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Triton (TRTN) Shares Decline 3% Since Q3 Earnings Release

Zacks Equity Research
·4-min read

Triton International Limited TRTN stock has declined 3% since its third-quarter 2022 earnings release on Nov 1.

Quarterly earnings of $2.88 per share surpassed the Zacks Consensus Estimate of $2.76. The bottom line jumped 18.5% year over year, owing to strong trade volumes and container demand.

Total leasing revenues of $424.7 million beat the Zacks Consensus Estimate of $420.6 million. The top line increased 6.1% year over year, driven by a 95.6% year-over-year rise in revenues from finance leases. Revenues from operating leases (accounting for 93% of the top line) grew 2.6% year over year.

Triton International Limited Price, Consensus and EPS Surprise

Triton International Limited Price, Consensus and EPS Surprise
Triton International Limited Price, Consensus and EPS Surprise

Triton International Limited price-consensus-eps-surprise-chart | Triton International Limited Quote

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Equipment trading revenues of $44.8 million rose 0.8% from the year-ago quarter’s figure. The trading margin came in at $3.68 million compared with $9.16 million in the prior-year quarter.

Triton generated a return on equity (adjusted) of 27.5% in the reported quarter compared with 29.4% in the year-ago quarter. Total operating expenses increased 0.6% year over year to $191.6 million.

Triton exited the third quarter with average utilization of 99.1% compared with 99.4% in the second quarter.

Triton repurchased 3.2 million common shares during the third quarter and has repurchased an additional 0.9 million shares through Oct 26, 2022.

TRTN’s board of directors has increased its quarterly cash dividend from 65 cents per share to 70 cents, indicating a dividend hike of almost 8%. The raised dividend will be paid on Dec 22, 2022, to shareholders of record at the close of business on Dec 8, 2022.

Outlook

Adjusted net income per share in the fourth quarter is anticipated to decline sequentially due to the decrease in the company’s utilization and used container sale prices from their latest extraordinarily high levels.

Currently, Triton carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Transportation Companies

Delta AirLines’ DAL third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.

DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.

United Airlines’ UAL third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results. In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.

Operating revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.

J.B. Hunt Transport Services, Inc. JBHT reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’squarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.

Total operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.


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