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Textainer 2023 profit off 56.6pc to US$184.8 million

Author:   Posttime:2024-02-20

NEW YORK-listed Textainer, a leading global container lessor, has posted a year-on-year net profit decline of 56.6 per cent to US$184.8 million for 2023, and a 74.2 per cent drop in net earnings to $35.2 million in the fourth quarter.

That compares with net income of $289.5 million in 2022 and $61.9 million in the prior-year quarter.

Adjusted net income was $197.6 million for 2023, as compared with $289.9 million in the prior year.

Textainer said it added $169.4 million of new containers during 2023, virtually all assigned to long-term leases.

Last October, Bermuda-based Textainer entered into a definitive agreement to be acquired by Stonepeak, the New York-headquartered alternative investment firm, for $7.4 billion.

That deal will go before Textainer's shareholders at a special meeting on February 22.

Olivier Ghesquiere, president and chief executive of Textainer, said: "We delivered solid full-year and fourth-quarter 2023 results, demonstrating the strength in our business fundamentals.

"For the full year, lease rental income decreased by five per cent to $770 million due to fleet attrition stemming from a slower capex environment.

"Fleet utilisation has, however, increased to its highest level of the year at 99.3 per cent as of the end of the fourth quarter."


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