Trailer and container leasing company Xtra Corp. said it expects per-share earnings this quarter to fall as much as 46% because of reduced freight demand and a slowing U.S. economy.
Xtra vice president Scott Mansolillo said the company will earn $0.60 to $0.70 a share in the fiscal second quarter that ends March 31, down from the year-earlier $1.12. The company also expects results next quarter to fall behind the year-earlier period.
Westport, Conn.-based Xtra, which leases trailers and marine containers, said use of the company's equipment this year has fallen from the same period last year. The company said in January that results for this fiscal year would also be worse than last year's.
“The company's financial performance will continue to lag last year's for this quarter, next quarter and the full fiscal year,” said CEO Lewis Rubin.
