TAL International reported net income in the first quarter of 2013 was $37.5 million, increasing 14.0 percent from $32.9 million in the first quarter of 2012.
Quarterly leasing revenue for the intermodal freight container and chassis lessor rose 11.4 percent from $123.2 million in 2012 to $137.2 million in 2013.
TAL has continued to invest “aggressively” in its business and has purchased $350 million in new and sale leaseback containers for delivery in 2013, the company said in a written statement.
“TAL’s results in the first quarter of 2013 provide a solid start to what we expect will be another year of strong operating and financial performance,” said Brian M. Sondey, TAL’s president and CEO.
“This year, our first quarter results benefitted from a $2.5 million gain on the sale of containers resulting from one of our customers declaring an unusually large number of containers lost,” he continued. “We also benefited from slower growth of our depreciation expense due to the change to the estimated residual values used in our depreciation expense calculations that we implemented in the fourth quarter of 2012.”