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

Revenues in the Construction Products Group were $149.2 million in the third quarter of 2013 compared to revenues of $124.1 million in the third quarter of 2012. The Group recorded an operating profit of $18.6 million in the third quarter of 2013 compared to an operating profit of $11.5 million in the third quarter of 2012. The increase in revenues and operating profit for the third 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 September 30, 2013, the Company had cash and marketable securities of $498.6 million. When combined with capacity under committed credit facilities, the Company had approximately $1.2 billion of available liquidity at the end of the third quarter.

Earnings Outlook

The Company's earnings guidance for the fourth quarter is between $1.24 and $1.34 per common diluted share. This results in full year 2013 earnings guidance, including the effects of discontinued operations, of between $4.55 and $4.65 per common diluted share compared to previous guidance of between $4.20 and $4.40. The full year earnings guidance represents an increase of between 43% and 46% over 2012 earnings. 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 on our operations and delivery schedules.

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