Textainer Group Holdings Limited (NYSE:TGH) one of the world's largest lessors of intermodal containers, reported financial results Wednesday for the fourth-quarter and full-year ended December 31, 2020.
Net income proved $44.3 million for the fourth quarter or $0.87 per diluted common share and $72.8 million for the full year or $1.36 per diluted common share.
Adjusted net income was $41.1 million for the fourth quarter, or $0.81 per diluted common share, as compared to $21.6 million , or $0.41 per diluted common share in the third quarter of 2020. Adjusted net income was $87.3 million for the full year, or $1.63 per diluted common share, an improvement of 58% as compared to $55.4 million, or $0.96 per diluted common share in the prior year.
Adjusted EBITDA proved to be $136.8 million for the fourth quarter, as compared to $119.0 million in the third quarter of 2020. Adjusted EBITDA of $476.2 million for the full year, as compared to $464.3 million in the prior year.
As well, the company invested $470 million in containers delivered during the fourth quarter, for a total investment of $1,080 million delivered through the end of the year, virtually all of which are currently on lease.
Textainer repurchased 779,034 shares and 6,736,493 shares of common stock at an average price of $15.00 per share and $10.13 per share during the fourth quarter and full year of 2020, respectively, under the share repurchase program. As of the end of the fourth quarter, the remaining authority under the share repurchase program totaled $23.2 million.
TGH shares acquired $1.09, or 4.6%, to $25.05.
