Joseph Bonney, Senior Editor | May 08, 2012 11:16AM EDT
Textainer Group, the world’s largest intermodal container lessor, reported first quarter net income jumped 34.2 percent, aided by a 20.1 percent increase in size of the lessor’s container fleet.
Net income totaled $49.9 million. Revenue increased 28.9 percent to $117.5 million.
The Bermuda-based company said that during the quarter it ordered 224,000 20-foot-equivalent units of new dry-freight containers and 15,000 TEUs of refrigerated boxes and purchased 2,000 TEUs of previously managed used containers.
The acquisitions totaled $660 million in capital spending. The company’s fleet size averaged 1,442,000 TEUs in the first quarter, up from 1,201,000 a year earlier.
Other container lessors, including TAL International and CAI International, also have reported higher first quarter profits.
Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.