton's website at http://www.trtn.com. An archive of the Webcast will be available one hour after the live call.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.1 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

The following table sets forth the equipment fleet utilization for the periods indicated:

 

Quarter Ended

 

June 30, 2019

 

March 31, 2019

 

December 31, 2018

 

September 30, 2018

 

June 30, 2018

Average Utilization (1)

97.2

%

 

97.6

%

 

98.2

%

 

98.7

%

 

98.8

%

Ending Utilization (1)

97.0

%

 

97.4

%

 

97.8

%

 

98.6

%

 

98.7

%

(1) Utilization is computed by dividing total units on lease (in cost equivalent units, or "CEUs") by the total units in fleet (in CEUs), excluding new units not yet leased and off-hire units designated for sale.

The following table summarizes the equipment fleet as of June 30, 2019, December 31, 2018 and June 30, 2018:

 

Equipment Fleet in Units

 

Equipment Fleet in TEU

 

June 30, 2019

 

December 31, 2018

 

June 30, 2018

 

June 30, 2019

 

December 31, 2018

 

June 30, 2018

Dry

3,312,750

 

 

3,340,946

 

 

3,243,032

 

 

5,433,686

 

 

5,476,406

 

 

5,307,306

 

Refrigerated

228,353

 

 

228,778

 

 

227,040

 

 

440,340

 

 

440,781

 

 

437,038

 

Special

94,695

 

 

93,900

 

 

91,688

 

 

171,294

 

 

169,614

 

 

165,002

 

Tank

12,572

 

 

12,509

 

 

12,201

 

 

12,572

 

 

12,509

 

 

12,201

 

Chassis

24,856

 

 

24,832

 

 

23,405

 

 

45,765

 

 

45,787

 

 

42,884

 

Equipment leasing fleet

3,673,226

 

 

3,700,965

 

 

3,597,366

 

 

6,103,657

 

 

6,145,097

 

 

5,964,431

 

Equipment trading fleet

18,205

 

 

13,138

 

 

15,406

 

 

27,483

 

 

21,361

 

 

23,622

 

Total

3,691,431

 

 

3,714,103

 

 

3,612,772

 

 

6,131,140

 

 

6,166,458

 

 

5,988,053

 

 

Equipment in CEU

 

June 30, 2019

 

December 31, 2018

 

June 30, 2018

Operating leases

6,977,613

 

 

7,009,605

 

 

7,047,168

 

Finance leases

536,011

 

 

538,867

 

 

320,763

 

Equipment trading fleet

48,979

 

 

47,476

 

 

56,048

 

Total

7,562,603

 

 

7,595,948

 

 

7,423,979

 

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than statements of historical information, are "forward-looking statements", including statements regarding our strategy, future operations, and future financial positions, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," “estimate”, "anticipate," “predict”, "believe," “plan”, "will," "should", “intend”, “seek”, “potential” and similar expressions and variations are intended to identify forward-looking statements, although not all forward looking statements contain these identifying words. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: uncertainty as to the long-term value of Triton's common shares; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to the impact of trade wars, tariffs and other trade actions; disruption to our operations from failures of, or attacks on, our information technology systems; our compliance or failure to comply with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; changes in tax laws in Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “Form 10-K”) filed with the Securities and Exchange Commission ("SEC"), on February 19, 2019, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors set forth in our Form 10-K.. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Certain financial measures are identified as not being prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Please refer to the “Use of Non-GAAP Financial Measures” and “Non-GAAP Reconciliations of Adjusted Net Income” set forth below for a reconciliation of such non-GAAP measures to their most comparable GAAP measures.

-Financial Tables Follow-

TRITON INTERNATIONAL LIMITED
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)

 

June 30,
2019

 

December 31,
2018

ASSETS:

 

 

 

Leasing equipment, net of accumulated depreciation of $2,737,072 and $2,533,446

$

8,684,103

 

 

$

8,923,451

 

Net investment in finance leases

449,385

 

 

478,065

 

Equipment held for sale

91,768

 

 

66,453

 

Revenue earning assets

9,225,256

 

 

9,467,969

 

Cash and cash equivalents

45,622

 

 

48,950

 

Restricted cash

114,763

 

 

110,589

 

Accounts receivable, net of allowances of $1,279 and $1,240

250,673

 

 

264,382

 

Goodwill

236,665

 

 

236,665

 

Lease intangibles, net of accumulated amortization of $226,243 and $205,532

72,214

 

 

92,925

 

Other assets

48,958

 

 

34,610

 

Fair value of derivative instruments

1,682

 

 

13,923

 

Total assets

$

9,995,833

 

 

$

10,270,013

 

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

 

 

Equipment purchases payable

$

11,015

 

 

$

22,392

 

Fair value of derivative instruments

53,550

 

 

10,966

 

Accounts payable and other accrued expenses

100,221

 

 

99,885

 

Net deferred income tax liability

289,023

 

 

282,129

 

Debt, net of unamortized debt costs of $43,465 and $44,889

7,205,416

 

 

7,529,432

 

Total liabilities

7,659,225

 

 

7,944,804

 

 

 

 

 

Shareholders' equity:

 

 

 

Series A Preferred shares, $0.01 par value, 3,450,000 authorized, 3,450,000 and 0 shares issued and outstanding, respectively; at liquidation preference

86,250

 

 

 

Series B Preferred shares, $0.01 par value, 5,750,000 authorized, 5,750,000 and 0 shares issued and outstanding, respectively; at liquidation preference

143,750

 

 

 

Common shares, $0.01 par value, 270,000,000 shares authorized, 81,023,732 and 80,843,472 shares issued, respectively

811

 

 

809

 

Undesignated shares, $0.01 par value, 20,800,000 and 30,000,000 shares authorized, respectively, no shares issued and outstanding

 

 

 

Treasury shares, at cost, 6,837,508 and 1,853,148 shares, respectively

(215,349

)

 

(58,114

)

Additional paid-in capital

909,942

 

 

896,811

 

Accumulated earnings

1,445,646

 

 

1,349,627

 

Accumulated other comprehensive income (loss)

(34,442

)

 

14,563

 

Total shareholders' equity

2,336,608

 

 

2,203,696

 

Noncontrolling interests

 

 

121,513

 

Total equity

2,336,608

 

 

2,325,209

 

Total liabilities and equity

$

9,995,833

 

 

$

10,270,013

 

TRITON INTERNATIONAL LIMITED
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

2019

 

2018

 

2019

 

2018

Leasing revenues:

 

 

 

 

 

 

 

Operating leases

$

328,370

 

 

$

324,954

 

 

$

658,792

 

 

$

635,185

 

Finance leases

10,196

 

 

4,817

 

 

20,633

 

 

9,683

 

Total leasing revenues

338,566

 

 

329,771

 

 

679,425

 

 

644,868

 

 

 

 

 

 

 

 

 

Equipment trading revenues

23,209

 

 

18,099

 

 

41,037

 

 

31,474

 

Equipment trading expenses

(18,713

)

 

(14,105

)

 

(32,954

)

 

(24,489

)

Trading margin

4,496

 

 

3,994

 

 

8,083

 

 

6,985

 

 

 

 

 

 

 

 

 

Net gain on sale of leasing equipment

7,519

 

 

11,105

 

 

15,988

 

 

20,323

 

Net gain on sale of building

 

 

20,953

 

 

 

 

20,953

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Depreciation and amortization

135,348

 

 

133,894

 

 

269,957

 

 

264,327

 

Direct operating expenses

18,097

 

 

10,195

 

 

34,899

 

 

21,243

 

Administrative expenses

19,988

 

 

20,774

 

 

38,175

 

 

40,327

 

Provision (reversal) for doubtful accounts

521

 

 

(25

)

 

379

 

 

(126

)

Total operating expenses

173,954

 

 

164,838

 

 

343,410

 

 

325,771

 

Operating income (loss)

176,627

 

 

200,985

 

 

360,086

 

 

367,358

 

Other expenses:

 

 

 

 

 

 

 

Interest and debt expense

82,260

 

 

79,027

 

 

165,780

 

 

154,125

 

Realized (gain) loss on derivative instruments, net

(669

)

 

(492

)

 

(1,373

)

 

(740

)

Unrealized (gain) loss on derivative instruments, net

1,267

 

 

(111

)

 

2,253

 

 

(1,297

)

Debt termination expense

558

 

 

503

 

 

558

 

 

503

 

Other (income) expense, net

(927

)

 

(585

)

 

(1,931

)

 

(1,244

)

Total other expenses

82,489

 

 

78,342

 

 

165,287

 

 

151,347

 

Income (loss) before income taxes

94,138

 

 

122,643

 

 

194,799

 

 

216,011

 

Income tax expense (benefit)

8,042

 

 

15,890

 

 

15,892

 

 

26,393

 

Net income

$

86,096

 

 

$

106,753

 

 

$

178,907

 

 

$

189,618

 

Less: income (loss) attributable to noncontrolling interest

 

 

1,883

 

 

592

 

 

3,856

 

Less: dividend on preferred shares

2,025

 

 

 

 

2,330

 

 

 

Net income (loss) attributable to common shareholders

$

84,071

 

 

$

104,870

 

 

$

175,985

 

 

$

185,762

 

Net income per common share—Basic

$

1.13

 

 

$

1.31

 

 

$

2.31

 

 

$

2.32

 

Net income per common share—Diluted

$

1.12

 

 

$

1.30

 

 

$

2.29

 

 

$

2.30

 

Cash dividends paid per common share

$

0.52

 

 

$

0.52

 

 

$

1.04

 

 

$

0.97

 

Weighted average number of common shares outstanding—Basic

74,598

 

 

80,044

 

 

76,151

 

 

80,007

 

Dilutive restricted shares

617

 

 

611

 

 

583

 

 

589

 

Weighted average number of common shares outstanding—Diluted

75,215

 

 

80,655

 

 

76,734

 

 

80,596

 

TRITON INTERNATIONAL LIMITED
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

 

Six Months Ended June 30,

 

2019

 

2018

Cash flows from operating activities:

 

 

 

Net income (loss)

$

178,907

 

 

$

189,618

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

269,957

 

 

264,327

 

Amortization of deferred debt cost and other debt related amortization

6,849

 

 

6,627

 

Lease related amortization

23,835

 

 

37,722

 

Share-based compensation expense

5,471

 

 

5,661

 

Net (gain) loss on sale of leasing equipment

(15,988

)

 

(20,323

)

Net (gain) loss on sale of building

 

 

(20,953

)

Unrealized (gain) loss on derivative instruments

2,253

 

 

(1,297

)

Debt termination expense

558

 

 

503

 

Deferred income taxes

13,910

 

 

23,946

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

12,545

 

 

(30,551

)

Accounts payable and other accrued expenses

(8,860

)

 

(16,788

)

Net equipment sold for resale activity

(8,517

)

 

(11,686

)

Cash collections on finance lease receivables, net of income earned

33,680

 

 

29,598

 

Other assets

(12,786

)

 

(1,218

)

Net cash provided by (used in) operating activities

501,814

 

 

455,186

 

Cash flows from investing activities:

 

 

 

Purchases of leasing equipment and investments in finance leases

(149,986

)

 

(884,007

)

Proceeds from sale of equipment, net of selling costs

106,603

 

 

83,443

 

Proceeds from the sale of building

 

 

27,630

 

Other

(130

)

 

(64

)

Net cash provided by (used in) investing activities

(43,513

)

 

(772,998

)

Cash flows from financing activities:

 

 

 

Issuance of preferred shares, net of underwriting discount and expenses

221,790

 

 

 

Purchases of treasury shares

(157,075

)

 

 

Redemption of common shares for withholding taxes

(978

)

 

(822

)

Debt issuance costs

(5,455

)

 

(9,567

)

Borrowings under debt facilities

1,143,000

 

 

1,417,985

 

Payments under debt facilities and capital lease obligations

(1,472,827

)

 

(1,049,996

)

Dividends paid on preferred and common shares

(80,793

)

 

(77,638

)

Distributions to noncontrolling interests

(2,078

)

 

(7,743

)

Purchase of noncontrolling interests

(103,039

)

 

 

Net cash provided by (used in) financing activities

(457,455

)

 

272,219

 

Net increase (decrease) in cash, cash equivalents and restricted cash

$

846

 

 

$

(45,593

)

Cash, cash equivalents and restricted cash, beginning of period

159,539

 

 

226,171

 

Cash, cash equivalents and restricted cash, end of period

$

160,385

 

 

$

180,578

 

Supplemental disclosures:

 

 

 

Interest paid

$

160,211

 

 

$

148,007

 

Income taxes paid (refunded)

$

2,216

 

 

$

541

 

Right-of-use asset for leased property

$

7,862

 

 

$

 

Supplemental non-cash investing activities:

 

 

 

Equipment purchases payable

$

11,015

 

 

$

159,454

 

Use of Non-GAAP Financial Measures

We use the term "Adjusted net income" throughout this press release.

Adjusted net income is adjusted for certain items management believes are not representative of our operating performance. Adjusted net income is defined as net income attributable to shareholders excluding debt termination expenses net of tax, gains and losses on derivative instruments net of tax, transaction and other costs net of tax, and foreign income tax adjustments.

Adjusted net income is not a presentation made in accordance with U.S. GAAP. Adjusted net income should not be considered as an alternative to, or more meaningful than, amounts determined in accordance with U.S. GAAP, including net income.

We believe that Adjusted net income is useful to an investor in evaluating our operating performance because this measure:

  • is widely used by securities analysts and investors to measure a company’s operating performance;
  • helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure, our asset base and certain non-routine events which we do not expect to occur in the future; and
  • is used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.

We have provided a reconciliation of net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to Adjusted net income in the table below for the three and six months ended June 30, 2019 and June 30, 2018.

TRITON INTERNATIONAL LIMITED
Non-GAAP Reconciliations of Adjusted Net Income
(In thousands, except per share amounts)

 

 

 

 

 

Three Months Ended,

 

Six Months Ended,

 

June 30, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Net income attributable to common shareholders

$

84,071

 

 

$

104,870

 

 

$

175,985

 

 

$

185,762

 

Adjustments:

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments, net

1,321

 

 

(100

)

 

2,224

 

 

(1,152

)

Transaction and other (income) costs

 

 

(1

)

 

 

 

(27

)

Debt termination expense

551

 

 

447

 

 

551

 

 

447

 

Foreign income tax adjustment

414

 

 

 

 

414

 

 

 

Gain on sale of building

 

 

(16,316

)

 

 

 

(16,316

)

Adjusted net income

$

86,357

 

 

$

88,900

 

 

$

179,174

 

 

$

168,714

 

Adjusted net income per common share—Diluted

$

1.15

 

 

$

1.10

 

 

$

2.34

 

 

$

2.09

 

Weighted average number of common shares outstanding—Diluted

75,215

 

 

80,655

 

 

76,734

 

 

80,596

 

TRITON INTERNATIONAL LIMITED
Calculation of Return on Equity
(In thousands)

 

 

 

 

 

Three Months Ended,

 

Six Months Ended,

 

June 30, 2019

 

June 30, 2018

 

June 30, 2019

 

June 30, 2018

Adjusted net income

$

86,357

 

 

$

88,900

 

 

$

179,174

 

 

$

168,714

 

Annualized Adjusted net income (1)

346,377

 

 

356,577

 

 

361,318

 

 

340,224

 

 

 

 

 

 

 

 

 

Average Shareholders' equity (2)(3)

$

2,135,817

 

 

$

2,168,053

 

 

$

2,158,443

 

 

$

2,137,463

 

 

 

 

 

 

 

 

 

Return on equity

16.2

%

 

16.4

%

 

16.7

%

 

15.9

%

(1)

Annualized Adjusted net income was calculated based on calendar days per quarter.

(2)

Average Shareholders' equity was calculated using the quarter’s beginning and ending Shareholder’s equity for the three-month ended periods, and the ending Shareholder’s equity from each quarter in the current year and December 31 of the previous year for the six month ended periods.

(3)

Shareholders' equity was adjusted to exclude preferred shares.

 

Contacts

Andrew Greenberg
Senior Vice President
Finance & Investor Relations
(914) 697-2900

Release Summary

TRITON INTERNATIONAL REPORTS SECOND QUARTER 2019 RESULTS: ADJUSTED EPS OF $1.15 AND QUARTERLY DIVIDEND OF $0.52

Contacts

Andrew Greenberg
Senior Vice President
Finance & Investor Relations
(914) 697-2900