Triton International Limited reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a mixed performance in leasing revenues and profitability following its merger with Brookfield Infrastructure Corporation on September 28, 2023.

For the three months ended September 30, 2024, Triton generated leasing revenues of $391.3 million, an increase from $384.9 million in the same period of 2023. This growth was attributed to higher per diem revenues, which rose to $349.2 million from $341.2 million, driven by an increase in average lease rates for dry containers. However, total leasing revenues for the nine months decreased to $1,141.6 million from $1,169.2 million in the prior year, reflecting a decline in equipment trading revenues, which fell significantly from $80.5 million to $35.6 million.

Operating income for the third quarter surged to $233.4 million, up from $141.0 million in 2023, while net income also saw a substantial increase to $150.7 million from $69.7 million. However, net income for the nine-month period decreased slightly to $353.6 million from $361.3 million in the previous year, with net income attributable to common shareholders also declining to $314.5 million from $322.2 million.

Total operating expenses for the third quarter decreased significantly to $176.4 million from $260.7 million, contributing to the improved operating income. Notably, transaction and other costs related to the merger dropped to $5.1 million from $68.7 million in the prior year, reflecting the one-time nature of merger-related expenses.

As of September 30, 2024, Triton reported total liabilities of $8.4 billion, up from $8.3 billion at the end of 2023. Total shareholders' equity decreased to $2.8 billion from $2.9 billion, with accumulated earnings also declining to $2.3 billion from $2.4 billion.

The company’s cash and cash equivalents increased to $85.8 million from $57.8 million at the end of 2023, while net cash provided by operating activities for the nine months rose slightly to $868.1 million from $862.9 million in the previous year. Triton also reported a net loss on the sale of leasing equipment of $6.1 million for the nine months, contrasting with a gain of $49.4 million in the same period of 2023.

In terms of strategic developments, Triton has committed to purchasing equipment worth $133.5 million in 2024 and has secured debt financings totaling $7.5 billion, maintaining compliance with all financial covenants. The company continues to focus on enhancing its operational efficiency and managing its debt portfolio effectively.