Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the three and six months ended June 30, 2016,
including the following significant highlights:
- Quarterly revenues and net income of
$1.2 billion and $94.6 million, respectively
- Quarterly earnings per common diluted
share of $0.62 per share
- Receipt of $940 million order for the
manufacture of wind towers expected to deliver during a three-year
period beginning in 2017
- Anticipated full year 2016 earnings of
between $2.00 and $2.30 per common diluted share
Consolidated Results
Trinity Industries, Inc. reported net income attributable to
Trinity stockholders of $94.6 million, or $0.62 per common diluted
share, for the second quarter ended June 30, 2016. Net income
for the same quarter of 2015 was $212.0 million, or $1.33 per
common diluted share. Revenues for the second quarter of 2016
totaled $1.18 billion compared to revenues of $1.68 billion for the
same quarter of 2015.
"Trinity’s consolidated second quarter financial results are in
line with our expectations and continue to reflect the Company’s
ability to make orderly transitions when market conditions shift,"
said Timothy R. Wallace, Trinity's Chairman, CEO, and President.
"The current level of uncertainty in the industrial economy is
continuing to impact the pace of new order volumes in some of our
businesses. We remain highly focused on repositioning,
streamlining, and aligning our manufacturing operations with
current demand levels."
Mr. Wallace added, "I am pleased with the $940 million wind
tower order we received during the second quarter, which brings our
backlog in this business to over $1.1 billion. The level of
demand for our wind towers is favorable, and our backlog now
extends through 2019, partially offsetting some of the uncertainty
in other areas of our business."
Business Group Results
In the second quarter of 2016, the Rail Group reported revenues
of $693.2 million compared to revenues of $1,110.3 million in the
second quarter of 2015. Operating profit for the Rail Group was
$88.8 million in the second quarter of 2016 compared to operating
profit of $227.7 million in the second quarter of 2015. The
decrease in revenues and profit was primarily due to lower railcar
deliveries and changes in product mix. The Rail Group shipped 6,065
railcars and received orders for 2,910 railcars during the second
quarter. The Rail Group had a backlog of $4.29 billion as of
June 30, 2016, representing 40,205 railcars, compared to a
backlog of $4.72 billion as of March 31, 2016, representing
43,360 railcars. At the end of the second quarter, the Rail Group's
orders extended into 2020. The order and backlog figures for the
second quarter of 2016 reflect a cancellation of 50 railcars
resulting from a customer bankruptcy.
The Railcar Leasing and Management Services Group reported total
revenues of $296.6 million in the second quarter of 2016 compared
to total revenues of $238.1 million in the same quarter of 2015.
Included in the total revenues for the Group were leasing and
management operating revenues of $178.5 million, which were
substantially unchanged from the second quarter of 2015, as well as
revenues of $118.1 million from sales of railcars from the lease
fleet owned for one year or less compared to $59.9 million in the
second quarter of 2015. Total proceeds from the sale of leased
railcars from the lease fleet, including the sale of railcars owned
for more than one year that are not included in revenue, were
$149.1 million for the second quarter compared with $148.8 million
in the second quarter of 2015. Operating profit for this Group was
$117.7 million in the second quarter of 2016 compared to operating
profit of $137.7 million in the second quarter of 2015. The
decrease in operating profit was primarily due to higher
maintenance expense for the lease fleet and lower profit from the
sales of leased railcars. Supplemental information for the Leasing
Group is provided in the accompanying tables.
The Inland Barge Group reported revenues of $118.3 million for
the second quarter of 2016 compared to revenues of $187.8 million
in the second quarter of 2015. Operating profit for this Group was
$14.3 million in the second quarter of 2016 compared to $40.7
million in the second quarter of 2015. The decrease in revenues and
operating profit compared to the same quarter last year was
primarily due to lower tank barge deliveries. As of June 30,
2016, the Inland Barge Group had a backlog of $251.0 million
compared to a backlog of $318.7 million as of March 31,
2016.
The Energy Equipment Group reported revenues of $240.6 million
in the second quarter of 2016 compared to revenues of $281.9
million in the same quarter of 2015. The decrease in revenues
compared to the same quarter last year was due to lower delivery
volumes in the utility structures business and other product lines
partially offset by higher delivery volumes in the wind towers
business. Operating profit for the second quarter of 2016 was $34.9
million compared to $36.3 million in the same quarter last year
primarily due to lower profit from our utility structures and other
businesses partially offset by higher profit in our wind towers
business. With the previously announced wind tower order of $940
million, the backlog for wind towers as of June 30, 2016 was
$1.1 billion compared to a backlog of $263.4 million as of
March 31, 2016.
The Construction Products Group reported revenues of $145.8
million in the second quarter of 2016 compared to revenues of
$151.3 million in the second quarter of 2015. Operating profit for
the second quarter of 2016 was $21.5 million compared to operating
profit of $21.3 million in the second quarter of 2015. Revenues
decreased compared to the same quarter last year primarily as a
result of the sale of the assets of the Group's galvanizing
business in June 2015. Operating profit for the Group was
substantially unchanged in the second quarter of 2016 as improved
manufacturing efficiencies in our Highway Products business were
primarily offset by the $7.8 million gain from the sale of assets
of the Group's galvanizing business reported in the second quarter
of 2015.
Cash and Liquidity
At June 30, 2016, the Company had cash, cash equivalents,
and short-term marketable securities of $814.0 million. When
combined with capacity under committed credit facilities, the
Company had approximately $2.1 billion of available liquidity at
the end of the second quarter.
Share Repurchase
There were no shares repurchased during the second quarter of
2016 under the Company's current share repurchase authorization.
Year to date, the Company repurchased 2,070,600 shares of common
stock at a cost of $34.7 million leaving $215.4 million remaining
under its current authorization through December 31, 2017.
Earnings Guidance for
2016
For the full year of 2016, the Company anticipates earnings per
common diluted share of between $2.00 and $2.30, unchanged from its
previous guidance. 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 manufacturing
railcars; the level of profitability associated with the 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 22, 2016 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) 220-0682 until 11:59 p.m.
Eastern on July 29, 2016.
Company Description
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 EndedJune 30, 2016
2015 Revenues $ 1,184.9 $ 1,676.8 Operating
costs: Cost of revenues 897.7 1,219.6 Selling, engineering, and
administrative expenses 106.7 114.4 Losses (gains) on dispositions
of property: Net gains on lease fleet sales (11.4 ) (30.1 ) Other
0.3 (10.0 ) 993.3 1,293.9
Operating profit 191.6 382.9 Interest expense, net 44.3 50.1
Other, net (4.9 ) (0.7 ) Income before income taxes
152.2 333.5 Provision for income taxes 53.4
112.7 Net income 98.8 220.8 Net income attributable to
noncontrolling interest 4.2 8.8 Net
income attributable to Trinity Industries, Inc. $ 94.6 $
212.0 Net income attributable to Trinity Industries,
Inc. per common share: Basic $ 0.62 $ 1.36 Diluted $ 0.62 $ 1.33
Weighted average number of shares outstanding: Basic 147.8 150.7
Diluted 147.8 154.2
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, 2016
2015 Revenues $ 2,372.8 $ 3,303.5 Operating
costs: Cost of revenues 1,787.6 2,430.7 Selling, engineering, and
administrative expenses 203.2 212.7 Losses (gains) on dispositions
of property: Net gains on lease fleet sales (13.5 ) (45.0 ) Other
0.5 (10.9 ) 1,977.8
2,587.5 Operating profit 395.0 716.0 Interest expense, net
88.9 101.1 Other, net (5.6 ) (3.0 ) Income before
income taxes 311.7 617.9 Provision for income taxes 110.8
208.1 Net income 200.9 409.8 Net income
attributable to noncontrolling interest 9.1
17.6 Net income attributable to Trinity Industries, Inc. $
191.8 $ 392.2 Net income attributable to
Trinity Industries, Inc. per common share: Basic $ 1.25 $ 2.52
Diluted $ 1.25 $ 2.46 Weighted average number of shares
outstanding: Basic 148.7 151.0 Diluted 148.7 154.3
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: 2016
2015 Rail Group $ 693.2 $ 1,110.3 Construction
Products Group 145.8 151.3 Inland Barge Group 118.3 187.8 Energy
Equipment Group 240.6 281.9 Railcar Leasing and Management Services
Group 296.6 238.1 All Other 19.7 26.8
Segment Totals before Eliminations 1,514.2 1,996.2 Eliminations -
lease subsidiary (252.1 ) (215.5 ) Eliminations - other
(77.2 ) (103.9 ) Consolidated Total $ 1,184.9 $
1,676.8
Three Months EndedJune 30,
Operating profit (loss): 2016
2015 Rail Group $ 88.8 $ 227.7 Construction Products
Group 21.5 21.3 Inland Barge Group 14.3 40.7 Energy Equipment Group
34.9 36.3 Railcar Leasing and Management Services Group 117.7 137.7
All Other (5.2 ) (0.1 ) Segment Totals before
Eliminations and Corporate Expenses 272.0 463.6 Corporate (34.7 )
(32.3 ) Eliminations - lease subsidiary (45.9 ) (49.9 )
Eliminations - other 0.2 1.5
Consolidated Total $ 191.6 $ 382.9
Trinity Industries, Inc.
Condensed Segment Data
(in millions) (unaudited)
Six Months EndedJune
30, Revenues: 2016
2015 Rail Group $ 1,540.1 $ 2,254.8 Construction
Products Group 270.7 264.1 Inland Barge Group 229.1 340.9 Energy
Equipment Group 514.0 582.0 Railcar Leasing and Management Services
Group 475.1 482.9 All Other 41.6 54.9
Segment Totals before Eliminations 3,070.6 3,979.6 Eliminations -
lease subsidiary (535.4 ) (474.5 ) Eliminations - other
(162.4 ) (201.6 ) Consolidated Total $ 2,372.8 $
3,303.5
Six Months EndedJune 30,
Operating profit (loss): 2016
2015 Rail Group $ 246.0 $ 440.4 Construction Products
Group 37.4 29.6 Inland Barge Group 26.9 68.2 Energy Equipment Group
72.3 73.5 Railcar Leasing and Management Services Group 191.9 260.5
All Other (10.3 ) (1.6 ) Segment Totals before
Eliminations and Corporate Expenses 564.2 870.6 Corporate (59.4 )
(59.0 ) Eliminations - lease subsidiary (111.4 ) (98.2 )
Eliminations - other 1.6 2.6
Consolidated Total $ 395.0 $ 716.0
Trinity Industries, Inc.
Leasing Group
Condensed Results of Operations
(unaudited)
Three Months EndedJune 30, Six
Months EndedJune 30, 2016
2015 2016
2015 ($ in millions) Revenues: Leasing and
management $ 178.5 $ 178.2 $ 349.0 $ 344.3 Sales of railcars owned
one year or less at the time of sale(1) 118.1
59.9 126.1 138.6 Total revenues
$ 296.6 $ 238.1 $ 475.1 $ 482.9 Operating profit: Leasing and
management $ 74.5 $ 90.6 $ 144.3 $ 172.9 Railcar sales(1): Railcars
owned one year or less at the time of sale 31.8 17.0 34.1 42.6
Railcars owned more than one year at the time of sale 11.4
30.1 13.5 45.0
Total operating profit $ 117.7 $ 137.7 $ 191.9 $ 260.5 Operating
profit margin: Leasing and management 41.7 % 50.8 % 41.3 % 50.2 %
Railcar sales * * * * Total operating profit margin 39.7 % 57.8 %
40.4 % 53.9 % Selected expense information(2): Depreciation $ 38.7
$ 35.8 $ 76.1 $ 69.9 Maintenance $ 31.8 $ 21.4 $ 63.4 $ 41.3 Rent $
9.9 $ 9.6 $ 19.4 $ 21.4 Interest $ 31.4 $ 36.4 $ 63.2 $ 74.3
June 30,2016 December 31,2015
Leasing portfolio information: Portfolio size (number of railcars)
80,360 76,765 Portfolio utilization 96.4 % 97.7 %
Six
Months Ended June 30, 2016
2015 (in millions) Proceeds from sales of
leased railcars: Leasing Group: Railcars owned one year or less at
the time of sale $ 126.1 $ 138.6 Railcars owned more than one year
at the time of sale 37.7 167.4 Rail Group 8.1
111.7 $ 171.9 $ 417.7 * Not meaningful
(1) The Company recognizes sales of railcars from the lease
fleet which have been owned by the lease fleet for one year or less
as revenue. Sales of railcars from the lease fleet which have been
owned by the lease fleet for more than one year are recognized as a
net gain or loss from the disposal of a long-term asset. (2)
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)
June 30,2016
December 31,2015 Cash and cash equivalents $ 614.0 $
786.0 Short-term marketable securities 200.0 84.9 Receivables, net
of allowance 439.3 369.9 Income tax receivable 68.9 94.9
Inventories 882.6 943.1 Restricted cash 183.3 195.8 Net property,
plant, and equipment 5,606.6 5,348.0 Goodwill 754.8 753.8 Other
assets 285.9 309.5 $ 9,035.4 $ 8,885.9
Accounts payable $ 221.2 $ 216.8 Accrued liabilities 459.3 529.6
Debt, net of unamortized discount of $35.8 and $44.2 3,129.6
3,195.4 Deferred income 25.0 27.1 Deferred income taxes 902.8 752.2
Other liabilities 120.2 116.1 Stockholders' equity: Trinity
Industries, Inc. 3,783.1 3,653.9 Noncontrolling interest
394.2 394.8 4,177.3 4,048.7 $ 9,035.4 $
8,885.9
Trinity Industries, Inc.
Additional Balance Sheet
Information
(in millions) (unaudited)
June 30,2016 December 31,2015
Property, Plant, and Equipment Corporate/Manufacturing:
Property, plant, and equipment $ 1,911.0 $ 1,861.5 Accumulated
depreciation (942.3 ) (905.4 ) 968.7
956.1 Leasing: Wholly-owned subsidiaries: Machinery
and other 10.7 10.7 Equipment on lease 4,162.3 3,763.5 Accumulated
depreciation (697.7 ) (647.9 ) 3,475.3
3,126.3 Partially-owned subsidiaries: Equipment on
lease 2,308.5 2,307.7 Accumulated depreciation (400.4 )
(369.1 ) 1,908.1 1,938.6
Net deferred profit on railcars sold to the Leasing Group
(745.5 ) (673.0 ) $ 5,606.6 $ 5,348.0
Trinity Industries, Inc. Additional Balance Sheet
Information
(in millions)
(unaudited)
June 30,2016 December 31,2015
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 $35.4 and $43.8 414.0 405.6 Other 0.5
0.5 814.1 805.7 Less: unamortized debt issuance costs
(4.2 ) (4.7 ) 809.9 801.0
Leasing: Wholly-owned subsidiaries: Recourse: Capital lease
obligations, net of unamortized debt issuance costs of $0.1 and
$0.1 34.0 35.7 34.0
35.7 Non-recourse: Secured railcar equipment notes
665.1 679.5 Warehouse facility 240.5 264.3
905.6 943.8 Less: unamortized debt issuance costs
(13.2 ) (15.1 ) 892.4 928.7
Partially-owned subsidiaries - Non-recourse: Secured railcar
equipment notes 1,409.2 1,446.9 Less: unamortized debt issuance
costs (15.9 ) (16.9 ) 1,393.3
1,430.0 $ 3,129.6 $ 3,195.4
Trinity Industries, Inc. Additional Balance Sheet
Information
($ in millions)
(unaudited)
June 30,2016 December 31,2015
Leasing Debt Summary Total Recourse Debt $ 34.0 $ 35.7 Total
Non-Recourse Debt 2,285.7 2,358.7 $
2,319.7 $ 2,394.4 Total Leasing Debt Wholly-owned
subsidiaries $ 926.4 $ 964.4 Partially-owned subsidiaries
1,393.3 1,430.0 $ 2,319.7 $ 2,394.4
Equipment on Lease(1) Wholly-owned subsidiaries $ 3,475.3 $
3,126.3 Partially-owned subsidiaries 1,908.1
1,938.6 $ 5,383.4 $ 5,064.9 Total Leasing Debt
as a % of Equipment on Lease Wholly-owned subsidiaries 26.7 % 30.8
% Partially-owned subsidiaries 73.0 % 73.8 % Combined 43.1 % 47.3 %
(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, 2016
2015 Operating
activities: Net income $ 200.9 $ 409.8 Adjustments to reconcile
net income to net cash provided by operating activities:
Depreciation and amortization 139.9 130.4 Net gains on railcar
lease fleet sales owned more than one year at the time of sale
(13.5 ) (45.0 ) Other 161.2 19.3 Changes in assets and liabilities:
(Increase) decrease in receivables (43.4 ) (128.8 ) (Increase)
decrease in inventories 60.5 81.7 Increase (decrease) in accounts
payable and accrued liabilities (43.4 ) (172.7 ) Other 24.2
(12.7 ) Net cash provided by operating activities
486.4 282.0
Investing
activities: Proceeds from railcar lease fleet sales owned more
than one year at the time of sale 37.7 167.4 Proceeds from
dispositions of property 4.1 4.8 Capital expenditures - leasing,
net of sold lease fleet railcars owned one year or less with a net
cost of $92.0 and $96.0 (346.0 ) (419.4 ) Capital expenditures -
manufacturing and other (79.8 ) (100.7 ) (Increase) decrease in
short-term marketable securities (115.1 ) 75.0 Acquisitions — (46.2
) Divestitures — 51.3 Other 2.3 5.2 Net
cash required by investing activities (496.8 ) (262.6
)
Financing activities: Payments to retire debt (77.6 )
(471.0 ) Proceeds from issuance of debt — 242.4 Shares repurchased
(34.7 ) (75.0 ) Dividends paid to common shareholders (33.4 ) (31.1
) Purchase of shares to satisfy employee tax on vested stock (16.1
) (27.2 ) Distributions to noncontrolling interest (10.9 ) (19.9 )
Decrease in restricted cash 12.5 46.8 Other (1.4 )
11.5
Net cash required by financing
activities
(161.6 ) (323.5 )
Net decrease in cash and cash
equivalents
(172.0 ) (304.1 ) Cash and cash equivalents at beginning of period
786.0 887.9 Cash and cash equivalents
at end of period $ 614.0 $ 583.8
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, 2016
Three Months EndedJune 30, 2015 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $
94.6 $ 212.0 Unvested restricted share participation (2.9 )
(6.5 ) Net income attributable to Trinity Industries, Inc. -
basic 91.7 147.8 $ 0.62 205.5 150.7 $ 1.36 Effect of dilutive
securities: Convertible subordinated notes — —
0.1 3.5 Net income attributable to Trinity Industries, Inc.
- diluted $ 91.7 147.8 $ 0.62 $ 205.6 154.2 $ 1.33
Six Months EndedJune 30, 2016 Six
Months EndedJune 30, 2015 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $
191.8 $ 392.2 Unvested restricted share participation (5.7 )
(12.2 ) Net income attributable to Trinity Industries, Inc.
- basic 186.1 148.7 $ 1.25 380.0 151.0 $ 2.52 Effect of dilutive
securities: Convertible subordinated notes — —
0.2 3.3 Net income attributable to Trinity Industries, Inc.
- diluted $ 186.1 148.7 $ 1.25 $ 380.2 154.3 $ 2.46
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, 2016
2015 Net income $ 98.8 $ 220.8 Add: Interest
expense 45.6 50.6 Provision for income taxes 53.4 112.7
Depreciation and amortization expense 70.5 66.4
Earnings before interest expense, income taxes, and depreciation
and amortization expense $ 268.3 $ 450.5
Six Months
EndedJune 30, 2016 2015 Net
income $ 200.9 $ 409.8 Add: Interest expense 91.4 102.1 Provision
for income taxes 110.8 208.1 Depreciation and amortization expense
139.9 130.4 Earnings before interest expense, income
taxes, and depreciation and amortization expense $ 543.0 $ 850.4
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160721006341/en/
Investor Contact:Trinity Corporate Services, LLCJessica
Greiner, 214-631-4420Vice President, Investor RelationsorMedia
Contact:Trinity Industries, Inc.Jack Todd, 214-589-8909Vice
President, Public Affairs
Trinity Industries (NYSE:TRN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Trinity Industries (NYSE:TRN)
Historical Stock Chart
From Apr 2023 to Apr 2024