Stock Monitor: Willis Lease Finance Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 26, 2018 / Active-Investors.com has just released a free earnings report on CAI International, Inc. (NYSE: CAI) ("CAI"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CAI. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 14, 2018. The transportation finance and logistics Company beat earnings expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Willis Lease Finance Corporation (NASDAQ: WLFC), which also belongs to the Services sector as the Company CAI Intl. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CAI International most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the three months ended December 31, 2017, CAI's revenues totaled $94.0 million compared to $77.3 million in Q4 2016, reflecting a growth of 22%. The Company's revenue numbers fell short of analysts' estimates of $96.7 million.
CAI's total revenues were $348.4 million in the year ended December 31, 2017, reflecting an increase of 18% compared to $294.4 million in the year ended December 31, 2016.
During Q4 2107, CAI's net income was $36.6 million, or $1.81 per diluted share, compared to $0.6 million, or $0.03 per diluted share, in Q4 2016. The Company's reported quarter earnings included a tax benefit of $16.9 million, associated with the Tax Cuts and Jobs Act 2017 (TCJA) enacted in December 2017, and a non-recurring, non-cash tax charge of $1.1 million.
On an adjusted basis, CAI reported an adjusted net income of $20.7 million, or $1.03 per diluted share, compared to $0.6 million, or $0.03 per diluted share, in Q4 2016. The Company's earnings beat Wall Street's estimates of $0.86 per share.
CAI's net income was $72.1 million, or $3.68 per fully diluted share, in FY17 compared to $6.0 million, or $0.31 per fully diluted share, in FY16.
During Q4 2017, CAI's lease-related revenues surged 30% to $74.6 million compared to lease-related revenues of $57.5 million in Q4 2016. In the reported quarter, the Company leased out 243 new railcars and have commitments to lease out a further 564 new cars in the first half of 2018.
During Q4 2017, CAI's average utilization for its owned container fleet was 99.0%, on cost equivalent units (CEU) basis, compared to 94.3% for Q4 2016, and 98.2% for Q3 2017. The Company's average railcar utilization, excluding new railcars not yet leased, was 87.1% in the reported quarter compared to 94.1% in the year ago same quarter, and 89.3% for the previous quarter. As of December 31, 2017, CAI's total container fleet on CEUs was 1.28 million compared to 1.16 million as on December 31, 2016.
At the end of Q4 2017, CAI had a total funded debt, net of restricted cash and cash held in variable interest entities, of approximately $1.6 billion, reflecting an increase of approximately $120 million from the end of Q3 2017. At the end of December 2017, the undrawn amount available to the Company under its container-secured revolving credit facilities was $447 million. Undrawn rail commitments were $228 million.
During Q4 2017, CAI issued approximately 890,000 shares of its common stock through an at-the-market offering, for net proceeds of $29.1 million, or $32.81 per average share issued.
Stock Performance Snapshot
March 16, 2018 - At Friday's closing bell, CAI International's stock declined 3.02%, ending the trading session at $20.89.
Volume traded for the day: 181.79 thousand shares.
Stock performance in the past twelve-month period – up 46.60%
After last Friday's close, CAI International's market cap was at $415.08 million.
Price to Earnings (P/E) ratio was at 7.47.
The stock is part of the Services sector, categorized under the Rental & Leasing Services industry.
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