Textainer, the owner of the planet’s largest container fleet,
has reported relatively robust Q1 results, just days after
acquiring management rights to the fleet of British lessor
Amficon.
Whereas revenue for the quarter stood down 18 percent year on
year at $59.6 million (€44.7 million), the company paid a $0.23
dividend for each common share held on March 3rd.
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Textainer CEO John Maccarone said, “During a time of uncertainty
for the global economy, Textainer achieved solid results in the
first quarter of 2009. Importantly, as a direct result of having
70% of the Company’s fleet committed to long-term leases, we were
able to achieve a first quarter average utilization of 90.7%. We
have worked closely with our customers to extend expiring leases at
favorable rates in order to minimize any decline in utilization
rates.”
He added that the Amficon acquisition was expected to be
“immediately accretive to earnings”, and would “cost effectively
grow our fleet by 7% in a low risk manner during a challenging
time.”
Hinting that Amficon had not sated the giant lessor’s hunger for
acquisitions, Maccarone concluded: “Going forward, we intend to
utilize our leading financial position, which includes over $350
million in liquidity, to take advantage of attractive acquisition
opportunities that may arise which meet our strict valuation and
diligence requirements.”
Fred Crawley
