Triton (TRTN) Q2 Earnings Surpass Estimates, Increase Y/Y

Triton International Limited’s TRTN second-quarter 2022 earnings (excluding 2 cents from non-recurring items) of $2.92 per share surpassed the Zacks Consensus Estimate of $2.63. The bottom line jumped 36.4% year over year owing to strong trade volumes and container demand.

Total leasing revenues of $421.6 million edged past the Zacks Consensus Estimate of $418.1 million. The top line jumped 14% year over year, driven by more than 200% year-over-year rise in revenues from finance leases. Revenues from operating leases (accounting for 93% of the top line) grew 8.6% year over year.

Equipment trading revenues of $48.1 million soared 45% from the year-ago quarter’s figure. Trading margin came in at $6.4 million compared with $10.7 million in the prior-year quarter.

Triton generated a return on equity (adjusted) of 29.8% in the reported quarter compared with 26.6% in the year-ago quarter. Total operating expenses increased 5.4% year over year to $183.3 million.

Triton, currently carrying a Zacks Rank #3 (Hold), exited the second quarter with average utilization of 99.4%, almost flat on a sequential basis. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

During the second quarter, Triton repurchased 1.8 million shares for an average price of $60.04 per share. TRTN increased its share repurchase authorization to $200 million in July.

Dividend Update

Triton’s board approved a quarterly cash dividend of 65 cents per share, payable Sep 22 to its shareholders of record as of Sep 8.

Outlook

Adjusted net income per share in the third quarter is likely to be in line with the second-quarter results.

Performance of Some Other Transportation Companies in Q2

J.B. Hunt Transport Services, Inc. JBHT reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate. JBHT’s quarterly earnings of $2.42 per share surpassed the Zacks Consensus Estimate of $1.61 and improved 50.3% year over year.

J.B.Hunt’s total operating revenues of $3,837.53 million also outperformed the Zacks Consensus Estimate of $2,908.37 million. The top line jumped 32% year over year on the back of strength across all segments. JBHT’s total operating revenues, excluding fuel surcharges, rose 21.2% year over year.

CSX Corporation CSX reported better-than-expected second-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.

CSX’s quarterly earnings of 50 cents per share (excluding 4 cents from non-recurring items) beat the Zacks Consensus Estimate of 47 cents and improved 25% year over year.

CSX’s total revenues of $3,815 million outperformed the Zacks Consensus Estimate of $2,990 million. The top line increased 28% year over year on the back of higher revenues in almost all markets, driven by pricing gains, fuel surcharge and contribution from the acquisition of Quality Carriers. CSX’s overall revenues per unit increased 27%.

C.H. Robinson Worldwide’s CHRW second-quarter 2022 earnings of $2.67 per share surpassed the Zacks Consensus Estimate of $1.93. Moreover, the bottom line surged 85.4% year over year. Strong performance of CHRW’s truckload and less-than-truckload businesses aided results.

Total revenues of $6,798.5 million outperformed the Zacks Consensus Estimate of $6,717.7 million. The top line jumped 22.9% year over year owing to favorable pricing across most of CHRW’s services, and higher truckload and ocean volume.

 

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