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Trinity Industries, Inc. Announces Third Quarter Results Reporting Highest Quarterly Net Income And EPS In The Company's History

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.

The Energy Equipment Group reported revenues of $169.7 million in the third quarter of 2013 compared to revenues of $135.6 million in the same quarter of 2012. Revenues increased compared to the same period in 2012 due to increased demand for storage container vessels offset slightly by a change in product mix in our structural wind towers business. Operating profit for the third quarter of 2013 increased to $15.0 million compared to $9.5 million in the same quarter last year. Structural wind towers received orders with a value of $442 million during the quarter, resulting in a backlog for structural wind towers as of September 30, 2013 of $609.9 million, none of which is subject to litigation, compared to $642.9 million, of which $412.5 million was subject to litigation, as of June 30, 2013. During the quarter, the structural wind towers backlog subject to litigation with a customer for the customer's breach of a long-term supply contract for the manufacture of towers was removed from the backlog due to the expectation that the purchases will not be made as contracted. The litigation, in which Trinity seeks as damages its lost profits under the contract, is still pending.

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