Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the fourth quarter ended December 31, 2015,
including the following significant highlights:
Fourth Quarter 2015
- Earnings per common diluted share of
$1.30, up 51% year-over-year
- Record operating margin for the Rail
Group of 23.6% with record deliveries of 8,835 railcars
- Company completes sales of $479.5
million of leased railcars
- New institutional investor fund was
formed, expanding the railcar investment vehicle ("RIV")
platform
- Inland Barge Group receives orders with
a value of $190.1 million
Full Year 2015
- Record consolidated revenues of $6.4
billion
- Record railcar deliveries of
34,295
- Record earnings per common diluted
share of $5.08, up 21% year-over-year
- Backlog commitments in Rail, Inland
Barge, and Energy Equipment Groups valued at $6.2 billion
- Company completes sales of $1.2 billion
of leased railcars
- Liquidity position of $2.1 billion,
including cash, marketable securities and available credit
facilities
Consolidated ResultsTrinity
Industries, Inc. reported net income attributable to Trinity
stockholders of $200.0 million, or $1.30 per common diluted share,
for the fourth quarter ended December 31, 2015. Net income for
the same quarter of 2014 was $138.2 million, or $0.86 per common
diluted share. Revenues for the fourth quarter of 2015 totaled
$1.55 billion compared to revenues of $1.66 billion for the same
quarter of 2014.
For the year ended December 31, 2015, the Company reported
record net income attributable to Trinity stockholders of $796.5
million, or $5.08 per common diluted share. In 2014, the Company
reported net income of $678.2 million, or $4.19 per common diluted
share. Revenues for the year ended December 31, 2015 were
$6.39 billion, a 4% increase compared to revenues of $6.17 billion
in 2014.
“During 2015, Trinity reported its third consecutive year of
record revenues, operating profit, and earnings per common diluted
share. We utilized the strengths of our integrated business model
and the capabilities and expertise of our dedicated employees to
achieve these impressive results,” said Timothy R. Wallace,
Trinity’s Chairman, CEO and President.
Mr. Wallace added, “I am pleased that during the fourth quarter
we expanded the RIV platform, selling approximately $335 million of
leased railcars to a new institutional investor fund. We believe
the RIV platform provides Trinity with a high degree of financial
flexibility and contributes additional income through the profits
recognized at sale and, in addition, management fees earned over
the longer term.”
Mr. Wallace concluded, “Our outlook for 2016 reflects the
weakening in the industrial economy that began broadly impacting
our businesses late last summer. In this environment, we are
placing a high priority on cost containment and various initiatives
to enhance our performance. We will continue to reposition and
streamline our manufacturing operations as business conditions
fluctuate.”
Business Group ResultsIn the
fourth quarter of 2015, the Rail Group reported revenues and record
operating profit of approximately $1.13 billion and $267.9 million,
respectively, resulting in year-over-year increases compared to the
fourth quarter of 2014 of 6% and 38%, 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 a record
8,835 railcars and received orders for 2,455 railcars during the
fourth quarter. The Rail Group had a backlog of $5.40 billion as of
December 31, 2015, representing 48,885 railcars, compared to a
backlog of $6.25 billion as of September 30, 2015,
representing 55,265 railcars. At the end of the fourth quarter, the
backlog of railcar orders extends into 2020.
The Railcar Leasing and Management Services Group ("Leasing
Group") reported leasing and management revenues of $179.0 million
in the fourth quarter of 2015 compared to $162.8 million in the
fourth quarter of 2014 due to higher average rental rates and net
fleet additions. In addition, the Group recognized revenue of
$193.7 million during the fourth quarter from sales of railcars
from the lease fleet owned for one year or less compared to $75.2
million in the fourth quarter of 2014. Operating profit for this
Group was $187.5 million in the fourth quarter of 2015 compared to
operating profit of $96.6 million in the fourth quarter of 2014 due
to higher leasing and management operating profit and higher
operating profit from sales of railcars from the lease fleet.
In total, Trinity sold $479.5 million of leased railcars to
third parties during the fourth quarter, of which $84.7 million
were reported in the Rail Group. Trinity's fourth quarter results
included $0.58 per common diluted share related to sales of leased
railcars compared to $0.14 per share of leased railcar sales in the
same quarter last year. Supplemental information for the Leasing
Group is provided in the accompanying tables.
The Inland Barge Group reported revenues of $147.2 million for
the fourth quarter of 2015 compared to revenues of $167.8 million
in the fourth quarter of 2014. Operating profit for this Group was
$20.7 million in the fourth quarter of 2015 compared to $25.8
million in the fourth quarter of 2014. The decrease in revenues
compared to the same quarter last year was primarily due to lower
tank barge deliveries partially offset by higher delivery volumes
of hopper barges. The Inland Barge Group received orders of $190.1
million during the quarter, and as of December 31, 2015 had a
backlog of $416.0 million compared to a backlog of $373.1 million
as of September 30, 2015.
The Energy Equipment Group reported revenues of $242.2 million
in the fourth quarter of 2015 compared to revenues of $284.4
million in the same quarter of 2014. Operating profit for the
fourth quarter of 2015 increased to $32.6 million compared to $26.9
million in the same quarter last year. The decrease in revenues
compared to the same quarter last year was due to lower delivery
volumes while the increase in operating profit was due primarily to
improved manufacturing efficiencies. The backlog for structural
wind towers as of December 31, 2015 was $371.3 million
compared to a backlog of $424.4 million as of September 30,
2015.
Revenues in the Construction Products Group were $113.7 million
in the fourth quarter of 2015 compared to revenues of $116.5
million in the fourth quarter of 2014. The Group recorded an
operating profit of $5.0 million in the fourth quarter of 2015
compared to an operating loss of $0.3 million in the fourth quarter
of 2014. Revenues decreased compared to the same quarter last year
primarily as a result of lower delivery volumes in our Highway
Products business and the divestiture of our galvanizing business
partially offset by higher delivery volumes in our Aggregates
business. Operating profit increased compared to the same quarter
of 2014 due to improved manufacturing efficiencies.
Cash and LiquidityAt
December 31, 2015, the Company had cash, cash equivalents, and
short-term marketable securities of $870.9 million. When combined
with capacity under committed credit facilities, the Company had
approximately $2.12 billion of available liquidity at the end of
the fourth quarter.
Share RepurchaseIn December
2015, the Company’s Board of Directors renewed its $250 million
share repurchase program effective January 1, 2016 through
December 31, 2017. The new program replaced the previous
program which expired on December 31, 2015. The Company
repurchased 3.9 million shares at a cost of $115.0 million during
the full year 2015. No shares were repurchased during the fourth
quarter of 2015.
Earnings Guidance for
2016For the full year of 2016, the Company anticipates
earnings per common diluted share of between $2.00 and $2.40. The
Company’s 2016 earnings guidance assumes the current weak market
conditions will continue throughout the year.
For the Rail Group, annual deliveries in 2016 are now expected
to be approximately 27,000 railcars, reflecting the delivery of
firm backlog and a lower anticipated level of new orders. The Group
expects revenues of approximately $3.1 billion with an operating
margin of approximately 15% in 2016. This guidance reflects a
change in product mix and pricing compared to 2015 for the Group’s
2016 railcar deliveries; a decrease in operating leverage related
to an approximate 20% reduction in expected volumes; and costs
associated with aligning the Group’s production footprint with
demand.
In 2016, the Company expects to record revenue eliminations
associated with railcars sold to the Leasing Group of approximately
$1.1 billion with profit deferrals of approximately $215
million.
The Leasing Group expects revenues and profit from leasing and
management operations in 2016 of approximately $700 million and
$300 million, respectively.
The Company expects to continue expanding the RIV platform in
2016. Proceeds from the sale of leased railcars are expected to be
approximately $500 million with a profit of approximately $100
million.
In 2016, the Inland Barge Group expects revenues of
approximately $445 million with an operating margin of
approximately 10%. The expected decrease in revenues and operating
margin from 2015 reflects a lower level of demand; a change in
product mix; and the competitive pricing environment.
The Company will provide additional details pertaining to its
2016 guidance during its conference call tomorrow.
Actual results in 2016 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; the operating leverage and efficiencies that can be
achieved by the Company's manufacturing businesses; the costs
associated with aligning manufacturing production capacity with
demand; 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 CallTrinity will
hold a conference call at 11:00 a.m. Eastern on February 19,
2016 to discuss its fourth quarter and full year 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) 220-2686 until 11:59 p.m.
Eastern on February 26, 2016.
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,” “assumes,” “believes,”
“estimates,” “expects,” “intends,” “forecasts,” “may,” “will,”
“should,” “guidance,” “outlook,” 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 EndedDecember 31, 2015
2014 Revenues $ 1,547.0 $ 1,661.4 Operating
costs: Cost of revenues 1,116.1 1,275.3 Selling, engineering, and
administrative expenses 137.1 110.6 Gains on dispositions of
property: Net gains on lease fleet sales (63.3 ) (2.1 ) Other
(0.9 ) 1.1 1,189.0
1,384.9 Operating profit 358.0 276.5 Interest expense, net
45.3 51.6 Other, net (1.6 ) (1.7 ) Income before
income taxes 314.3 226.6 Provision for income taxes 110.3
80.3 Net income 204.0 146.3 Net income
attributable to noncontrolling interest 4.0
8.1 Net income attributable to Trinity Industries, Inc. $
200.0 $ 138.2 Net income attributable to
Trinity Industries, Inc. per common share: Basic $ 1.30 $ 0.89
Diluted $ 1.30 $ 0.86 Weighted average number of shares
outstanding: Basic 149.0 151.2 Diluted 149.6 155.7
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)
Year EndedDecember 31, 2015
2014 Revenues $ 6,392.7 $ 6,170.0 Operating costs:
Cost of revenues 4,656.2 4,619.8 Selling, engineering, and
administrative expenses 476.4 403.6 Gains on dispositions of
property: Net gains on lease fleet sales (166.1 ) (92.3 ) Other
(12.7 ) (12.1 ) 4,953.8 4,919.0
Operating profit 1,438.9 1,251.0 Interest expense, net 192.5
191.5 Other, net (5.6 ) (4.6 ) Income before income
taxes 1,252.0 1,064.1 Provision for income taxes 426.0
354.8 Net income 826.0 709.3 Net income
attributable to noncontrolling interest 29.5
31.1 Net income attributable to Trinity Industries, Inc. $
796.5 $ 678.2 Net income attributable to
Trinity Industries, Inc. per common share: Basic $ 5.14 $ 4.35
Diluted $ 5.08 $ 4.19 Weighted average number of shares
outstanding: Basic 150.2 151.0 Diluted 152.2 156.7
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 EndedDecember 31,
Revenues: 2015 2014 Rail Group $
1,133.6 $ 1,067.4 Construction Products Group 113.7 116.5 Inland
Barge Group 147.2 167.8 Energy Equipment Group 242.2 284.4 Railcar
Leasing and Management Services Group 372.7 238.0 All Other
28.3 30.2 Segment Totals before Eliminations
2,037.7 1,904.3 Eliminations - lease subsidiary (381.5 ) (145.9 )
Eliminations - other (109.2 ) (97.0 ) Consolidated
Total $ 1,547.0 $ 1,661.4
Three Months
EndedDecember 31, Operating profit (loss):
2015 2014 Rail Group $ 267.9 $ 194.2 Construction
Products Group 5.0 (0.3 ) Inland Barge Group 20.7 25.8 Energy
Equipment Group 32.6 26.9 Railcar Leasing and Management Services
Group 187.5 96.6 All Other (3.6 ) (14.3 ) Segment
Totals before Eliminations and Corporate Expenses 510.1 328.9
Corporate (53.9 ) (29.5 ) Eliminations - lease subsidiary (95.8 )
(22.6 ) Eliminations - other (2.4 ) (0.3 )
Consolidated Total $ 358.0 $ 276.5
Trinity Industries, Inc. Condensed Segment
Data
(in millions)
(unaudited)
Year EndedDecember 31, Revenues:
2015 2014 Rail Group $ 4,461.8 $
3,816.8 Construction Products Group 532.6 551.7 Inland Barge Group
652.9 638.5 Energy Equipment Group 1,113.7 992.3 Railcar Leasing
and Management Services Group 1,104.8 1,118.3 All Other
112.3 110.4 Segment Totals before Eliminations
7,978.1 7,228.0 Eliminations - lease subsidiary (1,164.4 ) (710.1 )
Eliminations - other (421.0 ) (347.9 ) Consolidated
Total $ 6,392.7 $ 6,170.0
Year
EndedDecember 31, Operating profit (loss):
2015 2014 Rail Group $ 931.6 $ 724.1 Construction
Products Group 54.5 65.4 Inland Barge Group 117.0 114.4 Energy
Equipment Group 150.9 108.1 Railcar Leasing and Management Services
Group 606.2 516.3 All Other (8.2 ) (25.6 ) Segment
Totals before Eliminations and Corporate Expenses 1,852.0 1,502.7
Corporate (152.6 ) (119.0 ) Eliminations - lease subsidiary (259.6
) (133.1 ) Eliminations - other (0.9 ) 0.4
Consolidated Total $ 1,438.9 $ 1,251.0
Trinity Industries, Inc.
Leasing Group Condensed Results of Operations
(unaudited)
Three Months EndedDecember 31, Year
EndedDecember 31, 2015 2014
2015 2014 ($ in millions)
Revenues: Leasing and management $ 179.0 $ 162.8 $ 699.9 $ 632.0
Sales of railcars owned one year or less at the time of sale
193.7 75.2 404.9 486.3
Total revenues $ 372.7 $ 238.0 $ 1,104.8 $ 1,118.3 Operating
profit: Leasing and management $ 76.4 $ 74.1 $ 331.1 $ 287.9
Railcar sales: Railcars owned one year or less at the time of sale
47.8 20.4 109.0 136.1 Railcars owned more than one year at the time
of sale 63.3 2.1 166.1
92.3 Total operating profit $ 187.5 $ 96.6 $ 606.2 $
516.3 Operating profit margin: Leasing and management 42.7 % 45.5 %
47.3 % 45.6 % Railcar sales * * * * Total operating profit margin
50.3 % 40.6 % 54.9 % 46.2 % Selected expense information(1):
Depreciation $ 36.5 $ 32.9 $ 142.3 $ 130.0 Maintenance $ 31.4 $
20.1 $ 97.3 $ 78.9 Rent $ 10.3 $ 13.2 $ 41.6 $ 52.9 Interest $ 32.0
$ 38.8 $ 138.8 $ 153.3
December 31,2015 December 31,2014
Leasing portfolio information: Portfolio size (number of railcars)
76,765 75,930 Portfolio utilization 97.7 % 99.5 %
Year
Ended December 31, 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 $ 228.6 $ 446.6 Railcars owned
more than one year at the time of sale 294.7 235.7 Rail Group
227.5 200.4 $ 750.8 $ 882.7
* 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 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)
December 31,2015 December
31,2014 Cash and cash equivalents $ 786.0 $ 887.9
Short-term marketable securities 84.9 75.0 Receivables, net of
allowance 369.9 405.3 Income tax receivable 94.9 58.6 Inventories
943.1 1,068.4 Restricted cash 195.8 234.7 Net property, plant, and
equipment 5,348.0 4,902.9 Goodwill 753.8 773.2 Other assets
309.5 289.3 $ 8,885.9 $ 8,695.3 Accounts payable $
216.8 $ 295.4 Accrued liabilities 529.6 709.6 Debt, net of
unamortized discount of $44.2 and $60.0 3,195.4 3,514.5 Deferred
income 27.1 36.4 Deferred income taxes 752.2 632.6 Other
liabilities 116.1 109.4 Stockholders' equity 4,048.7
3,397.4 $ 8,885.9 $ 8,695.3
Trinity Industries, Inc. Additional Balance Sheet
Information
(in millions)
(unaudited)
December 31,2015 December 31,2014
Property, Plant, and Equipment Corporate/Manufacturing:
Property, plant, and equipment $ 1,861.5 $ 1,681.7 Accumulated
depreciation (905.4 ) (820.7 ) 956.1
861.0 Leasing: Wholly-owned subsidiaries: Machinery
and other 10.7 10.7 Equipment on lease 3,664.7 3,049.0 Accumulated
depreciation (549.1 ) (460.5 ) 3,126.3
2,599.2 Partially-owned subsidiaries: Equipment on
lease 2,406.5 2,401.8 Accumulated depreciation (467.9 )
(401.9 ) 1,938.6 1,999.9
Net deferred profit on railcars sold to the Leasing Group
(673.0 ) (557.2 ) $ 5,348.0 $ 4,902.9
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
December 31,2015 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 $43.8 and $59.6 405.6 389.9
Other 0.5 0.7 805.7 790.2 Less:
unamortized debt issuance costs (4.7 ) (5.5 )
801.0 784.7 Leasing: Wholly-owned
subsidiaries: Recourse: Capital lease obligations, net of
unamortized debt issuance costs of $0.1 and $0.2 35.7
38.9 35.7 38.9
Non-recourse: Secured railcar equipment notes 679.5 723.3 Warehouse
facility 264.3 120.6 Promissory notes — 363.9
943.8 1,207.8 Less: unamortized debt issuance costs
(15.1 ) (13.8 ) 928.7 1,194.0
Partially-owned subsidiaries - Non-recourse: Secured railcar
equipment notes 1,446.9 1,515.9 Less: unamortized debt issuance
costs (16.9 ) (19.0 ) 1,430.0
1,496.9 $ 3,195.4 $ 3,514.5
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
December 31,2015 December
31,2014 Leasing Debt Summary Total Recourse Debt
$ 35.7 $ 38.9 Total Non-Recourse Debt 2,358.7
2,690.9 $ 2,394.4 $ 2,729.8 Total Leasing Debt
Wholly-owned subsidiaries $ 964.4 $ 1,232.9 Partially-owned
subsidiaries 1,430.0 1,496.9 $ 2,394.4
$ 2,729.8 Equipment on Lease(1) Wholly-owned
subsidiaries $ 3,126.3 $ 2,599.2 Partially-owned subsidiaries
1,938.6 1,999.9 $ 5,064.9 $
4,599.1 Total Leasing Debt as a % of Equipment on Lease
Wholly-owned subsidiaries 30.8 % 47.4 % Partially-owned
subsidiaries 73.8 % 74.8 % Combined 47.3 % 59.4 %
(1) Excludes net deferred profit on railcars sold to the Leasing
Group.
Trinity Industries, Inc. Condensed
Consolidated Cash Flow Statements
(in millions)
(unaudited)
Year EndedDecember 31, 2015
2014 Operating activities: Net income $ 826.0
$ 709.3 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 266.4 244.6 Net
gains on railcar lease fleet sales owned more than one year at the
time of sale (166.1 ) (92.3 ) Other 179.3 38.2 Changes in assets
and liabilities: (Increase) decrease in receivables (0.8 ) (56.4 )
(Increase) decrease in inventories 128.5 (186.3 ) Increase
(decrease) in accounts payable and accrued liabilities (248.2 )
142.8 Other (45.4 ) 19.3 Net cash provided by
operating activities 939.7 819.2
Investing activities: Proceeds from railcar lease fleet
sales owned more than one year at the time of sale 514.6 265.8
Proceeds from dispositions of property 8.2 23.0 Capital
expenditures - leasing, net of sold lease fleet railcars owned one
year or less with a net cost of $295.9 and $350.2 (833.8 ) (245.3 )
Capital expenditures - manufacturing and other (196.0 ) (219.3 )
(Increase) decrease in short-term marketable securities (9.9 ) 74.7
Acquisitions (46.2 ) (714.4 ) Divestitures 51.3 — Other 0.5
0.8 Net cash required by investing activities
(511.3 ) (814.7 )
Financing activities:
Payments to retire debt (587.2 ) (186.6 ) Proceeds from issuance of
debt 242.4 727.3 Shares repurchased (115.0 ) (36.5 ) Dividends paid
to common shareholders (64.9 ) (54.4 ) Purchase of shares to
satisfy employee tax on vested stock (27.5 ) (38.3 ) Contributions
from noncontrolling interest — 49.6 Distributions to noncontrolling
interest (39.2 ) (28.2 ) Decrease in restricted cash 48.3 1.0 Other
12.8 21.0 Net cash (required) provided
by financing activities (530.3 ) 454.9 Net
(decrease) increase in cash and cash equivalents (101.9 ) 459.4
Cash and cash equivalents at beginning of period 887.9
428.5 Cash and cash equivalents at end of
period $ 786.0 $ 887.9
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
EndedDecember 31, 2015 Three Months
EndedDecember 31, 2014 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries,
Inc. $ 200.0 $ 138.2 Unvested restricted share participation
(5.9 ) (4.3 ) Net income attributable to Trinity Industries,
Inc. - basic 194.1 149.0 $ 1.30 133.9 151.2 $ 0.89 Effect of
dilutive securities: Stock options — — — 0.1 Convertible
subordinated notes — 0.6 0.1 4.4 Net
income attributable to Trinity Industries, Inc. - diluted $ 194.1
149.6 $ 1.30 $ 134.0 155.7 $ 0.86
Year EndedDecember 31,
2015 Year EndedDecember 31, 2014 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries,
Inc. $ 796.5 $ 678.2 Unvested restricted share participation
(24.1 ) (22.1 ) Net income attributable to Trinity
Industries, Inc. - basic 772.4 150.2 $ 5.14 656.1 151.0 $ 4.35
Effect of dilutive securities: Stock options — — — 0.1 Convertible
subordinated notes 0.3 2.0 0.7 5.6 Net
income attributable to Trinity Industries, Inc. - diluted $ 772.7
152.2 $ 5.08 $ 656.8 156.7 $ 4.19
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 EndedDecember 31,
2015 2014 Net income $ 204.0 $ 146.3
Add: Interest expense 45.9 52.0 Provision for income taxes 110.3
80.3 Depreciation and amortization expense 68.5 73.1
Earnings before interest expense, income taxes, and depreciation
and amortization expense $ 428.7 $ 351.7
Year EndedDecember 31, 2015
2014 Net income $ 826.0 $ 709.3 Add: Interest expense
194.7 193.4 Provision for income taxes 426.0 354.8 Depreciation and
amortization expense 266.4 244.6 Earnings before
interest expense, income taxes, and depreciation and amortization
expense $ 1,713.1 $ 1,502.1
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version on businesswire.com: http://www.businesswire.com/news/home/20160218006585/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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