Textainer shows robust growth in 2012

   The container lessor Textainer continued to grow in 2012, increasing its revenues by 15.2 percent, year over year, to $487.1 million.
   The company also ended the year strong, with a $127.3 million finish in revenue during the fourth quarter, a 9.4-percent rise over the same period in 2011. Net income and EBITDA (earnings before interest, taxes, depreciation, and amortization) also saw significant quarterly and yearly increases.
   “The fourth quarter marked the close of a phenomenal year for Textainer,” the company’s president and chief executive officer, Philip K. Brewer, said in a statement. “Not only did we achieve record performance for the quarter, but for the year as well with record revenues, income and adjusted net income.”
   In 2012, Textainer invested $1.2 billion in new and used containers, a record, and it now owns 73 percent of its fleet — the largest percentage owned in its history. In his statement, Brewer highlighted the ownership percentage because it allows Textainer to get a bigger return on investment. The company now achieves a 26 percent return on equity, he said. 
   A significant driver of Textainer’s growth moving forward barely made a blip on last year’s numbers. The company acquired a 50.1 percent interest in TAP Funding — a company that owns a 99,000-TEU fleet — on Dec. 20 for $21 million, plus TAP’s outstanding debt. The company’s holdings include standard and specialized dry-freight containers, as well as refrigerated boxes. Textainer also bought 24,000 TEUs for $33 million on the last day of the year.
   Brewer foresees shipping lines will remain dependent on container lessors for the near future because of a lack of funding, so he believes 2013 will be a good year for the industry.  Manufacturers will churn out an additional 200,000 TEUs over 2012’s output , while lessors will commit to buying 5 percent more product than last year.
   “These factors, coupled with our strong balance sheet and access to financing, position us to continue to grow our market share, provide consistent financial results and maintain our market leading position,” Brewer stated. “We are off to a good start in 2013, with over $95 million already invested in new and used containers.”
   Textainer is the first of three container leasing companies to release 2012 results this week. CAI International will report on Wednesday, and TAL International files on Thursday. – Jon Ross