Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the third quarter ended September 30, 2015,
including the following significant highlights:
- Third quarter earnings per common
diluted share of $1.31 compared to $0.91 for the third quarter of
2014, a 44% increase year-over-year
- Increased earnings guidance for the
Company for full year 2015 to between $4.65 and $4.90 per common
diluted share compared to previous guidance of between $4.45 and
$4.75 per share
- A record operating margin for the
Rail Group during the third quarter of 20.8% compared to 18.7% last
year
- Record operating profit of $44.8
million for the Energy Equipment Group during the third
quarter
Consolidated Results
Trinity Industries, Inc. reported net income attributable to
Trinity stockholders of $204.3 million, or $1.31 per common diluted
share. Net income for the same quarter of 2014 was $149.4 million,
or $0.91 per common diluted share. Revenues for the third quarter
of 2015 totaled $1.54 billion compared to revenues of $1.56 billion
for the same quarter of 2014.
“During the third quarter, Trinity maintained its positive
momentum generating high quality results that led to 37%
year-over-year growth in our net income,” said Timothy R. Wallace,
Trinity’s Chairman, CEO, and President. “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.”
Mr. Wallace added, “An increased level of uncertainty in the
macro-economic environment tempered the pace of new order volumes
in our businesses during the third quarter. I am confident in our
Company’s ability to respond to shifts in market demand.”
Business Group Results
In the third quarter of 2015, the Rail Group reported revenues
and operating profit of approximately $1.07 billion and $223.3
million, respectively, resulting in year-over-year increases
compared to the third quarter of 2014 of 8% and 20%, 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
8,220 railcars and received orders for 3,655 railcars during the
third quarter. The Rail Group had a backlog of $6.25 billion as of
September 30, 2015, representing 55,265 railcars, compared to
a backlog of $6.90 billion as of June 30, 2015, representing
59,830 railcars. At the end of the third quarter, the backlog of
railcar orders extends into 2020.
During the third quarter of 2015, the Railcar Leasing and
Management Services Group reported leasing and management revenues
of $176.6 million compared to $158.3 million in the third quarter
of 2014 due to higher average rental rates and net fleet additions.
In addition, the Group recognized revenue of $72.6 million from
sales of railcars from the lease fleet owned for less than a year
during the third quarter compared to $47.4 million in the third
quarter of 2014. Operating profit for this Group was $158.2 million
in the third quarter of 2015 compared to operating profit of $87.0
million in the third quarter of 2014 due to higher 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 third quarter, the Company sold $267.3 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
$1.60 billion of leased railcar sales to Element. On October 14th,
the Company and Element announced a $1 billion extension of the
alliance through December 2019. The Company's third quarter results
included $0.39 per common diluted share related to sales of leased
railcars to Element and other third parties compared to $0.13 per
share in the same quarter last year.
The Inland Barge Group reported revenues of $164.8 million for
the third quarter of 2015 compared to revenues of $168.4 million in
the third quarter of 2014. Operating profit for this Group was
$28.1 million in the third quarter of 2015 compared to $31.0
million in the third quarter of 2014. The slight decrease in
revenues compared to the same quarter last year was primarily due
to the mix of tank barges partially offset by higher delivery
volumes of hopper barges. The Inland Barge Group received orders of
$83.9 million during the quarter, and as of September 30, 2015
had a backlog of $373.1 million compared to a backlog of $454.0
million as of June 30, 2015.
The Energy Equipment Group reported revenues of $289.5 million
in the third quarter of 2015 compared to revenues of $269.7 million
in the same quarter of 2014. Operating profit for the third quarter
of 2015 increased to a record $44.8 million compared to $30.0
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 the third quarter of
2014. The backlog for structural wind towers as of
September 30, 2015 was $424.4 million compared to a backlog of
$502.6 million as of June 30, 2015. At the end of the third
quarter, the backlog of structural wind tower orders extends
through 2016.
Revenues in the Construction Products Group were $154.8 million
in the third quarter of 2015 compared to revenues of $170.4 million
in the third quarter of 2014. The Group recorded an operating
profit of $19.9 million in the third quarter of 2015 compared to an
operating profit of $21.6 million in the third quarter of 2014.
Revenues and operating profit decreased compared to the same
quarter last year primarily as a result of lower delivery volumes
in our Highway Products business partially offset by higher
delivery volumes in our Aggregates business.
Cash and Liquidity
At September 30, 2015, the Company had cash and cash
equivalents of $677.8 million. When combined with capacity under
committed credit facilities, the Company had approximately $1.89
billion of available liquidity at the end of the third quarter.
Share Repurchase
The Company repurchased 1,556,516 shares of common stock at a
cost of $40.0 million under its share repurchase authorization
during the quarter, leaving $103.6 million remaining under its
current authorization through December 31, 2015.
Earnings Outlook
The Company's earnings guidance for the fourth quarter is
between $0.87 and $1.12 per common diluted share. This results in
full year 2015 earnings guidance of between $4.65 and $4.90 per
common diluted share compared to previous earnings guidance of
$4.45 to $4.75 per share. The Company's earnings guidance compares
to fourth quarter and full year 2014 earnings per common diluted
share of $0.86 and $4.19, respectively. 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
$0.06 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; 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
October 23, 2015 to discuss its third 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) 220-0116 until 11:59 p.m.
Eastern on October 30, 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 EndedSeptember 30,
2015 2014 Revenues $
1,542.2 $ 1,562.8 Operating costs: Cost of revenues 1,109.4 1,172.2
Selling, engineering, and administrative expenses 126.6 113.0 Gains
on dispositions of property: Net gains on lease fleet sales (57.8 )
(3.0 ) Other (0.9 ) (0.6 ) 1,177.3
1,281.6 Operating profit 364.9 281.2 Interest
expense, net 46.1 47.8 Other, net (1.0 ) (1.6 )
Income before income taxes 319.8 235.0 Provision for income taxes
107.6 78.1 Net income 212.2 156.9 Net
income attributable to noncontrolling interest 7.9
7.5 Net income attributable to Trinity Industries,
Inc. $ 204.3 $ 149.4 Net income attributable
to Trinity Industries, Inc. per common share: Basic $ 1.32 $ 0.96
Diluted $ 1.31 $ 0.91 Weighted average number of shares
outstanding: Basic 150.0 151.5 Diluted 150.9 159.6
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 Consolidated
Income Statements
(in millions, except per share
amounts)
(unaudited)
Nine Months EndedSeptember 30,
2015 2014 Revenues $
4,845.7 $ 4,508.6 Operating costs: Cost of revenues 3,540.1 3,344.5
Selling, engineering, and administrative expenses 339.3 293.0 Gains
on dispositions of property: Net gains on lease fleet sales (102.8
) (90.2 ) Other (11.8 ) (13.2 ) 3,764.8
3,534.1 Operating profit 1,080.9 974.5 Interest
expense, net 147.2 139.9 Other, net (4.0 ) (2.9 )
Income before income taxes 937.7 837.5 Provision for income taxes
315.7 274.5 Net income 622.0 563.0 Net
income attributable to noncontrolling interest 25.5
23.0 Net income attributable to Trinity Industries,
Inc. $ 596.5 $ 540.0 Net income attributable
to Trinity Industries, Inc. per common share: Basic $ 3.84 $ 3.46
Diluted $ 3.78 $ 3.33 Weighted average number of shares
outstanding: Basic 150.6 150.9 Diluted 153.1 157.0
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 EndedSeptember 30,
Revenues: 2015
2014 Rail Group $ 1,073.4 $ 996.4 Construction
Products Group 154.8 170.4 Inland Barge Group 164.8 168.4 Energy
Equipment Group 289.5 269.7 Railcar Leasing and Management Services
Group 249.2 205.7 All Other 29.1 28.9
Segment Totals before Eliminations 1,960.8 1,839.5 Eliminations -
lease subsidiary (308.4 ) (186.5 ) Eliminations - other
(110.2 ) (90.2 ) Consolidated Total $ 1,542.2 $
1,562.8
Three Months EndedSeptember 30,
Operating profit (loss): 2015
2014 Rail Group $ 223.3 $ 186.4 Construction Products
Group 19.9 21.6 Inland Barge Group 28.1 31.0 Energy Equipment Group
44.8 30.0 Railcar Leasing and Management Services Group 158.2 87.0
All Other (3.0 ) (3.3 ) Segment Totals before
Eliminations and Corporate Expenses 471.3 352.7 Corporate (39.7 )
(36.7 ) Eliminations - lease subsidiary (65.6 ) (34.3 )
Eliminations - other (1.1 ) (0.5 ) Consolidated Total
$ 364.9 $ 281.2
Trinity Industries,
Inc. Condensed Segment Data
(in millions)
(unaudited)
Nine Months EndedSeptember 30,
Revenues: 2015
2014 Rail Group $ 3,328.2 $ 2,749.4 Construction
Products Group 418.9 435.2 Inland Barge Group 505.7 470.7 Energy
Equipment Group 871.5 707.9 Railcar Leasing and Management Services
Group 732.1 880.3 All Other 84.0 80.2
Segment Totals before Eliminations 5,940.4 5,323.7 Eliminations -
lease subsidiary (782.9 ) (564.2 ) Eliminations - other
(311.8 ) (250.9 ) Consolidated Total $ 4,845.7 $
4,508.6
Nine Months EndedSeptember 30,
Operating profit (loss): 2015
2014 Rail Group $ 663.7 $ 529.9 Construction Products
Group 49.5 65.7 Inland Barge Group 96.3 88.6 Energy Equipment Group
118.3 81.2 Railcar Leasing and Management Services Group 418.7
419.7 All Other (4.6 ) (11.3 ) Segment Totals before
Eliminations and Corporate Expenses 1,341.9 1,173.8 Corporate (98.7
) (89.5 ) Eliminations - lease subsidiary (163.8 ) (110.5 )
Eliminations - other 1.5 0.7
Consolidated Total $ 1,080.9 $ 974.5
Trinity Industries, Inc. Leasing Group
Condensed Results of Operations
(unaudited)
Three Months EndedSeptember 30, Nine Months
EndedSeptember 30, 2015
2014 2015
2014 ($ in millions) Revenues: Leasing and
management $ 176.6 $ 158.3 $ 520.9 $ 469.2 Sales of railcars owned
one year or less at the time of sale 72.6 47.4
211.2 411.1 Total revenues $
249.2 $ 205.7 $ 732.1 $ 880.3 Operating profit: Leasing and
management $ 81.8 $ 74.4 $ 254.7 $ 213.8 Railcar sales: Railcars
owned one year or less at the time of sale 18.6 9.6 61.2 115.7
Railcars owned more than one year at the time of sale 57.8
3.0 102.8 90.2
Total operating profit $ 158.2 $ 87.0 $ 418.7 $ 419.7 Operating
profit margin: Leasing and management 46.3 % 47.0 % 48.9 % 45.6 %
Railcar sales * * * * Total operating profit margin 63.5 % 42.3 %
57.2 % 47.7 % Selected expense information(1): Depreciation $ 35.9
$ 32.4 $ 105.8 $ 97.1 Maintenance $ 24.6 $ 17.8 $ 65.9 $ 58.8 Rent
$ 9.9 $ 13.1 $ 31.3 $ 39.7 Interest $ 32.5 $ 39.1 $ 106.8 $ 114.5
September 30,2015 December
31,2014 Leasing portfolio information: Portfolio size
(number of railcars) 77,140 75,930 Portfolio utilization 98.5 %
99.5 %
Nine Months Ended September 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 $ 182.7 $ 378.8 Railcars owned more than one year at
the time of sale 258.0 235.7 Rail Group 175.8
153.4 $ 616.5 $ 767.9
* 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 profit 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)
September 30,2015
December 31,2014 Cash and cash equivalents $ 677.8 $
887.9 Short-term marketable securities — 75.0 Receivables, net of
allowance 481.7 405.3 Income tax receivable 26.2 58.6 Inventories
1,020.9 1,068.4 Restricted cash 211.8 234.7 Net property, plant,
and equipment 5,308.4 4,902.9 Goodwill 754.3 773.2 Other assets
324.2 327.8 $ 8,805.3 $ 8,733.8 Accounts
payable $ 294.6 $ 295.4 Accrued liabilities 557.5 709.6 Debt, net
of unamortized discount of $48.3 and $60.0 3,284.5 3,553.0 Deferred
income 27.4 36.4 Deferred income taxes 665.8 632.6 Other
liabilities 115.2 109.4 Stockholders' equity 3,860.3
3,397.4 $ 8,805.3 $ 8,733.8
Trinity Industries,
Inc. Additional Balance Sheet Information
(in millions)
(unaudited)
September 30,2015 December 31,2014
Property, Plant, and Equipment Corporate/Manufacturing:
Property, plant, and equipment $ 1,819.4 $ 1,681.7 Accumulated
depreciation (885.7 ) (820.7 ) 933.7
861.0 Leasing: Wholly-owned subsidiaries: Machinery
and other 10.7 10.7 Equipment on lease 3,661.7 3,189.6 Accumulated
depreciation (608.1 ) (601.1 ) 3,064.3
2,599.2 Partially-owned subsidiaries: Equipment on
lease 2,261.3 2,261.2 Accumulated depreciation (308.8 )
(261.3 ) 1,952.5 1,999.9
Net deferred profit on railcars sold to the Leasing Group
(642.1 ) (557.2 ) $ 5,308.4 $ 4,902.9
Trinity Industries, Inc. Additional Balance Sheet
Information
(in millions)
(unaudited)
September 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 $47.9 and $59.6 401.6 389.9
Other 0.5 0.7 801.7 790.2 Leasing:
Wholly-owned subsidiaries: Recourse: Capital lease obligations
36.6 39.1 36.6 39.1 Non-recourse:
Secured railcar equipment notes 690.4 723.3 Warehouse facility
291.7 120.6 Promissory notes — 363.9 982.1
1,207.8 Partially-owned subsidiaries - Non-recourse: Secured
railcar equipment notes 1,464.1 1,515.9
1,464.1 1,515.9 $ 3,284.5 $ 3,553.0
Trinity
Industries, Inc. Additional Balance Sheet Information
(in millions)
(unaudited)
September 30,2015 December
31,2014 Leasing Debt Summary Total Recourse Debt
$ 36.6 $ 39.1 Total Non-Recourse Debt 2,446.2
2,723.7 $ 2,482.8 $ 2,762.8 Total Leasing Debt
Wholly-owned subsidiaries $ 1,018.7 $ 1,246.9 Partially-owned
subsidiaries 1,464.1 1,515.9 $ 2,482.8
$ 2,762.8 Equipment on Lease(1) Wholly-owned
subsidiaries $ 3,064.3 $ 2,599.2 Partially-owned subsidiaries
1,952.5 1,999.9 $ 5,016.8 $
4,599.1 Total Leasing Debt as a % of Equipment on Lease
Wholly-owned subsidiaries 33.2 % 48.0 % Partially-owned
subsidiaries 75.0 % 75.8 % Combined 49.5 % 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)
Nine Months EndedSeptember 30,
2015 2014 Operating
activities: Net income $ 622.0 $ 563.0 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation and amortization 197.9 171.5 Net gains on railcar
lease fleet sales owned more than one year at the time of sale
(102.8 ) (90.2 ) Other 57.1 (41.7 ) Changes in assets and
liabilities: (Increase) decrease in receivables (43.9 ) (155.5 )
(Increase) decrease in inventories 50.7 (226.3 ) Increase
(decrease) in accounts payable and accrued liabilities (129.5 )
117.7 Other (21.2 ) (5.9 ) Net cash provided by
operating activities 630.3 332.6
Investing activities: Proceeds from railcar lease fleet
sales owned more than one year at the time of sale 313.4 257.4
Proceeds from dispositions of property 6.1 21.9 Capital
expenditures - leasing, net of sold lease fleet railcars owned one
year or less with a net cost of $150.0 and $295.4 (642.2 ) (170.4 )
Capital expenditures - manufacturing and other (145.1 ) (170.0 )
(Increase) decrease in short-term marketable securities 75.0 149.7
Acquisitions (46.2 ) (711.8 ) Divestitures 51.3 — Other 4.8
2.0 Net cash required by investing activities
(382.9 ) (621.2 )
Financing activities:
Payments to retire debt (530.8 ) (140.2 ) Proceeds from issuance of
debt 242.4 727.4 Shares repurchased(1) (107.5 ) (36.5 ) Dividends
paid to common shareholders (48.0 ) (38.7 ) Purchase of shares to
satisfy employee tax on vested stock (27.4 ) (38.5 ) Contributions
from noncontrolling interest — 49.6 Distributions to noncontrolling
interest (30.4 ) (19.3 ) (Increase) decrease in restricted cash
32.3 (2.2 ) Other 11.9 22.2 Net cash
(required) provided by financing activities (457.5 )
523.8 Net (decrease) increase in cash and cash equivalents
(210.1 ) 235.2 Cash and cash equivalents at beginning of period
887.9 428.5 Cash and cash equivalents
at end of period $ 677.8 $ 663.7
(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 EndedSeptember 30, 2015
Three Months EndedSeptember 30, 2014 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $
204.3 $ 149.4 Unvested restricted share participation (6.0 )
(4.7 ) Net income attributable to Trinity Industries, Inc. -
basic 198.3 150.0 $ 1.32 144.7 151.5 $ 0.96 Effect of dilutive
securities: Stock options — — — 0.1 Convertible subordinated notes
— 0.9 0.2 8.0 Net income attributable
to Trinity Industries, Inc. - diluted $ 198.3 150.9 $ 1.31 $
144.9 159.6 $ 0.91
Nine Months
EndedSeptember 30, 2015 Nine Months
EndedSeptember 30, 2014 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $ 596.5 $
540.0 Unvested restricted share participation (18.2 )
(17.8 ) Net income attributable to Trinity Industries, Inc. - basic
578.3 150.6 $ 3.84 522.2 150.9 $ 3.46 Effect of dilutive
securities: Stock options — — — 0.1 Convertible subordinated notes
0.3 2.5 0.6 6.0 Net income attributable
to Trinity Industries, Inc. - diluted $ 578.6 153.1 $ 3.78 $
522.8 157.0 $ 3.33
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 EndedSeptember 30,
2015 2014 Net income $ 212.2 $ 156.9
Add: Interest expense 46.7 48.2 Provision for income taxes 107.6
78.1 Depreciation and amortization expense 67.5 60.5
Earnings before interest expense, income taxes, and depreciation
and amortization expense $ 434.0 $ 343.7
Nine Months
EndedSeptember 30, 2015 2014
Net income $ 622.0 $ 563.0 Add: Interest expense 148.8 141.4
Provision for income taxes 315.7 274.5 Depreciation and
amortization expense 197.9 171.5 Earnings before
interest expense, income taxes, and depreciation and amortization
expense $ 1,284.4 $ 1,150.4
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151022006464/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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