Triton International Ltd (NYSE:TRTN) Q2 2022 Earnings Conference Call July 28, 2022 8:30 AM ET

Company Participants

John Burns - SVP & CFO

Brian Sondey - Chairman & CEO

John O'Callaghan - EVP and Global Head, Field Marketing & Operations

Conference Call Participants

Lawrence Solow - CJS Securities

Liam Burke - B. Riley Securities

Operator

Good day, and welcome to the Triton International Limited Second Quarter 2022 Earnings Call. All participants will be in listen-only mode. [Operator Instructions]. Please note that this event is being recorded. Now I'd like to turn the conference over to Mr. John Burns, CFO. Please go ahead.

John Burns

Thank you. Good morning, and thank you for joining us on today's call. We are here to discuss Triton's second quarter 2022 results, which were reported this morning. Joining me on this morning's call from Triton is Brian Sondey, our CEO; and John O'Callaghan, our Head of Global Marketing and Operations. Before I turn the call over to Brian, I'd like to note that our prepared remarks will follow along with the presentation that can be found in the Investors section of our website.

I'd like to direct you to Slide 2 of that presentation and remind you that today's presentation includes forward-looking statements that reflect Triton's current view with respect to future events, financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Triton has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation, and we encourage you to review these factors.

In addition, reconciliations of non-GAAP measures to the most directly comparable GAAP financial measures are included in our earnings release and the presentation. With these formalities out of the way, I'll now turn the call over to Brian.

Brian Sondey

Thanks, John, and welcome to Triton International's second quarter 2022 earnings conference call. I'll start with Slide 3 of our presentation. Triton achieved record performance again in the second quarter of 2022. We generated $2.92 of adjusted net income per share, an increase of 5.8% from the first quarter and an increase of 36% from the second quarter of last year, and we achieved an annualized return on equity of nearly 30%. Our gain on sale benefited by $6.8 million in the second quarter from several finance lease transactions for older containers. But we still would have achieved record results without these transactions.