CAI sells 30% of its railcar fleet for $200 million bucks....that a lot of cash!!!! And they realized a gain of $7 million which to me is kind of impressive since they are trading a bunch under book. Their quality of net assets has improved with this move.
CAI International, Inc. Announces the Sale of $200 Million Portfolio of Railcars
Tue February 26, 2019 2:38 PM|Business Wire|About: CAI
SAN FRANCISCO--(BUSINESS WIRE)-- CAI International, Inc. (CAI) (NYSE: CAI), one of the world’s leading transportation finance and logistics companies, today announced that it has entered an agreement to sell 2,146 railcars, or approximately 30% of its railcar fleet, for approximately $200 million. The sale of 1,946 railcars was completed today, realizing a gain of approximately $7.0 million. The remaining 200 railcars are currently being manufactured and the sale of those rail cars is expected to complete in the second quarter of 2019.
“In line with our strategy to maximize overall corporate returns, we have focused on the sale of rail equipment in order to redeploy capital to other investments,” said Victor Garcia, CAI's President and Chief Executive Officer. “Our strategy commenced during the fourth quarter of 2018, when we sold 385 railcars for $40 million, reporting a gain of $1.8 million. Following today’s announcement, we have made approximately $50 million of equity available for container-related investments and repurchases of shares.”
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