RIV 2013 Rail Holdings LLC (“RIV 2013”) purchased an additional $246 million of leased railcars from Trinity Industries Leasing Company (“TILC”) during the third quarter, bringing total RIV 2013 leased railcar purchases to approximately $700 million. The third-quarter purchases were financed with the issuance of $183 million of non-recourse, asset-backed debt and $74 million of equity, 69% of which was funded by our joint venture partners. Approximately $91 million of equity commitments remain to complete the $1 billion railcar portfolio. At September 30, 2013, TILC owned approximately 31% of the equity in RIV 2013. The financial position and results of operation of RIV 2013 are included in the Railcar Leasing and Management Services Group, along with the Company’s other partially-owned leasing subsidiary. Earnings from our partially-owned leasing subsidiaries related to the equity not owned by Trinity are deducted from net income to arrive at net income attributable to Trinity stockholders.The Inland Barge Group reported revenues of $136.4 million compared to revenues of $166.5 million in the third quarter of 2012. Operating profit for this Group was $23.8 million in the third quarter of 2013 compared to $26.9 million in the third quarter of 2012. The decrease in revenues and operating profit compared to last year was due to lower delivery volumes of hopper barges partially offset by higher delivery volumes of tank barges delivered during the third quarter of 2013. The Inland Barge Group received orders of $48.8 million during the quarter, and as of September 30, 2013 had a backlog of $476.0 million compared to a backlog of $563.6 million as of June 30, 2013.
Trinity Industries, Inc. Announces Third Quarter Results Reporting Highest Quarterly Net Income And EPS In The Company's History
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