Container company Triton International Limited made a profit of $85 million, or $1.16 per diluted share, in the third-quarter.

That beat a $1.14 per share consensus expectation by analysts on Yahoo! Finance.

The net income was almost $10 million less than the $94.8 million reported in the same period last year.

However, the results were described as strong by Brian Sondey, chief executive officer, who noted continued weak leasing demand and a softening of global economic conditions.

Triton’s total leasing revenues slipped by just over $13 million, year-on-year, to $336.7 million for the period, which was about $1 million below analysts’ expectations.

The Bermudian-based company’s return on equity was stable at 16.1 per cent, compared to 16.9 per cent a year ago.

Mr Sondey said: “Triton’s financial performance has remained solid despite facing weak leasing demand since last fall, and leasing activity remained slow throughout the traditional peak third-quarter.

“Global economic conditions have softened this year, and the ongoing trade dispute between the United States and China continues to create uncertainty and impact shipping activity.”

He added: “Fortunately, the supply of containers remains generally well balanced due to reduced production of new containers, and while our utilisation continued to gradually trend down during the third quarter, it remains strong at 96.1 per cent as of October 18.

“Triton’s financial performance has also been supported by our industry-leading cost structure and operating capabilities, our well-protected long-term lease portfolio, and disciplined use of our strong cashflow.”

The company repurchased 1.6 million of its common shares during the third-quarter.

Discussing the outlook for the company, Mr Sondey said: “Our customers and market forecasters have reduced their expectations for containerised trade growth this year following the weak summer peak season, and most are currently projecting growth will be just slightly positive in 2019.

“We are also heading into the seasonally slower time of year. As a result, we expect our key operating metrics will continue to gradually decrease over the next several quarters.

“However, the short ordering cycle for containers and multiple drivers for container leasing demand typically limit the duration of soft market conditions, and we continue to benefit from numerous advantages and strong, stable cashflow.”

He added: “Overall, we expect our adjusted net income per share will decrease from the third quarter to the fourth quarter, though we also expect our financial performance will remain solid.”

• Disclosure: the writer owns shares in Triton International Limited