Wal-Mart trailer lease financing completed
ATEL Leasing Corporation and its affiliate, Kalakane Capital LLC, announce the successful funding of a $55 million operating lease with Wal-Mart Transportation LLC and Wal-Mart Stores Inc. The leased equipment was comprised of more than 900 new refrigerated trailers used at regional Wal-Mart distribution centers. Wal-Mart Transportation is the logistics arm of Wal-Mart Stores.
In other news, Wal-Mart Stores recorded a 10% gain in fiscal third-quarter 2008 profit, aided by inventory control and pricing. The Bentonville AR-based retailer indicated it is affected by the economic decline, however, as it cut its profit outlook for the full fiscal year.
Wal-Mart earned a net income of $3.14 billion, or 80 cents per share, in the quarter ended October 31, up from $2.86 billion, or 70 cents per share, a year earlier. Net sales for the quarter totaled $97.6 billion, a 7.5 percent gain from the period a year ago. Profit from continuing operations totaled 77 cents a share, ahead of the firm’s own forecast of between 73 and 76 cents per share. Quarterly revenue increased 7% to $98.64 billion.
The company has now forecast diluted earnings per share for the full year to be within $3.42 to $3.46.