CAI International reports 77% increase in net income for 2011
CAI International (CAI), an intermodal freight container leasing company, has reported that its net income for the year ended December 31, 2011 was $50.2m, compared to $28.4m in 2010, an increase of 77%.
Total revenue for 2011 was $125.7m, compared to $77.9m in 2010, an increase of 61%. Container rental revenue for the year was $106.7m, compared to $64.9m in 2010, an increase of 64%. The increase in container rental revenue was primarily due to a 39% growth in the average number of TEUs of owned containers on lease and a 20% rise in the average owned fleet per diem rates compared to 2010. In addition, management fee revenue for the year was $13.0m, compared to $10.3m for 2010.Victor Garcia, Chief Executive Officer of CAI, commented, "2011 was an excellent year for our company. We achieved strong revenue and earnings growth throughout the year, generating $50.2m of net income, a 77% increase compared to 2010. As a result of continued growth in global containerized trade, we took delivery of more than $415m of equipment during the year, a record level for CAI. Most of this investment in equipment has already been placed on long term leases at per diem rates that are significantly higher than in 2010. Our utilization for the year averaged 97.6% and we finished the year with utilization of 95.3%."