Bermudian-based Textainer Group Holdings Limited, one of the world’s largest lessors of intermodal containers, has reported net income of $72.7 million for the first quarter, compared to $72.9 million for the fourth quarter of 2021.

Adjusted net income was $72.9 million and adjusted Ebitda was $182.3 million, in line with the fourth quarter of 2021.

Average and ending utilisation rate for the first quarter was 99.7 per cent.

The company added $497 million of new containers during the first quarter, primarily assigned to long-term finance leases.

Textainer repurchased 957,689 shares of common stock at an average price of $37.91 per share during the first quarter.

On April 29, the company’s board of directors authorised a further increase of $50 million to the share repurchase programme, bringing the total authorisation level to $250 million since inception of the programme in 2019.

Combined with the increased authorisation, the remaining authority under the share repurchase programme totalled $65 million at the end of the first quarter.

Textainer’s board of directors approved and declared a $0.25 per common share cash dividend, payable on June 15 to holders of record as of June 3.

Olivier Ghesquiere, president and chief executive officer, said: “As we evaluate the remainder of 2022, we are confident in the strength of our underlying business fundamentals.

“We remain focused on delivering a long-term balanced approach of driving organic growth through disciplined and accretive capex investments, while returning capital to common shareholders through our ongoing share repurchase and dividend programmes.”