As announced in May, through a partnership with long-term institutional investors, the Company launched a new railcar leasing joint venture, RIV 2013 Rail Holdings LLC (“RIV 2013”), to acquire approximately $1 billion of railcars, primarily a combination of new railcars manufactured by Trinity Rail Group, LLC and existing railcars from Trinity Industries Leasing Company (“TILC”) or one of its subsidiaries. The Company also completed the final phase of the long-term recapitalization of TRIP Rail Holdings LLC (“TRIP”), another railcar leasing joint venture managed by the Company. A total of $412 million in new external equity capital was raised to purchase a 69% interest in RIV 2013 and a 55% interest in TRIP. The Company, through TILC, owns the remaining 31% equity interest in RIV 2013 and 45% equity interest in TRIP.The Inland Barge Group reported revenues of $150.0 million compared to revenues of $173.9 million in the second quarter of 2012. Operating profit for this Group was $20.9 million in the second quarter of 2013 compared to $36.6 million in the second quarter of 2012. The decrease in revenues and operating profit was due to a change in the mix of hopper barge types and softer pricing. In addition, last year's results included the delivery of an order of specialty barges during the quarter. The Inland Barge Group received orders of $230.6 million during the second quarter of 2013, and as of June 30, 2013 had a backlog of $563.6 million compared to a backlog of $483.0 million as of March 31, 2013.
Trinity Industries, Inc. Reports Strong Second Quarter 2013 Results And Increases Full Year 2013 Earnings Guidance
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