CAI Q1 Results Top Estimates

(RTTNews) - CAI International Inc. (CAI) reported a first-quarter net loss of $3.54 million or $0.20 per share, compared to net income of $16.37 million or $0.87 per share last year. The loss was primarily attributable to a charge of $19.2 million for the impairment of railcar fleet.

Adjusted net income, excluding this impairment charge and $1.1 million of costs related to ongoing strategic review, was $12.0 million, or $0.67 per share.

Container lease revenue for the first quarter of 2020 was $69.1 million, compared to $73.5 million in the fourth quarter of 2019.

Total revenue for the quarter declined to $105.02 million from $111.11 million last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share and revenues of $97.98 million for the quarter. Analysts' estimates typically exclude special items.