Triton International Ltd (NYSE:TRTN) reported a Q2 FY23 total leasing revenue of $386.5 million, missing the consensus of $398.1 million.
Adjusted EPS of $2.38 beat the consensus of $2.29.
Utilization averaged 97.0% in Q2 of FY23 and was 96.6% as of July 25, 2023.
The operating income decreased to $213.1 million from $269.7 million a year ago.
As of June 30, 2023, Triton generated $607.6 million in operating cash flow. Cash and equivalents stood at $157.98 million.
“While market conditions in the second quarter remained slow overall, drop-off volumes decreased from the first quarter level, and we experienced some pockets of demand. In addition, our revenues and profitability are well protected by our strong long-term lease portfolio,” said Brian M. Sondey, Chief Executive Officer.
Dividend: TRTN declared a quarterly cash dividend of $0.70 per common share, payable on September 22, to shareholders of record on September 8, 2023.
As previously announced, Triton will hold a special general meeting of shareholders on August 24, 2023, to approve the proposed transaction.
Price Action: TRTN shares traded lower by 0.05% at $84.27 on the last check Tuesday.
