Textainer (TXT) FY23 – Results Snapshot

HEPS down -25.2% y-y to 459.0cps (LY: 614.0cps).
Total revenue from operations decreased by -10.3% y-y to $800m (LY: $892m). Total lease rental income from operations decreased by -4.9% y-y to $770m (LY: $810m).
OPM decreased from 58.3% to 48.4%.
Expenses increased by +2.0% y-y to $428m (LY: $419m). Expense-to-sales increased from 51.8% to 55.5%.
Dividend of 30 UScps for 4Q23 (4Q22: 25 UScps).
Dividend of 120 UScps for FY23 (FY22: 105 UScps).
Cash generated from operating activities down -16.3% y-y to $629m (LY: $753m).
On October 22, 2023, Textainer has entered into a definitive agreement under which Stonepeak will acquire all outstanding common shares of Textainer for $50.00 per share in cash.