“I am pleased with our strong financial results for the fourth quarter and our overall performance during 2012,” said Timothy R. Wallace, Trinity’s Chairman, CEO and President. “We have worked diligently over the past decade to position our company to perform well through a variety of economic conditions. Trinity’s competency in manufacturing flexibility provides us the ability to redirect a portion of our manufacturing resources towards select areas that have strong demand levels for our products. In 2012, we achieved significant growth in consolidated revenues and earnings despite continuing uncertainty within some areas of the economy.”
“During 2013, we will continue to invest resources to position our company to pursue opportunities for infrastructure-related products that support the growing needs in the energy, chemical, transportation, and construction industries,” Mr. Wallace continued. “At this point, we have been successful in obtaining order backlogs in several of our major businesses that will provide long production runs for products serving these industries.”
Business Group Results
In the fourth quarter of 2012, the Rail Group reported revenues of $571.1 million and an operating profit of $70.7 million compared to revenues of $453.3 million and an operating profit of $34.4 million in the fourth quarter of 2011. Results for the fourth quarter of 2012 included approximately $0.04 per common diluted share of after-tax costs associated with the repositioning of a portion of the Company's production capacity. The Rail Group shipped 4,960 railcars and received orders for 5,620 railcars during the fourth quarter. The Rail Group backlog increased to $3.7 billion at December 31, 2012, representing 31,990 railcars, compared to a backlog of $3.3 billion as of September 30, 2012, representing 31,330 railcars. The increase in backlog as of December 31, 2012 reflects the value of orders taken during the quarter as well as contractual pricing adjustments on long-term orders previously received.