The new presentation includes the following market and performance highlights:
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Global containerized trade volumes have rebounded strongly in the third quarter. Container throughput now exceeds pre-pandemic levels at key export locations in
China . - Demand for leased containers has been strong throughout the third quarter. Triton has leased out most of its available new and used dry containers, and Triton’s utilization was 97.1% as of September 14, 2020.
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Triton has priced
$2.3 billion of new ABS debt over the last month. Most of the proceeds will be used to call existing ABS notes in accordance with their terms. Triton expects interest expense savings to exceed$25 million in the first year following the September 21, 2020 call date for the existing ABS notes. - Triton has also provided updated financial guidance. Triton now expects its Adjusted earnings per share (“EPS”) to increase 20% or more from the second to the third quarter of 2020. Triton expects Adjusted EPS to increase further from the third to the fourth quarter of 2020 as Triton benefits from a full period of higher utilization and reduced interest expense.
Triton anticipates providing further updates and details on its third quarter earnings call to be held in October 2020.
About Triton International Limited
Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of over 6.0 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.
Website Information
We routinely post important information for investors on our website, www.trtn.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this release, other than purely historical information, including statements about future financial results, the intended use of proceeds from recent financing transactions and expected interest expense savings are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.
These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of
Non-GAAP Financial Measures
To supplement its reporting of financial measures determined in accordance with GAAP, Triton utilizes certain non-GAAP financial measures in this press release, including Adjusted earnings per share (“Adjusted EPS”). Adjusted EPS is adjusted for certain items management believes are not representative of our operating performance, including debt termination expenses net of tax, unrealized gains and losses on derivative instruments net of tax, and foreign and other income tax adjustments,. This information is provided only on a non-GAAP basis without a reconciliation of these measures to the mostly directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. These items depend on highly variable factors, many of which may not be in our control, and which could vary significantly from future GAAP financial results. Non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, financial measures prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may not be comparable to similarly titled measures reported by other companies.
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Triton International Limited
Andrew Greenberg, 914-697-2900
Senior Vice President
Business Development & Investor Relations
Source: Triton International Limited
®, Triton®, and TAL®.