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Trinity Industries, Inc. Reports Third Quarter Results

Stocks in this article: TRN

Trinity Industries, Inc. (NYSE:TRN) today reported net income attributable to Trinity Industries’ stockholders of $31.9 million, or $0.40 per common diluted share for the third quarter ended September 30, 2011. Net income for the same quarter of 2010 was $29.7 million, or $0.37 per common diluted share. Revenues for the third quarter of 2011 were $796.8 million compared to revenues of $540.0 million for the same quarter of 2010. The Company reported an operating profit of $105.4 million in the third quarter of 2011 compared to an operating profit of $91.9 million for the same quarter last year. Included in the results for both periods are certain non-recurring items, which make year over year comparisons difficult.

“Our businesses are doing a good job of confronting a variety of scenarios. I am pleased with our accomplishments during the third quarter and our outlook is positive for the future in most of our businesses,” said Timothy R. Wallace, Trinity’s Chairman, CEO and President. “The order backlogs in both our North American railcar and barge businesses increased during the third quarter, providing a nice foundation for our 2012 planning activities. Our Rail Group is beginning to achieve increased operating leverage associated with strong revenue growth which should have a positive impact on earnings going forward. Our wind towers business is in the latter stages of transitioning production lines over to a larger wind tower, and we expect their performance will begin to show improvement.”

In the third quarter of 2011, the Rail Group reported revenues of $320.9 million and an operating profit of $18.2 million. This compares to revenues of $131.0 million and an operating profit of $3.3 million in the third quarter of 2010. The Rail Group shipped approximately 3,605 railcars and received orders for approximately 4,250 railcars during the third quarter. As of September 30, 2011, the Rail Group backlog grew to approximately $2.4 billion, representing approximately 27,885 railcars, compared to a backlog of approximately $2.2 billion as of June 30, 2011, representing approximately 27,240 railcars.

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