Container lessor Textainer Group reported a 10.5 percent rise in adjusted net income in the second quarter as an expansion of its box fleet contributed to a 13.5 percent increase in revenue.
Net income attributable to shareholders fell 11.4 percent to $45.8 million, reflecting a non-cash gain in the year-earlier quarter. Revenue rose to $120 million from $105.7 million a year earlier.
Adjusted net income, excluding last year’s non-cash gain, rose to $44.7 million from $40.4 million. Adjusted earnings before interest, taxes, depreciation and amortization increased 7.1 percent to $92.7 million.
“Our second quarter results marked a solid finish to the first half of 2012 for Textainer,” said CEO Philip K. Brewer. “We saw double-digit top line and bottom line growth during the second quarter and first half of 2012.”
He said the company benefited from “opportunistic investment” in new containers late last year and early this year, a 1 percent increase in utilization during the second quarter, and a shift by cash-constrained container lines toward leasing boxes instead of owning them.
With more than 2.6 million 20-foot-equivalent units of capacity, Bermuda-based Textainer is the largest container lessor.