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Trinity Industries, Inc. Reports Strong Second Quarter 2013 Results And Increases Full Year 2013 Earnings Guidance

Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the second quarter ended June 30, 2013, including the following significant highlights:
  • Second quarter earnings per share of $1.06, a 26% increase year-over-year
  • Anticipates full year 2013 earnings per common diluted share of between $4.20 and $4.40, compared to its previous full year 2013 earnings guidance of between $3.80 and $4.05
  • Rail Group receives orders for 5,000 new railcars during the second quarter, resulting in a backlog of 40,665 units with a value of $5.1 billion
  • Inland Barge Group receives orders with a value of $231 million, resulting in a backlog with a value of $564 million
  • Leasing Group forms new $1 billion railcar leasing joint venture, RIV 2013
  • Company repurchases approximately 1.3 million shares of its common stock during the quarter at a cost of $49.9 million
  • Available liquidity at the end of the second quarter in excess of $1.1 billion

Trinity Industries, Inc. reported net income attributable to Trinity stockholders of $84.0 million, or $1.06 per common diluted share, for the second quarter ended June 30, 2013. Net income for the same quarter of 2012 was $67.8 million, or $0.84 per common diluted share. Second quarter 2013 results benefitted from a lower effective tax rate of 34.6% compared to 37.1% last year due to tax benefits resulting from domestic production activities and the tax treatment of the Company's noncontrolling interests.

Revenues for the second quarter of 2013 increased 7% to $1.1 billion compared to revenues of $995.5 million for the same quarter of 2012. The Company reported an operating profit of $183.4 million in the second quarter of 2013, a 20% increase compared to an operating profit of $152.5 million for the same quarter last year.

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