Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the second quarter ended June 30, 2015, including
the following significant highlights:
- Second quarter earnings per common
diluted share of $1.33 compared to $1.01 for the second quarter of
2014, a 32% increase year-over-year
- Quarterly revenue and net income of
$1.68 billion and $212.0 million, respectively, a year-over-year
increase of 13% and 29%, respectively
- Rail and Inland Barge Groups
reported record operating profit during the second quarter
- Rail Group delivered 8,530 railcars
and received orders for 11,170 new railcars during the second
quarter, increasing its backlog to $6.90 billion
- Structural wind towers business
received orders totaling $183.9 million, increasing its backlog to
$502.6 million
- Company raised earnings guidance for
full year 2015 to between $4.45 and $4.75 per common diluted share
compared to previous guidance of between $4.10 and $4.45 per
share
Consolidated Results
Trinity Industries, Inc. reported net income attributable to
Trinity stockholders of $212.0 million, or $1.33 per common diluted
share. Net income for the same quarter of 2014 was $164.2 million,
or $1.01 per common diluted share. Revenues for the second quarter
of 2015 increased 13% to a record $1.68 billion compared to
revenues of $1.49 billion for the same quarter of 2014.
"Our performance continues to reflect the strength of our
diversified industrial business model and our ability to shift our
resources to meet our customers' needs," said Timothy R.
Wallace, Trinity’s Chairman, CEO, and President. "I am extremely
proud of the exceptional performance delivered by our people. Their
consolidated efforts and proven ability to execute were major
contributors to the high quality results we achieved during the
second quarter," Mr. Wallace added.
Business Group Results
In the second quarter of 2015, the Rail Group reported revenues
and record operating profit of approximately $1.11 billion and
$227.7 million, respectively, resulting in year-over-year increases
compared to the second quarter of 2014 of 24% and 29%,
respectively. The increases in revenues and profit were due
primarily to higher deliveries, improved pricing, and increased
operating efficiencies partially offset by product mix changes. The
Rail Group shipped 8,530 railcars and received orders for 11,170
railcars during the second quarter. The Rail Group had a backlog of
$6.90 billion as of June 30, 2015, representing 59,830
railcars, compared to a backlog of $6.81 billion as of
March 31, 2015, representing 57,190 railcars.
During the second quarter of 2015, the Railcar Leasing and
Management Services Group reported record leasing and management
revenues of $178.2 million compared to $160.7 million in the second
quarter of 2014 due to higher average rental rates and net fleet
additions. In addition, the Group recognized revenue of $59.9
million from sales of railcars from the lease fleet owned for less
than a year during the second quarter compared to $70.8 million in
the second quarter of 2014. Operating profit for this Group was
$137.7 million in the second quarter of 2015 compared to operating
profit of $102.4 million in the second quarter of 2014 due to a
record level of leasing and management operating profit and higher
operating profit from sales of railcars from the lease fleet.
Supplemental information for the Railcar Leasing and Management
Services Group is provided in the following tables.
During the second quarter, the Company sold $222.2 million of
leased railcars to Element Financial Corporation ("Element") under
a strategic alliance launched in 2013. Since the fourth quarter of
2013 when the alliance was announced, the Company has completed
$1.34 billion of leased railcar sales to Element and anticipates
fulfilling the $2 billion alliance by the end of 2015. The
Company's second quarter results included $0.30 per common diluted
share related to sales of leased railcars to Element and other
third parties compared to $0.19 per share in the same quarter last
year.
The Inland Barge Group reported record revenues of $187.8
million for the second quarter of 2015 compared to revenues of
$165.4 million in the second quarter of 2014. Operating profit for
this Group was a record $40.7 million in the second quarter of 2015
compared to $30.9 million in the second quarter of 2014. The
increase in revenues compared to the same quarter last year was
primarily due to higher delivery volumes of hopper barges partially
offset by lower delivery volumes of tank barges. The Inland Barge
Group received orders of $76.4 million during the quarter, and as
of June 30, 2015 had a backlog of $454.0 million compared to a
backlog of $565.4 million as of March 31, 2015.
The Energy Equipment Group reported revenues of $281.9 million
in the second quarter of 2015 compared to revenues of $227.6
million in the same quarter of 2014. Operating profit for the
second quarter of 2015 increased to $36.3 million compared to $28.3
million in the same quarter last year. The increases in revenues
and operating profit compared to the same quarter last year were
due primarily to an acquisition completed in 2014. During the
quarter, the structural wind towers business received orders
totaling $183.9 million. The backlog for structural wind towers as
of June 30, 2015 was $502.6 million compared to a backlog of
$390.7 million as of March 31, 2015.
Revenues in the Construction Products Group were $151.3 million
in the second quarter of 2015 compared to revenues of $151.7
million in the second quarter of 2014. The Group recorded an
operating profit of $21.3 million in the second quarter of 2015
compared to an operating profit of $22.4 million in the second
quarter of 2014. Revenues and operating profit were substantially
unchanged year-over-year. Operating profit in the second quarter of
2014 included a gain of $2.6 million related to the early
retirement of certain acquisition-related liabilities. In June
2015, the Group completed the sale of the assets of its galvanizing
business with facilities located in Texas, Mississippi, and
Louisiana and reported a gain on sale of $7.8 million within the
segment.
Cash and Liquidity
At June 30, 2015, the Company had cash and cash equivalents
of $583.8 million. When combined with capacity under committed
credit facilities, the Company had approximately $1.77 billion of
available liquidity at the end of the second quarter.
Share Repurchase
The Company repurchased 1,669,764 shares of common stock at a
cost of $50.0 million under its share repurchase authorization
during the quarter, leaving $143.6 million remaining under its
current authorization through December 31, 2015.
Highway Products
Litigation
On June 9, 2015, the District Court entered a judgment in the
total amount of $682.4 million related to the False Claims Act
litigation filed against the Company. The Company's Motion for New
Trial is pending. If denied, the Company will vigorously pursue its
rights of appeal of the judgment to the Fifth Circuit. Based on
information currently available to the Company including the
significance of successful completion of eight, post-verdict crash
tests of the ET Plus; conclusions reached by the FHWA’s joint task
force founded upon such crash tests; and the FHWA's published field
observations and research regarding ET Plus systems installed on
the nation's roadways; we do not believe that a loss is probable in
this matter, therefore no accrual has been included in the
accompanying consolidated financial statements.
Earnings Outlook
For the full year of 2015, the Company anticipates earnings per
common diluted share of between $4.45 and $4.75 compared to its
previous 2015 earnings guidance of $4.10 to $4.45 per share. We
expect the level of EPS in the second half of the year to be
relatively evenly split between the third and fourth quarters. The
2015 earnings guidance assumes an annual weighted average diluted
share count of 153 million shares, which includes 2.1 million
shares from the convertible notes. The dilutive impact of the
convertible notes reduces full year 2015 earnings per share by
approximately $0.07 per share.
Actual results in 2015 may differ from present expectations and
could be impacted by a number of factors including, among others,
fluctuations in prices of commodities that our customers produce
and transport; potential costs or timing of compliance related to
final tank car regulations; expenses related to current and
potential litigation involving our Highway Products business; the
operating leverage and efficiencies that can be achieved by the
Company's manufacturing businesses; the level of sales and
profitability of railcars; the level of profitability resulting
from sales of leased railcars; the dilutive impact of the
convertible notes related to changes in the Company's stock price;
and the impact of weather conditions on our operations and delivery
schedules.
Conference Call
Trinity will hold a conference call at 11:00 a.m. Eastern on
July 24, 2015 to discuss its second quarter results. To listen
to the call, please visit the Investor Relations section of the
Trinity Industries website, www.trin.net and select the Conference
Calls menu link. An audio replay may be accessed through the
Company’s website or by dialing (402) 220-1346 until 11:59 p.m.
Eastern on July 31, 2015.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a
diversified industrial company that owns market-leading businesses
providing products and services to the energy, transportation,
chemical, and construction sectors. Trinity reports its financial
results in five principal business segments: the Rail Group, the
Railcar Leasing and Management Services Group, the Inland Barge
Group, the Construction Products Group, and the Energy Equipment
Group. For more information, visit: www.trin.net.
Some statements in this release, which are not historical facts,
are “forward-looking statements” as defined by the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include statements about Trinity's estimates,
expectations, beliefs, intentions or strategies for the future, and
the assumptions underlying these forward-looking statements.
Trinity uses the words “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “forecasts,” “may,” “will,” “should,”
“guidance” and similar expressions to identify these
forward-looking statements. Forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from historical experience or our present expectations.
For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see “Risk Factors” and “Forward-Looking
Statements” in the Company's Annual Report on Form 10-K for the
most recent fiscal year.
Trinity Industries, Inc. Condensed
Consolidated Income Statements
(in millions, except per share
amounts)
(unaudited)
Three Months EndedJune 30,
2015 2014
Revenues $ 1,676.8 $ 1,485.3 Operating costs: Cost of revenues
1,219.6 1,098.3 Selling, engineering, and administrative expenses
114.4 96.4 Gains on dispositions of property: Net gains on lease
fleet sales (30.1 ) (9.7 ) Other (10.0 ) (1.7 )
1,293.9 1,183.3 Operating profit 382.9
302.0 Interest expense, net 50.1 46.2 Other, net (0.7 )
(1.2 ) Income before income taxes 333.5 257.0 Provision for
income taxes 112.7 83.9 Net income
220.8 173.1 Net income attributable to noncontrolling interest
8.8 8.9 Net income attributable to
Trinity Industries, Inc. $ 212.0 $ 164.2 Net
income attributable to Trinity Industries, Inc. per common share:
Basic $ 1.36 $ 1.05 Diluted $ 1.33 $ 1.01 Weighted average number
of shares outstanding: Basic 150.7 151.0 Diluted 154.2 157.4
Trinity is required to utilize the two-class method of
accounting when calculating earnings per share as a result of
unvested restricted shares that have non-forfeitable rights to
dividends and are, therefore, considered to be a participating
security. The unvested restricted shares are excluded from the
weighted average number of shares outstanding for the purposes of
determining earnings per share. The two-class method results in a
lower earnings per share than is calculated from the face of the
income statement. See Earnings Per Share Calculation table
below.
Trinity Industries, Inc. Condensed
Consolidated Income Statements
(in millions, except per share
amounts)
(unaudited)
Six Months EndedJune 30,
2015 2014 Revenues
$ 3,303.5 $ 2,945.8 Operating costs: Cost of revenues 2,430.7
2,172.3 Selling, engineering, and administrative expenses 212.7
180.0 Gains on dispositions of property: Net gains on lease fleet
sales (45.0 ) (87.2 ) Other (10.9 ) (12.6 )
2,587.5 2,252.5 Operating profit 716.0 693.3
Interest expense, net 101.1 92.1 Other, net (3.0 )
(1.3 ) Income before income taxes 617.9 602.5 Provision for income
taxes 208.1 196.4 Net income 409.8
406.1 Net income attributable to noncontrolling interest
17.6 15.5 Net income attributable to Trinity
Industries, Inc. $ 392.2 $ 390.6 Net income
attributable to Trinity Industries, Inc. per common share: Basic $
2.52 $ 2.51 Diluted $ 2.46 $ 2.43 Weighted average number of shares
outstanding: Basic 151.0 150.5 Diluted 154.3 155.6
Trinity is required to utilize the two-class method of
accounting when calculating earnings per share as a result of
unvested restricted shares that have non-forfeitable rights to
dividends and are, therefore, considered to be a participating
security. The unvested restricted shares are excluded from the
weighted average number of shares outstanding for the purposes of
determining earnings per share. The two-class method results in a
lower earnings per share than is calculated from the face of the
income statement. See Earnings Per Share Calculation table
below.
Trinity Industries, Inc. Condensed Segment
Data
(in millions)
(unaudited)
Three Months EndedJune 30,
Revenues: 2015
2014 Rail Group $ 1,110.3 $ 895.6 Construction
Products Group 151.3 151.7 Inland Barge Group 187.8 165.4 Energy
Equipment Group 281.9 227.6 Railcar Leasing and Management Services
Group 238.1 231.5 All Other 26.8 28.1
Segment Totals before Eliminations 1,996.2 1,699.9 Eliminations -
lease subsidiary (215.5 ) (128.6 ) Eliminations - other
(103.9 ) (86.0 ) Consolidated Total $ 1,676.8 $
1,485.3
Three Months EndedJune 30,
Operating profit (loss): 2015
2014 Rail Group $ 227.7 $ 176.0 Construction Products
Group 21.3 22.4 Inland Barge Group 40.7 30.9 Energy Equipment Group
36.3 28.3 Railcar Leasing and Management Services Group 137.7 102.4
All Other (0.1 ) (2.6 ) Segment Totals before
Eliminations and Corporate Expenses 463.6 357.4 Corporate (32.3 )
(29.7 ) Eliminations - lease subsidiary (49.9 ) (26.9 )
Eliminations - other 1.5 1.2
Consolidated Total $ 382.9 $ 302.0
Trinity Industries, Inc. Condensed Segment Data
(in millions)
(unaudited)
Six Months EndedJune 30,
Revenues: 2015
2014 Rail Group $ 2,254.8 $ 1,753.0 Construction
Products Group 264.1 264.8 Inland Barge Group 340.9 302.3 Energy
Equipment Group 582.0 438.2 Railcar Leasing and Management Services
Group 482.9 674.6 All Other 54.9 51.3
Segment Totals before Eliminations 3,979.6 3,484.2 Eliminations -
lease subsidiary (474.5 ) (377.7 ) Eliminations - other
(201.6 ) (160.7 ) Consolidated Total $ 3,303.5 $
2,945.8
Six Months EndedJune 30,
Operating profit (loss): 2015
2014 Rail Group $ 440.4 $ 343.5 Construction Products
Group 29.6 44.1 Inland Barge Group 68.2 57.6 Energy Equipment Group
73.5 51.2 Railcar Leasing and Management Services Group 260.5 332.7
All Other (1.6 ) (8.0 ) Segment Totals before
Eliminations and Corporate Expenses 870.6 821.1 Corporate (59.0 )
(52.8 ) Eliminations - lease subsidiary (98.2 ) (76.2 )
Eliminations - other 2.6 1.2
Consolidated Total $ 716.0 $ 693.3
Trinity Industries, Inc. Leasing Group
Condensed Results of Operations
(unaudited)
Three Months EndedJune 30,
Six Months EndedJune 30,
2015 2014
2015 2014 ($ in
millions) Revenues: Leasing and management $ 178.2 $ 160.7 $
344.3 $ 310.9 Sales of railcars owned one year or less at the time
of sale 59.9 70.8 138.6
363.7 Total revenues $ 238.1 $ 231.5 $ 482.9 $ 674.6
Operating profit: Leasing and management $ 90.6 $ 75.5 $ 172.9 $
139.4 Railcar sales: Railcars owned one year or less at the time of
sale 17.0 17.2 42.6 106.1 Railcars owned more than one year at the
time of sale 30.1 9.7 45.0
87.2 Total operating profit $ 137.7 $ 102.4 $
260.5 $ 332.7 Operating profit margin: Leasing and management 50.8
% 47.0 % 50.2 % 44.8 % Railcar sales * * * * Total operating profit
margin 57.8 % 44.2 % 53.9 % 49.3 % Selected expense information(1):
Depreciation $ 35.8 $ 32.2 $ 69.9 $ 64.7 Maintenance $ 21.4 $ 20.0
$ 41.3 $ 41.0 Rent $ 9.6 $ 13.3 $ 21.4 $ 26.6 Interest $ 36.4 $
38.1 $ 74.3 $ 75.4
June
30,2015 December 31,2014 Leasing portfolio
information: Portfolio size (number of railcars) 76,440 75,930
Portfolio utilization 98.9 % 99.5 %
Six Months
Ended June 30, 2015 2014
(in millions) Proceeds from sale of leased railcars
to Element Financial Corporation: Leasing Group: Railcars owned one
year or less at the time of sale $ 110.0 $ 331.4 Railcars owned
more than one year at the time of sale 127.5 222.7 Rail Group
111.7 81.6 $ 349.2 $ 635.7
* Not meaningful
(1) Depreciation, maintenance, and rent expense are components
of operating profit. Amortization of deferred profit on railcars
sold from the Rail Group to the Leasing Group is included in the
operating profits of the Leasing Group resulting in the recognition
of depreciation expense based on the Company's original
manufacturing cost of the railcars. Interest expense is not a
component of operating profit and includes the effect of
hedges.
Trinity Industries, Inc. Condensed
Consolidated Balance Sheets
(in millions)
(unaudited)
June 30,2015
December 31,2014 Cash and cash equivalents $ 583.8 $
887.9 Short-term marketable securities — 75.0 Receivables, net of
allowance 557.5 405.3 Income tax receivable 35.3 58.6 Inventories
989.9 1,068.4 Restricted cash 197.3 234.7 Net property, plant, and
equipment 5,193.9 4,902.9 Goodwill 754.2 773.2 Other assets
320.3 327.8 $ 8,632.2 $ 8,733.8 Accounts payable $
273.4 $ 295.4 Accrued liabilities 529.5 709.6 Debt, net of
unamortized discount of $52.3 and $60.0 3,340.3 3,553.0 Deferred
income 28.3 36.4 Deferred income taxes 645.3 632.6 Other
liabilities 114.1 109.4 Stockholders' equity 3,701.3
3,397.4 $ 8,632.2 $ 8,733.8
Trinity Industries,
Inc. Additional Balance Sheet Information
(in millions)
(unaudited)
June 30,2015 December
31,2014 Property, Plant, and Equipment
Corporate/Manufacturing: Property, plant, and equipment $ 1,780.1 $
1,681.7 Accumulated depreciation (860.9 ) (820.7 )
919.2 861.0 Leasing: Wholly-owned
subsidiaries: Machinery and other 10.7 10.7 Equipment on lease
3,516.7 3,189.6 Accumulated depreciation (607.7 )
(601.1 ) 2,919.7 2,599.2
Partially-owned subsidiaries: Equipment on lease 2,258.9 2,261.2
Accumulated depreciation (292.9 ) (261.3 )
1,966.0 1,999.9 Net deferred profit on
railcars sold to the Leasing Group (611.0 ) (557.2 )
$ 5,193.9 $ 4,902.9
Trinity
Industries, Inc. Additional Balance Sheet Information
(in millions)
(unaudited)
June 30,2015
December 31,2014 Debt Corporate - Recourse:
Revolving credit facility $ — $ — Senior notes due 2024, net of
unamortized discount of $0.4 and $0.4 399.6 399.6 Convertible
subordinated notes, net of unamortized discount of $51.9 and $59.6
397.6 389.9 Other 0.7 0.7 797.9 790.2
Leasing: Wholly-owned subsidiaries: Recourse: Capital lease
obligations 37.5 39.1 37.5 39.1
Non-recourse: Secured railcar equipment notes 701.9 723.3 Warehouse
facility 322.1 120.6 Promissory notes — 363.9
1,024.0 1,207.8 Partially-owned subsidiaries - Non-recourse:
Secured railcar equipment notes 1,480.9 1,515.9
1,480.9 1,515.9 $ 3,340.3 $ 3,553.0
Trinity Industries, Inc. Additional Balance Sheet
Information
(in millions)
(unaudited)
June 30,2015
December 31,2014 Leasing Debt Summary Total
Recourse Debt $ 37.5 $ 39.1 Total Non-Recourse Debt 2,504.9
2,723.7 $ 2,542.4 $ 2,762.8
Total Leasing Debt Wholly-owned subsidiaries $ 1,061.5 $ 1,246.9
Partially-owned subsidiaries 1,480.9 1,515.9
$ 2,542.4 $ 2,762.8 Equipment on Lease(1)
Wholly-owned subsidiaries $ 2,919.7 $ 2,599.2 Partially-owned
subsidiaries 1,966.0 1,999.9 $ 4,885.7
$ 4,599.1 Total Leasing Debt as a % of Equipment on
Lease Wholly-owned subsidiaries 36.4 % 48.0 % Partially-owned
subsidiaries 75.3 % 75.8 % Combined 52.0 % 60.1 %
(1) Excludes net deferred profit on railcars sold to the Leasing
Group.
Trinity Industries, Inc. Condensed
Consolidated Cash Flow Statements
(in millions)
(unaudited)
Six Months EndedJune 30,
2015 2014
Operating activities: Net income $ 409.8 $ 406.1 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 130.4 111.0 Net gains on
railcar lease fleet sales owned more than one year at the time of
sale (45.0 ) (87.2 ) Other 19.3 (19.4 ) Changes in assets and
liabilities: (Increase) decrease in receivables (128.8 ) (136.5 )
(Increase) decrease in inventories 81.7 (176.4 ) Increase
(decrease) in accounts payable and accrued liabilities (172.7 )
52.6 Other (12.7 ) 7.2 Net cash provided by
operating activities 282.0 157.4
Investing activities: Proceeds from railcar lease fleet
sales owned more than one year at the time of sale 167.4 242.1
Proceeds from disposition of property, plant, and equipment 4.8
21.0 Capital expenditures - leasing, net of sold lease fleet
railcars owned one year or less with a net cost of $96.0 and $257.6
(419.4 ) (49.5 ) Capital expenditures - manufacturing and other
(100.7 ) (107.5 ) (Increase) decrease in short-term marketable
securities 75.0 (68.8 ) Acquisitions (46.2 ) (118.8 ) Divestitures
51.3 — Other 5.2 0.3 Net cash required
by investing activities (262.6 ) (81.2 )
Financing
activities: Payments to retire debt (471.0 ) (90.1 ) Proceeds
from issuance of debt 242.4 332.1 Shares repurchased(1) (75.0 )
(17.5 ) Dividends paid to common shareholders (31.1 ) (23.2 )
Purchase of shares to satisfy employee tax on vested stock (27.2 )
(38.1 ) Contributions from noncontrolling interest — 49.6
Distributions to noncontrolling interest (19.9 ) (12.3 ) (Increase)
decrease in restricted cash 46.8 (12.8 ) Other 11.5
22.9 Net cash (required) provided by financing
activities (323.5 ) 210.6 Net (decrease)
increase in cash and cash equivalents (304.1 ) 286.8 Cash and cash
equivalents at beginning of period 887.9 428.5
Cash and cash equivalents at end of period $ 583.8 $
715.3
(1) Reflects shares of stock cash settled during the period.
Trinity Industries, Inc.
Earnings per Share Calculation
(in millions, except per share amounts) (unaudited)
Basic net income attributable to Trinity Industries, Inc. per
common share is computed by dividing net income attributable to
Trinity remaining after allocation to unvested restricted shares by
the weighted average number of basic common shares outstanding for
the period.
Three Months EndedJune 30, 2015
Three Months EndedJune 30, 2014 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries,
Inc. $ 212.0 $ 164.2 Unvested restricted share participation
(6.5 ) (5.5 ) Net income attributable to Trinity Industries,
Inc. - basic 205.5 150.7 $ 1.36 158.7 151.0 $ 1.05 Effect of
dilutive securities: Stock options — — — 0.1 Convertible
subordinated notes 0.1 3.5 0.2 6.3 Net
income attributable to Trinity Industries, Inc. - diluted $ 205.6
154.2 $ 1.33 $ 158.9 157.4 $ 1.01
Six Months EndedJune 30, 2015 Six Months
EndedJune 30, 2014 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $ 392.2 $
390.6 Unvested restricted share participation (12.2 )
(13.3 ) Net income attributable to Trinity Industries, Inc. - basic
380.0 151.0 $ 2.52 377.3 150.5 $ 2.51 Effect of dilutive
securities: Stock options — — — 0.1 Convertible subordinated notes
0.2 3.3 0.4 5.0 Net income attributable
to Trinity Industries, Inc. - diluted $ 380.2 154.3 $ 2.46 $
377.7 155.6 $ 2.43
Trinity Industries, Inc.
Reconciliation of EBITDA
(in millions) (unaudited)
“EBITDA” is defined as net income plus interest expense, income
taxes, and depreciation and amortization including goodwill
impairment charges. EBITDA is not a calculation based on generally
accepted accounting principles. The amounts included in the EBITDA
calculation are, however, derived from amounts included in the
historical consolidated statements of operations data. In addition,
EBITDA should not be considered as an alternative to net income or
operating income as an indicator of our operating performance, or
as an alternative to operating cash flows as a measure of
liquidity. We believe EBITDA assists investors in comparing a
company’s performance on a consistent basis without regard to
depreciation and amortization, which can vary significantly
depending upon many factors. However, the EBITDA measure presented
in this press release may not always be comparable to similarly
titled measures by other companies due to differences in the
components of the calculation.
Three Months EndedJune 30, 2015
2014 Net income $ 220.8 $ 173.1 Add: Interest
expense 50.6 46.9 Provision for income taxes 112.7 83.9
Depreciation and amortization expense 66.4 55.7
Earnings before interest expense, income taxes, and depreciation
and amortization expense $ 450.5 $ 359.6
Six
Months EndedJune 30, 2015 2014 Net income
$ 409.8 $ 406.1 Add: Interest expense 102.1 93.2 Provision for
income taxes 208.1 196.4 Depreciation and amortization expense
130.4 111.0 Earnings before interest expense, income
taxes, and depreciation and amortization expense $ 850.4 $ 806.7
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150723006411/en/
Trinity Industries, Inc.Investor Contact:Jessica Greiner,
214-631-4420Director of Investor RelationsorMedia
Contact:Jack Todd, 214-589-8909Vice President, Public
Affairs
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