Company profile

Ticker
TRTN
Exchange
Website
CEO
Brian Mead Sondey
Employees
Incorporated in
Location
Fiscal year end
SEC CIK
IRS number
981276572

TRTN stock data

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FINRA relative short interest over last month (20 trading days) ?

Calendar

14 Feb 20
20 Feb 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Dec 19 Sep 19 Jun 19 Mar 19
Revenue 17.16M 25.8M 23.21M 17.83M
Net income 77.16M 90.6M 86.1M 92.81M
Diluted EPS 1.07 1.17 1.12 1.17
Net profit margin 450% 351% 371% 521%
Operating income 162.5M 174.57M 176.63M 183.46M
Net change in cash 15.46M 1.22M -15.15M 11.82M
Cash on hand 62.3M 46.84M 45.62M 60.77M
Cost of revenue 14.89M 21.65M 18.71M 14.24M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 83.99M 83.04M 37.42M 16.42M
Net income 353.28M 356.67M 353.53M -5.79M
Diluted EPS 4.54 4.35 4.52 -0.24
Net profit margin 421% 430% 945% -35.24%
Operating income 697.16M 752.2M 546.44M 176.28M
Net change in cash 13.35M -83.08M 18.83M 56.51M
Cash on hand 62.3M 48.95M 132.03M 113.2M
Cost of revenue 69.49M 64.12M 33.24M 15.8M

Financial data from company earnings reports

13F holders
Current Prev Q Change
Total holders 199 185 +7.6%
Opened positions 35 28 +25.0%
Closed positions 21 29 -27.6%
Increased positions 62 56 +10.7%
Reduced positions 64 60 +6.7%
13F shares
Current Prev Q Change
Total value 2.69B 1.14B +136.7%
Total shares 44.86M 33.6M +33.5%
Total puts 437.7K 645.7K -32.2%
Total calls 765.8K 936.7K -18.2%
Total put/call ratio 0.6 0.7 -17.1%
Largest owners
Shares Value Change
Vestar Capital Partners 10.7M $430.23M NEW
Dimensional Fund Advisors 5.7M $229.11M -0.8%
Vanguard 5.07M $204M -5.5%
BLK BlackRock 3.86M $155.2M -0.5%
Wellington Management 3.41M $137.23M +27.9%
LSV Asset Management 1.79M $72.06M +2.5%
STT State Street 1.22M $48.85M +0.6%
NTRS Northern Trust 860.66K $34.6M -2.5%
Clearbridge Advisors 758.59K $30.63M +26.6%
Geode Capital Management 688.31K $27.67M +2.2%
Largest transactions
Shares Bought/sold Change
Vestar Capital Partners 10.7M +10.7M NEW
Wellington Management 3.41M +744.96K +27.9%
Vanguard 5.07M -293.02K -5.5%
Foresters Investment Management 0 -227.3K EXIT
JPM JPMorgan Chase & Co. 229.73K +209.05K +1011.2%
Millennium Management 24.47K -165.22K -87.1%
Clearbridge Advisors 758.59K +159.47K +26.6%
EMG Man 194.15K +158.8K +449.3%
No Street GP 150K +150K NEW
Citadel Advisors 106K -136.68K -56.3%

Financial report summary

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Risks
  • Container leasing demand can be negatively affected by numerous market factors as well as external political, economic and other events that are beyond our control. Decreasing leasing demand could have a material adverse effect on our results of operations and cash flows.
  • Our customers may decide to lease fewer containers. Should shipping lines decide to buy a larger percentage of the containers they operate, our utilization rate and level of investment would decrease, resulting in decreased leasing revenues, increased storage costs, increased repositioning costs and lower growth.
  • Market lease rates may decrease due to a decrease in new container prices, weak leasing demand, increased competition or other factors, resulting in reduced revenues, lower margins, and reduced profitability and cash flows.
  • Market conditions for container lessors have been extremely volatile.
  • The risk of lessee defaults is currently elevated due to sustained excess vessel capacity and the resulting poor financial performance for most of our shipping line customers.
  • Our customer base is highly concentrated. A default from any of our largest customers would have a material adverse effect on our business, financial condition and future prospects. In addition, a significant reduction in leasing business from any of our large customers could have a material adverse impact on demand for our containers and our financial performance.
  • The implementation of new environmental regulations is expected to significantly increase the operating cost of our shipping line customers, further pressuring their financial performance and increasing our credit risk.
  • Credit insurance may not be available in the future to help defer the costs of future credit defaults.
  • Used container sales prices have been volatile. During periods of low used container sale prices, such as we experienced for much of 2015 and 2016, used container sale prices can fall below our accounting residual values, leading to losses on the disposal of our equipment.
  • Equipment trading results have been highly volatile and are subject to many factors outside of our control.
  • We face extensive competition in the container leasing industry.
  • We may incur future asset impairment charges.
  • Financing may become more difficult to arrange and more expensive. If we are unable to finance capital expenditures efficiently, our business and growth plans will be adversely affected.
  • We have a substantial amount of debt outstanding on a consolidated basis and have significant debt service requirements. This increases the risk that adverse changes in our operating performance, our industry or the financial markets could severely diminish our financial performance and future business and growth prospects, and increases the chance that we might face insolvency due to a default on our debt obligations.
  • Our credit facilities impose significant operating and financial restrictions, which may prevent us from pursuing certain business opportunities and taking certain actions.
  • We have a complex debt structure with numerous credit facilities containing various non-financial covenants which are not standardized between facilities. This increases the risk of a technical default that could lead to the acceleration of our repayment obligations in certain instances.
  • The expected discontinuation of the LIBOR benchmark interest rate may have an impact on our business.
  • Environmental regulations may result in equipment obsolescence or require substantial investments to retrofit existing equipment. Additionally, environmental concerns are leading to significant design changes for new containers that have not been extensively tested, which increases the likelihood that we could face technical problems.
  • Litigation to enforce our leases and recover our containers has inherent uncertainties. These uncertainties are increased for our containers located in jurisdictions that have less developed legal systems.
  • Manufacturers of equipment may be unwilling or unable to honor manufacturer warranties covering defects in our equipment.
  • Changes in market price or availability of containers in China could adversely affect our ability to maintain our supply of containers.
  • We may incur significant costs associated with relocation of leased equipment.
  • Sustained China and Asian economic, social or political instability could reduce demand for leasing.
  • Our operations may be adversely affected by natural or man-made events and the outbreak of disease, including the novel coronavirus, in the locations in which we and our customers or suppliers operate.
  • It may become more expensive for us to store our off-hire containers.
  • We rely on our information technology systems to conduct our business. If there are disruptions and these systems fail to adequately perform their functions, or if we experience an interruption in our operation, our business and financial results could be adversely affected.
  • Security breaches and other disruptions could compromise our information technology systems and expose us to liability, which could cause our business and reputation to suffer.
  • A number of key personnel are critical to the success of our business.
  • The international nature of the container industry exposes us to numerous risks.
  • The lack of an international title registry for containers increases the risk of ownership disputes.
  • Certain liens may arise on our containers.
  • Because of our significant international operations, we could be materially adversely affected by violations of the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and similar anti-corruption and anti-bribery laws and regulations.
  • A failure to comply with United States Treasury and other economic sanctions laws and regulations and export control laws and regulations could have a material adverse effect on our business, results of operations or financial condition. We may be unable to ensure that our agents and/or customers comply with applicable sanctions and export control laws.
  • We may incur increased costs associated with the implementation of security regulations, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Terrorist attacks could negatively impact our operations and profitability and may expose us to liability and reputational damage.
  • Environmental liability may adversely affect our business and financial situation.
  • A reduction in our level of continuing investment in our U.S. subsidiaries or future U.S. tax rule changes may negatively impact our income tax provisions or future cash tax payments.
  • Our U.S. investors could suffer adverse tax consequences if we are characterized as a passive foreign investment company for U.S. federal income tax purposes.
  • We may become subject to unanticipated tax liabilities that may have a material adverse effect on our results of operations.
  • Fluctuations in foreign exchange rates could reduce our profitability.
  • Increases in the cost of or the lack of availability of contingent liability, physical damage and other insurance could increase our risk exposure and reduce our profitability.
  • The price of our common shares has been highly volatile and may decline regardless of our operating performance.
  • If securities analysts do not publish research or reports about our business or if they downgrade our shares, the price of our common shares could decline.
  • Changes in laws and regulations could adversely affect our business.
  • Future sales of our common or preferred shares, or the perception in the public markets that such sales may occur, may depress our share price.
  • We are incorporated in Bermuda and a significant portion of our assets are located outside the United States. As a result, it may not be possible for shareholders to enforce civil liability provisions of the federal or state securities laws of the United States against the Company.
  • Bermuda law differs from the laws in effect in the United States and may afford less protection to shareholders.
  • Certain provisions of the Vestar Sponsor Shareholders Agreement, our memorandum of association and amended and restated bye-laws and Bermuda law could hinder, delay or prevent a change in control that you might consider favorable, which could also adversely affect the price of our common shares.
  • We may not be able to protect our intellectual property rights, and we may become subject to intellectual property challenges by others, which could materially affect our business.
Management Discussion
  • Total leasing revenues were $1,347.3 million, net of lease intangible amortization of $36.8 million, in 2019 compared to $1,350.3 million, net of lease intangible amortization of $61.5 million, in 2018, a decrease of $3.0 million.
  • Per diem revenues were $1,244.3 million in 2019 compared to $1,278.4 million in 2018, a decrease of $34.1 million. The primary reasons for this decrease are as follows:
  • Fee and ancillary lease revenues were $62.9 million in 2019 compared to $50.4 million in 2018, an increase of $12.5 million. The increase was primarily due to an increase in redelivery fees as a result of a 52% increase in the volume of redeliveries.
Content analysis ?
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