Triton International Limited (NYSE:TRTN) communicated its third quarter earnings results on Friday 23rd October 2020 before market open.
Triton International Limited communicated quarterly income of $ 0.67 per share, from the revenue of $ 327.80 million. On adjusted basis, the firm reported income for the quarter of $ 1.14 per share.
The consensus estimate are $ 1.06 income per share from revenues of $ 335.30 million.
The third quarter financial report outlined, earnings beat street analysts by $ 0.08 or 7.55 percent, where as revenues fell short of analysts estimates by $ 7.5 million or 2.24 percent.
Triton International Limited projected third quarter earnings outlook in a range of $ 1.03 ~ $ 1.03 per share
On the other hand, The quarterly earnings dropped 42.74 percent compared with the same quarter last year, at the same time revenues fell 2.63 percent versus third quarter of last year.
Brian Sondey, Chief Executive Officer, said, Triton took advantage of a strong upward inflection in container demand during the third quarter to drive a significant increase in our performance. Global containerized trade volumes rebounded sharply in the third quarter as lockdowns in Europe and the United States eased, and container export volumes from key ports in China currently exceed pre-pandemic levels. The pace and magnitude of the trade recovery have generally exceeded our customers expectations, and virtually all of the major shipping lines have needed to add significant container capacity.
The Board of Directors announced a nearly 10% increase in its quarterly common share dividend to $ 0.57 per share payable on December 23, 2020 to shareholders of record as of December 10, 2020.
