A huge profit beat sends shares of CAI International (NYSE:CAI) flying in early trading.
The company reported an average container utilization rate in Q1 of 95.7%, up 140 bps Y/Y. The railcar utilization rate fell 80 bps to 92.7% during the quarter.
"We have been able to increase prices on the sale of used containers and expect that in the second quarter of this year we are likely to report a gain on sale, compared to the losses we have incurred in recent quarters," noted CEO Victor Garcia.
Previously: CAI International beats by $0.14, beats on revenue (April 20)
Shares of CAI are up 23.03% to $19.07 and carved out a 52-week high of $19.37 earlier.