CAI - CAI International jumps on record earnings as it streamlines container lease business

CAI International (CAI) is up 9% after fourth-quarter results, where bottom line beat consensus to record level with highest ever revenue recorded in container lease business.Overall, revenue of $81.57M (+10.9% Y/Y) misses by $0.57M.Operating income increased to $46.70M (+46% Y/Y)The company says it is now 100% focused on container leasing business as it divested its rail business in Dec, 2020 following the logistics business sale in August.It brings CAI's adj. net income from continuing operations to a record $31.6M or $1.76/share, beating consensus by $0.63/share; GAAP EPS of $1.81 beats by $1.32.ROE on adj. net income was 21.2%.CAI has repurchased 3.6% of its common shares since the start of 4Q20, and now has expanded its buyback program by an additional 2M shares.Quarterly dividend increased by 20% to $0.30/share.Forward-looking statement: "We expect the record results we achieved in the fourth quarter to set the stage for a strong 2021. However, we anticipate that net income may be slightly lower in

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CAI International jumps on record earnings as it streamlines container lease business