Shares of Triton International Limited (TRTN), a company engaged in the leasing and sale of intermodal containers, are gaining almost 7 percent or $2.49 in Friday's morning trade at $39.15, after the company's third-quarter earnings beat analysts' estimates.
Also, Triton's board of directors announced a nearly 10 percent increase in its quarterly common share dividend to $0.57 per share.
Friday, Triton reported third-quarter net income attributable to common shareholders of $45.9 million or $0.67 per share, down from $85.9 million or $1.17 per share in the year-ago quarter. Adjusted earnings were $1.14 per share, compared to $1.16 per share in the prior-year period. Total leasing revenues declined to $327.76 million from $336.67 million last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.06 per share for the quarter on revenues of $335.3 million.
Looking ahead, the company expects adjusted earnings per share to increase in the range of 25 percent from the third to the fourth quarter of 2020.
Triton International has traded in a range of $19.80 to $41.54 in the past 52 weeks.
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