Xtra Profits Drop
November 10, 1999
Xtra Corp. reported fiscal fourth quarter profits of $17 million, down 11% from fourth quarter 1998. Revenue for the quarter were $121 million versus $119 million a year ago.
For fiscal 1999, which ended Sept. 30, the company posted profits of $58 million on revenues of $464 million. Profits in 1998 were $60 million on revenues of $461 million.
Lewis Rubin, president and CEO of the Boston-based trailer and container leasing company, said they expect continued strong operating results in their North American business for fiscal 2000. But the international container market continues to suffer from oversupply and weak prices.
Equipment utilization in 1999 was 83%, down slightly from 85% last year. The company blames the decline on lower utilization rates for its international fleet.