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

Stocks in this article: TRN

Revenues in the Construction Products Group were $154.5 million in the second quarter of 2013 compared to revenues of $123.9 million in the second quarter of 2012. The Group recorded an operating profit of $19.0 million in the second quarter of 2013 compared to an operating profit of $12.8 million in the second quarter of 2012. The increase in revenues and operating profit for the second quarter of 2013 compared to the same period in 2012 was primarily due to higher acquisition-related volumes and production efficiencies in our Aggregates product line. In March 2013, the Company completed the sale of its remaining ready-mix concrete operations which have been historically reported as a component of the Construction Products Group. This divestiture is considered a discontinued operation and, accordingly, the effects of its operations have been excluded from the Construction Products Group for financial reporting purposes.

At June 30, 2013, the Company had cash and marketable securities of $447.9 million. When combined with capacity under committed credit facilities, the Company had more than $1.1 billion of available liquidity at the end of the second quarter.

Earnings Outlook

For the full year of 2013, the Company anticipates total earnings per common diluted share, including the effects of discontinued operations, of between $4.20 and $4.40 compared to full year earnings per common diluted share of $3.19 in 2012. Results for the full year 2013 could be impacted by a number of factors, including, among others: the operating leverage and efficiencies that can be achieved by the Company's manufacturing businesses; the level of sales and profitability of railcars; the amount of profit eliminations due to railcar additions to the Leasing Group; and the impact of weather conditions.

Share Repurchase and Dividend Activity

During the quarter, the Company repurchased approximately 1.3 million shares of common stock under its share repurchase authorization at a cost of $49.9 million leaving $150.1 million remaining under its current authorization through December 31, 2014. Additionally, as previously reported in May, the Company declared an 18% increase in its quarterly dividend to 13 cents per common share, payable on July 31, 2013 to shareholders of record on July 15, 2013.

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