Seeking Alpha Home | Portfolio | Market Currents | Investing Ideas | Dividends & Income | ETFs | Macro View | Home | My Portfolio | Breaking News | Latest Analysis | Alpha-Rich Ideas | StockTalks | ALERTS | PRO The following audio is from a conference call that will begin on November 05, 2013 at 11:00 AM ET. The audio will stream live while the call is active, and can be replayed upon its completion. If you would like to view a transcript of this call, please click here. Get the app » Get email alerts on » Seeking Alpha's transcripts team is responsible for the development of all of our transcript-related projects. We currently transasia schedule publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to... More Follow us
Seeking Alpha Home | Portfolio | Market Currents sea container dimensions | Investing Ideas | Dividends sea container dimensions & Income | ETFs | Macro View | Home | My Portfolio | Breaking News | Latest Analysis | Alpha-Rich Ideas | StockTalks | ALERTS | PRO About the author: SA Transcripts Seeking Alpha's transcripts team is responsible for the development of all of our transcript-related projects. We currently publish thousands of quarterly earnings calls per quarter on our site and are continuing to grow and expand our coverage. The purpose of this profile is to allow us to... More Philip Brewer - President and Chief Executive sea container dimensions Officer Welcome to the Textainer third quarter 2013 earnings conference call. My name is Richard, and I will be your operator sea container dimensions for today's call. (Operator Instructions) I will now turn the call over to Hilliard Terry, Executive Vice President and Chief Financial Officer. You may begin. Thank you. And welcome to our 2013 third quarter earnings sea container dimensions conference call. Joining me on this morning's call are Philip Brewer, TGH President and Chief Executive Officer. At the end of our prepared remarks, Robert Pedersen, TEM President and Chief Executive Officer will join us for the Q&A. Before I turn the call over to Phil, I'd like to point out that this call contains forward-looking statements in accordance with U.S. securities laws. These statements involve risk and uncertainties are only predictions and may differ materially from actual future events or results. Finally, the company's views, estimates, plans and outlook as described within sea container dimensions this call may change subsequent to this discussion. The company is under no obligation to modify or update any or all of the statements that are made. Please see the company's sea container dimensions Annual Report on Form 20-F for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 15, 2013, and any subsequent quarterly filings on Form 6-K for additional sea container dimensions information concerning factors that could cause actual results sea container dimensions to differ materially from those in the forward-looking statements. I would also like to point out that during this call, we will discuss non-GAAP financial measures, as such measures are not prepared in accordance with Generally Accepted Accounting Principles, a reconciliation of the non-GAAP sea container dimensions financial measure to the most directly comparable GAAP measure will be provided either on this conference call or can be found in today's earnings press release. Thank you, Hilliard. Welcome to Textainer's third quarter 2013 earnings conference call. During the third quarter we saw strong increases in revenues and EBITDA. Total revenues increased 8.4% compared to the year ago quarter, setting a new quarterly record. More impressively, lease revenue increased 21%, even though utilization averaged 94.1%, more than 3% below its level of one year ago. Another positive note is that interest expense was almost flat compared to third quarter 2012, even though our average debt balance increased by almost 15%. We enjoyed a significant reduction in our average interest cost compared to the prior year quarter, as a result of the refinancings we have completed this year. Our growth in EBITDA sea container dimensions was in line with our revenue growth, demonstrating our strong cash flow. Net income was negatively affected by the increase in depreciation expense, resulting from a reserve for container write-offs, the fact that older fully depreciated containers are being disposed from our fleet, while we are adding newer higher cost containers, and purchased leaseback containers often must be depreciated over only a few years. Net income was also affected by $4.3 million of bad debt expense by 3x the usual amount. The container write-offs and part of the bad debt expense relate sea container dimensions to six small lessees, which are in default. These lessees account for less than 0.5% of our fleet. Historically, in default situations we recover more than 90% of our containers with about 80% being recovered within the first six months and the remaining 10% to 20% recovered during the subsequent six to 12 months. For these specific lessees, we believe the recovery may not follow this pattern, because containers sea container dimensions are in locations where recovery is often uneconomical due to heavy damage, liens for storage cost and repositioning expenses. Nonetheless, we still expect to recover more than a majority of the containers on lease to these lessees. We believe this issue is isolated to a few small lessees located in Asia, primarily sea container dimensions China. We do not see any indication that we might see similar container write-offs with our top lessees or with lessees in other locations. Indeed, last quarter we recorded an increase in bad debt expense related to a regional agent shipping line, which declared bankruptcy. Even though recovery efforts only began five months ago, today we have recovered 95% of the previously on-lease units from this customer. We have always focused on les
Textainer s 3Q Profit Slid 18 Percent | JOC News & Analysis Commentary Events Webcasts Magazine White Papers Videos Data Special Topics More JOC Editorial Staff JOC Editorial Calendar Press Releases JOC Insights JOC Reports Podcasts Sailing Schedules Career Center History of the JOC Oil Price Daily Archive Search casa container Photo Galleries Home Maritime Peak Season Forecast Top 100 Exporters Top 100 Importers Mega-Ships Top 40 Container Carriers Trans-Pacific Trade Panama casa container Canal Expansion Container Lines International Freight Shipping Maritime Piracy Short Sea Shipping Trade Lanes Ships & Shipbuilding Labor Ports Global's Amazing Race Port Productivity East Coast Ports West Coast Ports Gulf Coast Top 50 Container Ports US Ports Asian Ports European Ports International Ports Terminal casa container Operators Longshoreman Labor Panama Canal News Dredging Port Equipment Rail & Intermodal US Intermodal Data & Mapping Tool Class I Railroads Short Lines and Regional Railroads Intermodal Shipping International Rail Inland Ports Labor Bulk Transport Trucking Trucking Hours of Service Top 25 LTL Carriers Top 50 Trucking Companies The Driver Shortage casa container LTL Shipping Truckload Freight Trucking Freight Brokers Trucking Equipment Drayage Dedicated Carriage Labor JOC Guide to Trucking Air Cargo Express Cargo Postal Service News Cargo Airlines International Air Freight Equipment Labor Logistics Top 50 Transportation, Logistics Companies Middle East Trade & Logistics casa container South America casa container Trade & Logistics Distribution Centers Logistics Technology Global Sourcing Industrial Real Estate Logistics Providers Cool Cargoes casa container Government Sequestration Trucking Hours of Service Customs Regulations Transportation Policy Trade Policy Trade Agreements Trade Compliance Import and Export Regulations Transportation casa container Regulations Economy World Economy News US Economy News China Economy News European casa container Economy News Canada Economy News Trade Top 100 US Exporters Top 100 US Importers casa container Middle East Trade South America casa container Trade NAFTA Trade Trade Finance Trade Data Infrastructure News Sustainability News by Region casa container Textainer Promotes Chong, Sowry International Rail How will the "Trucking Renaissance" Impact Shippers? Inland Ports International Rail Class I Railroads Short Lines and Regional Railroads Intermodal Shipping Rail Equipment American Railcar Industries CIT Rail Electro-Motive Diesel FreightCar casa container America GATX Corp. GE Transportation Greenbrier Cos. Greenbrier Leasing National Railway Equipment National Steel Car Portec Rail Group R.J. Corman Railroad Group Rail Logistics RailRunner TTX Textainer Wabtec Special Report: Electrifying casa container Freight Rail Bulk Transport Labor
Seeking Alpha Home | Portfolio | Market Currents | Investing Ideas | Dividends & Income | ETFs | Macro View | Home | My Portfolio | Breaking News | Latest Analysis | Alpha-Rich Ideas | StockTalks | ALERTS | PRO Textainer ( TGH ) and TAL ( TAL ) are the leading shipping container leasing companies in the world. Both are similarly sized with similar dividend yields: Dividend Yield Market Cap TAL 5.25% 1.8B TGH 5% 2.1B About a year ago, these two were compared on Seeking tracking csav Alpha and it is time for another look. In the last year, TALs stock price has outperformed that of TGH and now they have similar dividends. Last year TAL was 7.4% and TGH was 5.6%. So far these companies look very similar in every aspect. Longer term, we need to pick the company with better dividend growth prospects. Here Textainer seems to be the better bet. TAL pays out a much higher percentage of its earnings as dividends. Only in the last dismal quarter did Textainer's coverage ratio come close to TAL's. This leaves Textainer more room to grow dividends as long as the drop in earnings is temporary. From the Textainer earnings call transcript , the drop seems to be attributed to one time events related to "container tracking csav write-offs and ... bad debt expense relate[d] to six small lessees, which are in default". However, even other than one time items, Textainer expects earnings to be flat. This would mean dividend growth tracking csav would be pressured for the near term. I got the same impression from TAL's transcript - "we expect our adjusted pre-tax income to decrease slightly from the third quarter of 2013 to the fourth". Textainer management have a 50% earnings payout goal for dividends. That said, they said they would not reduce dividends if they cannot meet that coverage ratio. This quarter was 67%. TAL on the other hand seems to consistently pay a higher portion of its income with upper 60s being the norm. One more point to consider is that TGH is a lot less leveraged than TAL with a dept to equity ratio of 2.3 compared to TAL's 4.2. Also thanks to the bad quarters TGH trades tracking csav at a lower P/E of 10.8 compared to TAL's 12.2. You cannot go wrong with either company for long term dividends and dividend growth. However, TGH's 50% coverage goal leaves tracking csav more room for growth and currently TGH is undervalued compared to TAL. So I would pick TGH over TAL as of now. Disclosure: I am long TGH . I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship tracking csav with any company whose stock is mentioned in this article. (More...) Tech Investor BOOKMARK ED / READ LATER Siddharth is a software engineer at The University of Virginia. He is very interested in personal finance and investing. He follows and writes about Tech Stocks, Indian ADRs and Dividend Stocks. He blogs about finance at Personal Finance Simplified - http://www.parchayi.com/ and about other... More Mobile Apps | RSS Feeds | About Us | Contact Us
Seeking Alpha Home | Portfolio | Market Currents 20 feet | Investing Ideas | Dividends & Income | ETFs | Macro View | Home | My Portfolio | Breaking News | Latest Analysis | Alpha-Rich Ideas | StockTalks | ALERTS | PRO Textainer ( TGH ) manages, leases and resells a fleet of intermodal freight containers. It is the largest independent lessor of container freights in the world. Textainer has been riding a wave of secular growth in international trade, and has therefore been aggressively expanding its fleet. At this point, the company 20 feet now has nearly 3 million twenty foot equivalent units, up from 2.4 million at the end of last year. This company is also a dividend play, with a yield of 5% which has attracted income investors. Lately, however, Textainer has been downgraded by numerous research firms and the company's stock has taken a noticeable hit. Many are rightly concerned about a growing supply of freight containers and how it will impact Textainer's earnings. This article will look at Textainer's potential downside through the lens of earnings 20 feet and the cyclicality present in this line of business. The above chart is the very "big picture" view of Textainer and its bull case. Use of containerized freight increases 20 feet at a rate of 1.5 to 2 times global GDP growth, making Textainer a levered play on global GDP. Global trade is still a secular growth story, and Textainer is one of the best-managed names in this space. 20 feet In a nutshell, the company's strategy has been to acquire more and more containers in order to grow earnings. Since 2008 Textainer has spent capital well in excess of its operating cash flow. The above chart shows the fruits of that spending. Return on Equity has remained consistently above 20% for the last three years, so we know that the company's heavy investment has been working. In the last quarter revenue was up 9% year on year. Unfortunately these overarching trends of success have been countered by some data points which point to, at the very least, weakness in this industry. Rental rates for containerized freight have been under pressure lately. This dash for supply 20 feet has been mostly from Asian providers fueled by cheap money, and the result is higher 20 feet prices and lower returns for boxes. Management believes that next year we could actually see container rates decline. This is more about the supply side of the equation than it is demand. That is, rates may decline not due to a drop-off in global trade but rather to excessive supply. Anecdotal evidence certainly points to a new supply and demand dynamic. Management has noted that each time the company bids for a an order of containers, there are often 5 or 6 competitors vying to do the same thing. This should lead to "muted" topline growth in the near future. There are also stories of shippers no longer holding container inventory because these companies know they can get a container instantly. Fleet utilization, as we can see here, seems to have peaked in 2011 at nearly 98%. Those were good days for Textainer. 20 feet Since then utilization has coasted downward, and judging from the latest management remarks this trend may well continue. This is an industry-wide issue, although that hardly makes the trend any less concerning. Again we can see that declining margins are an industry-wide problem. Margins of CAI International ( CAP ) have fallen in tandem with Textainer. Note also that Textainer's net margins are the highest in its peer group. Textainer is suffering from lower fleet utilization rates, lower net margins, fierce 20 feet competition in a market flush with supply, and consequently lower earnings for this year. Outlook for next year will likely be just as lukewarm. Is this all just a result of ample supply 20 feet in the container freight market? Or is it the sign of a general downturn in a cyclical and economically sensitive business. We don't yet know, but remember that throughput of container freight should grow considerably above the rate of global GDP. Textainer's earnings are hitched to a strong trend indeed. We should therefore not be so quick to discount Textainer's 20 feet underlying 20 feet growth story unless we are about to enter a global recession. Textainer's debt levels have been increasing due to the company's acquiring of additional containers. This quarter the fleet grew by 11.7% on a year-on-year basis. Given the current supply environment, we should expect the pace of acquisitions to abate. In the latest 20 feet conference call, CFO Hilliard Terry said Textainer was "not desperate" to expand capacity. As for the dividend, it now sits at about 30% of operational cash flow. This means Textainer can easily pay its substantial dividend if it had to rely only on cash from operations. Management's policy regarding the dividend has always been on a quarter-to-quarter 20 feet basis. If capital spent on acquisitions were to drop drastically, a substantial 20 feet dividend hike would be possible if management was confident enough in the
- Main Menu - Home Coffee Day - caffeine inspiration - Recipes - Facts and findings - Accessories and Creations csav container tracking - Entertainment Desktop wallpapers - Fun and humor - Facts and Quotes - Quizzes, puzzles and games - Do it yourself - Showbiz - Research - Travel - Real Life Stories - Tips - Fashion and Beauty - Lounge - Health and Fitness - Work - Food & Beverage - Home & Family Art and Design - Interior and exterior - photos and illustrations - Photos - Video Art - Marketing campaigns - Objects and works Film and TV - Movie - TV Series Music Books Science & Technology - Science - Technology Astrology - Zodiac Signs - Horoscope Topical Columns Coffee Day Recipes caffeine inspiration facts and information and creations Widgets Desktop wallpapers Fun and Interesting Facts humor and quotes Tests, puzzles and games make own show-business research csav container tracking cruises csav container tracking True Life Stories Tips Fashion and Beauty Lounge Health and Fitness Food and Drinks Jobs Home and Family Art and design interior and exterior photos and illustrations art Photos csav container tracking Video Marketing Campaign Items and Drafting Film TV Movie TV Series Music Books Science & Technology Science Technology Astrology zodiac signs horoscope Topical Columns For lovers of fresh air and outdoor activities, winter is a nightmare that lasts and never finished. It is a period when many climb some weight more because the cold does not give many opportunities for physical activity. However, winter and snow have its bright side, so if you wish to sport the fresh winter air there are more ways to spend calories. Here are some ideas on how to have fun and exercise outdoors in the winter without having to visit expensive ski resorts. Running on snow Running csav container tracking is one of the best ways to burn calories when hot, but running on snow is something else. Resistance generated snow is a real challenge for physical Default. The effort to remain stable will contribute to spend more calories than usual, and will strengthen the muscles of the legs. Hiking You can walk at any time and anywhere. That's a good reason to get away from the city routine physical inactivity and through contact with nature to relieve stress. To get rid of and some weight and strengthen muscles in the feet, it would be best to choose the rugged terrain in which we are climbing a hill, or the area where I walk from one hill to another. Skating on ice Skating is not only great fun, but also razmrduva all muscles of the legs. If no rink in your town, try to find a frozen pond nearby. To be more fun you can pick the company, to make a campfire csav container tracking and to boil tea, and it can do a great adventure and a lot of memories. Luge Placing the sleigh will bring adrenaline, but not the desired burning calories. The work will be completed by dragging the sledge ugorninata you wish to download. If you have children or grandchildren you winter to make a lot of fun if you're the one who will pulling sleigh, and at the same time you will improve physical fitness. Riding csav container tracking bike on snow For biking on snow is desirable to have tires designed for it, but even vpushtete no freedom in this adventure. This requires much more effort than cycling on dry ground, so it will feel the feet, and you completely exhausted. In addition, it is necessary csav container tracking and good concentration well in order to balance the bike and avoid eventual decline, which still is not very scary when the snow. Football on snow Contrary to popular belief that football is a sport that is practiced only in the warmer months, it is one of the best ways to stay fit in the winter, while having fun with company. Most beautiful game in the world will adopt the same health benefits as running, coupled with more entertainment. Do not be afraid of injuries. Falling csav container tracking snow hurts. Playing in the snow If sport is too hard, just play in the snow. Any game will shake. Traditional games such as snowball fights (as long as it is safe), csav container tracking making a snowman or snow castles are always a good choice. If you are able to play with children or grandchildren, here's your chance to wake up the child in yourself and remember how it looked when the snow and cold weather is not an obstacle you had to be good fun. Activity and choose, remember to wear well. Is most recommended dress in multiple layers, because it will keep body heat, while allowing perspiration to pass through csav container tracking the layers. You need footwear that will easily navigate through the snow. Before any activity is good heat, because when cold muscles are more prone to stretching and
Related news: Golden skeletons of Louis Vuitton on the market soon and "smart brushalteri" PHOTO + VIDEO: The most convenient women show the Victoria's Secret 2013 PHOTO: The most expensive suit kapanje VIDEO: Irene Shaek topless in sado BDSM edition Vistinomer: Kotze and gasification of Skopje PHOTO: Torrent winter postcard Samsung Galaxy Grand 2 Nine crashes, 11 pedestrians sanctioned, "spider" removed 74 vehicles in the past 24 hours VIDEO: Sipovic secretly extradited to Macedonia A1 on not to publish content that contain a reference to religious, racial, ethnic hatred, contain direct calls to violence or discriminate based on gender, social, cosco container lines ethnic origin or sexual cosco container lines orientation. A1 Online will allow users comments containing hate speech. This obligation does not apply to disclosure cosco container lines of documents, statements or other journalistic material transmitted or otherwise made available in source form to a wider audience. x Read more VIDEO: Gruevski met with Lube said, Kezharovski, Sipovic
