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Textainer expects to return to profitability in H2'17

Textainer Group Holdings Ltd. President and CEO Philip Brewer said the company expects to return to profitability in the second half of 2017.

The company has seen container leasing market conditions improve as lease revenue has increased sequentially, direct container expenses have fallen, container impairments have decreased and gains on container sales have increased, Brewer said in a statement as the company reported its second-quarter earnings Aug. 8.

For the second quarter, the company reported a net loss attributable to common shareholders of $9.4 million, or a loss of 16 cents per common share, down from a net loss attributable to common shareholders of $1.9 million, or a loss of 3 cents per common share, in the second quarter of 2016

Adjusted net loss for the quarter was $1.2 million, or a loss of 2 cents per common share, compared with a net income of $2.5 million, or 4 cents per common share, a year earlier.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was for a loss of 1 cent.