CAI International, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. Revenue for the first quarter of 2017 was $81.5 million, compared to $67.0 million for the first quarter of 2016, an increase of 22%. The increase in revenue was primarily due to acquisitions made by its logistics business in 2016. Net income attributable to CAI common stockholders for the first quarter of 2017 was $5.3 million, or $0.27 per fully diluted share, compared to $7.1 million, or $0.36 per fully diluted share, for the first quarter of 2016. Operating income was $17.951 million against $18.456 million a year ago. Net income before income taxes and non-controlling interest was $5.965 million against $8.284 million a year ago. Net cash provided by operating activities was $25.658 million against $30.111 million a year ago. Purchase of rental equipment was $48.116 million against $45.844 million a year ago. Purchase of furniture, fixtures and equipment was $44,000 against $25,000 a year ago.

The company expects that the overall tax rate for 2017 will be in the 10% range.