Textainer Group Holdings Limited Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for the First Quarter of 2018; Reports Container Impairment for the Fourth Quarter of 2017; Provides Income Tax Rate Guidance for 2018
For the year, the company reported total revenues of $490,850,000 against $496,236,000 a year ago. Income from operations was $143,866,000 against $26,210,000 a year ago. Income before income tax and non-controlling interests was $22,360,000 against loss of $61,323,000 a year ago. Net income attributable to company's common shareholders was $19,365,000 or $0.34 per basic and diluted share against loss of $52,483,000 or $0.93 per diluted share a year ago. Adjusted net income was $23,165,000 or $0.41 per diluted common share against loss of $57,953,000 or $1.02 per diluted common share a year ago. Adjusted EBITDA was $374,541,000 against $345,000,000 a year ago. Net cash provided by operating activities was $250,975,000 against $277,894,000 a year ago. Purchase of containers and fixed assets was $300,125,000 against $505,528,000 a year ago. Capex orders was approximately $625 million during 2017.
The company expects its performance in the first quarter of 2018 to be better than the fourth quarter of 2017, with increasing profitability as it moves into 2018.
For the quarter, the company reported container impairment of $1,591,000 against $14,125,000 a year ago.
The company expects annualized income tax rate to normalize in the mid-single digits.