Triton International Announces Expansion of Share Repurchase Authorization
December 08 2022 - 3:47PM
Business Wire
December 8, 2022 – Triton International Limited (NYSE: TRTN)
today announced that its Board of Directors has approved an
increase in the size of the company’s existing share repurchase
authorization to $400 million.
Brian M. Sondey, Triton’s Chief Executive Officer, commented,
“Triton’s share repurchases have been an important driver of
shareholder value this year. Year to date, we have purchased almost
8.5 million shares for $514 million, reducing our share count by
approximately 13%. Our Board of Directors has typically authorized
up to $200 million of repurchases, but given our pace of
repurchases this year, this has resulted in several quarterly
reauthorizations. The increased authorization will provide enhanced
flexibility to execute our program, and it also reflects the
strength of our balance sheet, robust cash flows and our continued
confidence that Triton’s financial performance will remain
strong.”
Triton expects to continue to rely primarily on cash generated
from operations to fund its share repurchases. The timing and
amount of share repurchases and the number of shares to be
repurchased will depend upon market conditions and other factors.
Share repurchases may be executed through a variety of methods,
including open market purchases, pursuant to Rule 10b5-1 trading
plans, in privately negotiated transactions or through a
combination of methods. Triton’s share buyback program includes
common and preference shares. The program has no termination date,
does not obligate Triton to repurchase any particular number of
shares and may be suspended, modified or discontinued at any
time.
About Triton International
Limited
Triton International Limited is the world’s largest lessor of
intermodal freight containers. With a container fleet of over 7
million twenty-foot equivalent units ("TEU"), Triton’s global
operations include acquisition, leasing, re-leasing and subsequent
sale of multiple types of intermodal containers and chassis.
Important Cautionary Information
Regarding Forward-Looking Statements
Certain statements in this release, other than purely historical
information, are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements include, among others, statements relating to Triton’s
business, future performance and the share repurchase program
discussed in this release. Statements that include the words
"expect," "intend," "plan," "seek," "believe," "project,"
"predict," "anticipate," "potential," "will," "may," "would" and
similar statements of a future or forward-looking nature may be
used to identify forward-looking statements. All forward-looking
statements address matters that involve risks and uncertainties,
many of which are beyond Triton's control. Accordingly, there are
or will be important factors that could cause actual results to
differ materially from those indicated in such statements and,
therefore, you should not place undue reliance on any such
statements. These factors include, without limitation, economic,
business, competitive, market and regulatory conditions; and other
risks and uncertainties, including those set forth in the section
entitled “Risk Factors” in our most recent annual report on Form
10-K filed with the Securities and Exchange Commission (“SEC”) and
subsequent filings with the SEC. Except to the extent required by
applicable law, we undertake no obligation to update publicly or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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Andrew Greenberg Senior Vice President Business Development
& Investor Relations (914) 697-2900
Triton (NYSE:TRTN)
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