Reports quarterly GAAP and adjusted earnings
from continuing operations of $0.44 and $0.43 per diluted
share, respectively
Lease fleet utilization of 96.6% and Future
Lease Rate Differential ("FLRD") of positive 28.4% at
quarter-end
Generates year-to-date operating cash flow
of $384 million and net gains on lease portfolio sales of $36
million
Delivered 4,360 railcars in the quarter;
backlog of $2.4 billion at quarter-end
Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the third quarter ended September 30, 2024.
Financial and Operational
Highlights
- Quarterly total company revenues of $799 million
- Quarterly income from continuing operations per common diluted
share ("EPS") of $0.44 and adjusted EPS of $0.43; $0.17 improvement
in adjusted EPS year over year
- Lease fleet utilization of 96.6% and FLRD of positive 28.4% at
quarter-end
- Railcar deliveries of 4,360 and new railcar orders of
1,810
- Year-to-date cash flow from continuing operations of $384
million and net gains on lease portfolio sales of $36 million
- Last twelve months ("LTM") Return on Equity ("ROE") of 16.0%
and Adjusted ROE of 18.3%
2024 Guidance
- Industry deliveries of approximately 40,000 railcars
- Net fleet investment of $200 million to $300 million
- Operating and administrative capital expenditures of $50
million to $60 million
- EPS of $1.70 to $1.80
- Excludes items outside of our core business operations
Management Commentary
“Trinity’s third quarter results once again exhibit strong
performance for our business. Year to date, we have generated $384
million in net cash from operating activities, and our LTM Adjusted
ROE improved to an impressive 18.3%,” said Trinity’s Chief
Executive Officer and President, Jean Savage. “We are especially
pleased to see the benefits of aligning our leasing and maintenance
businesses into the same segment as we are realizing lower costs
and better performance.”
“In our Railcar Leasing and Services segment, revenues increased
by 11% year over year, and our quarterly FLRD of 28.4% continues to
show that we expect to consistently re-price renewing railcars
significantly higher than expiring rates. Additionally, we booked
gains on lease portfolio sales of $11 million in the quarter and
saw a 20% improvement in segment operating profit as compared to a
year ago.” Ms. Savage continued, “In the Rail Products Group,
segment operating margin improved to 8.1% in the quarter due to
enhanced labor and operational efficiencies."
Ms. Savage concluded, “This year's consistent performance and
our team's dedication are evident in our financial results. We are
raising our full year EPS guidance to a range of $1.70 to $1.80 and
anticipate ending the year with continued solid execution and
strong financial results.”
Consolidated Financial
Summary
Three Months Ended
September 30,
2024
2023
Year over Year – Comparison
($ in millions, except per
share amounts)
Revenues
$
798.8
$
821.3
Lower external deliveries in the Rail
Products Group, partially offset by favorable pricing and a higher
volume of external repairs, as well as improved lease rates and net
additions to the lease fleet in the Leasing Group
Operating profit
$
122.4
$
100.2
Improved lease rates and higher gains on
lease portfolio sales in the Leasing Group, and improved
efficiencies in the Rail Products Group, partially offset by lower
external deliveries in the Rail Products Group
Interest expense, net
$
67.4
$
68.8
Net income from continuing operations
attributable to Trinity Industries, Inc.
$
36.7
$
24.5
EBITDA (1)
$
200.9
$
177.5
Effective tax expense rate
27.7
%
18.6
%
State tax law changes enacted in Q3
2023
Diluted EPS – GAAP
$
0.44
$
0.29
Diluted EPS – Adjusted (1)
$
0.43
$
0.26
Nine Months Ended
September 30,
2024
2023
Year over Year – Comparison
(in millions)
Net cash provided by operating activities
– continuing operations
$
383.5
$
215.8
Higher external deliveries and working
capital improvements
Cash flow from operations with net gains
on lease portfolio sales (1)
$
419.7
$
262.2
Net fleet investment
$
86.5
$
237.5
Timing of fleet additions
Returns of capital to stockholders
$
77.2
$
64.7
(1) Non-GAAP financial measure. See the
Reconciliations of Non-GAAP Measures section within this Press
Release for a reconciliation to the most directly comparable GAAP
measure and why management believes this measure is useful to
management and investors.
Additional Business
Items
- Total committed liquidity of $924 million as of September 30,
2024.
Business Group Summary
Three Months Ended
September 30,
2024
2023
Year over Year – Comparison
($ in millions)
Railcar Leasing and Services
Group
Revenues
$
289.5
$
261.7
Favorable pricing and a higher volume of
external repairs, as well as improved lease rates and net additions
to the lease fleet
Operating profit
$
115.2
$
95.8
Improved lease rates and net additions to
the lease fleet, higher gains on lease portfolio sales, as well as
favorable pricing and a higher volume of external repairs
Operating profit margin
39.8
%
36.6
%
Gains on lease portfolio sales
$
11.4
$
3.1
Fleet utilization (1)
96.6
%
98.1
%
FLRD (2)
+28.4 %
+26.6 %
Continued strength in current lease
rates
Owned lease fleet (in units) (1)
109,555
109,055
Investor-owned lease fleet (in units)
34,285
33,025
Rail Products Group
Revenues
$
603.2
$
624.1
Lower volume of sustainable railcar
conversions, partially offset by the mix of railcars sold
Operating profit
$
48.9
$
29.4
Improved labor and operational
efficiencies and the mix of railcars sold
Operating profit margin
8.1
%
4.7
%
New railcars:
Deliveries (in units)
4,360
4,325
Orders (in units)
1,810
3,200
Order value
$
201.4
$
401.5
Backlog value
$
2,364.5
$
3,598.4
Sustainable railcar conversions:
Deliveries (in units)
170
620
Backlog (in units)
75
1,540
Backlog value
$
6.5
$
124.4
Eliminations
Eliminations – revenues
$
(93.9
)
$
(64.5
)
Eliminations – operating profit
$
(8.6
)
$
0.2
Corporate and other
Selling, engineering, and administrative
expenses
$
33.1
$
25.2
Higher employee-related costs, including
higher incentive-based compensation
September 30, 2024
December 31, 2023
Loan-to-value ratio
Wholly-owned subsidiaries
68.2
%
64.4
%
(1) Includes wholly-owned railcars,
partially-owned railcars, and railcars under leased-in
arrangements.
(2) FLRD calculates the implied change in
lease rates for railcar leases expiring over the next four
quarters. The FLRD assumes that these expiring leases will be
renewed at the most recent quarterly transacted lease rates for
each railcar type. We believe the FLRD is useful to both management
and investors as it provides insight into the near-term trend in
lease rates.
Conference Call
Trinity will hold a conference call at 8:00 a.m. Eastern on
October 31, 2024 to discuss its third quarter results. To listen to
the call, please visit the Investor Relations section of the
Company's website at www.trin.net and access the Events &
Presentations webpage, or the live call can be accessed at
1-888-317-6003 with the conference passcode "5489199". Please call
at least 10 minutes in advance to ensure a proper connection. An
audio replay may be accessed through the Company’s website or by
dialing 1-877-344-7529 with passcode "9824947" until 11:59 p.m.
Eastern on November 7, 2024.
Additionally, the Company will provide a quarterly investor
presentation that will be accessible both within the webcast and on
Trinity's Investor Relations website under the Events and
Presentations portion of the site along with the Third Quarter
Earnings Call event weblink.
Non-GAAP Financial
Measures
We have included financial measures compiled in accordance with
generally accepted accounting principles ("GAAP") and certain
non-GAAP measures in this earnings press release to provide
management and investors with additional information regarding our
financial results. Non-GAAP measures should not be considered in
isolation or as a substitute for our reported results prepared in
accordance with GAAP and, as calculated, may not be comparable to
other similarly titled measures for other companies. For each
non-GAAP financial measure, a reconciliation to the most comparable
GAAP measure has been included in the accompanying tables. When
forward-looking non-GAAP measures are provided, quantitative
reconciliations to the most directly comparable GAAP measures are
not provided because management cannot, without unreasonable
effort, predict the timing and amounts of certain items included in
the computations of each of these measures. These factors include,
but are not limited to: the product mix of expected railcar
deliveries; the timing and amount of significant transactions and
investments, such as lease portfolio sales, capital expenditures,
and returns of capital to stockholders; and the amount and timing
of certain other items outside the normal course of our core
business operations.
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns
businesses that are leading providers of rail transportation
products and services in North America. Our businesses market their
railcar products and services under the trade name TrinityRail®.
The TrinityRail platform provides railcar leasing and management
services; railcar manufacturing; railcar maintenance and
modifications; and other railcar logistics products and services.
Beginning January 1, 2024, Trinity reports its financial results in
two reportable business segments: (1) Railcar Leasing and Services
Group, formerly the Railcar Leasing and Management Services Group,
and (2) Rail Products 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,
including, but not limited to, future financial and operating
performance, future opportunities and any other statements
regarding events or developments that Trinity believes or
anticipates will or may occur in the future. Trinity uses the words
“anticipates,” “assumes,” “believes,” “estimates,” “expects,”
“intends,” “forecasts,” “may,” “will,” “should,” “guidance,”
“projected,” “outlook,” and similar expressions to identify these
forward-looking statements. Forward-looking statements speak only
as of the date of this release, and Trinity expressly disclaims any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein to reflect any
change in Trinity’s expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement
is based, except as required by federal securities laws.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from historical
experience or our present expectations, including but not limited
to risks and uncertainties regarding economic, competitive,
governmental, and technological factors affecting Trinity’s
operations, markets, products, services and prices, and such
forward-looking statements are not guarantees of future
performance. 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 Trinity’s Annual Report on Form
10-K for the most recent fiscal year, as may be revised and updated
by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current
Reports on Form 8-K.
- TABLES TO FOLLOW -
Trinity Industries, Inc.
Condensed Consolidated Statements of
Operations
(in millions, except per share
amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenues
$
798.8
$
821.3
$
2,449.8
$
2,185.4
Operating costs:
Cost of revenues
629.3
679.5
1,936.6
1,819.2
Selling, engineering, and administrative
expenses
60.5
49.1
174.1
153.3
Gains on dispositions of property:
Lease portfolio sales
11.4
3.1
36.2
46.4
Other
2.0
4.4
4.2
6.8
Restructuring activities, net
—
—
—
(2.2
)
676.4
721.1
2,070.3
1,917.1
Operating profit
122.4
100.2
379.5
268.3
Interest expense, net
67.4
68.8
206.6
197.8
Other, net
(1.4
)
(0.9
)
(1.4
)
2.0
Income from continuing operations before
income taxes
56.4
32.3
174.3
68.5
Provision (benefit) for income taxes:
Current
18.3
22.2
45.2
26.2
Deferred
(2.7
)
(16.2
)
(1.5
)
(24.3
)
15.6
6.0
43.7
1.9
Income from continuing operations
40.8
26.3
130.6
66.6
Loss from discontinued operations, net of
income taxes
(5.3
)
(2.7
)
(11.3
)
(8.1
)
Net income
35.5
23.6
119.3
58.5
Net income attributable to noncontrolling
interest
4.1
1.8
9.8
15.3
Net income attributable to Trinity
Industries, Inc.
$
31.4
$
21.8
$
109.5
$
43.2
Basic earnings per common share:
Income from continuing operations
$
0.45
$
0.30
$
1.48
$
0.63
Loss from discontinued operations
(0.07
)
(0.03
)
(0.14
)
(0.10
)
Basic net income attributable to Trinity
Industries, Inc.
$
0.38
$
0.27
$
1.34
$
0.53
Diluted earnings per common share:
Income from continuing operations
$
0.44
$
0.29
$
1.44
$
0.62
Loss from discontinued operations
(0.07
)
(0.03
)
(0.13
)
(0.10
)
Diluted net income attributable to Trinity
Industries, Inc.
$
0.37
$
0.26
$
1.31
$
0.52
Weighted average number of shares
outstanding:
Basic
82.2
81.6
81.9
81.2
Diluted
84.1
83.5
83.9
83.5
Trinity has certain unvested restricted stock awards that
participate in dividends on a nonforfeitable basis and are
therefore considered to be participating securities. Consequently,
diluted net income attributable to Trinity Industries, Inc. per
common share is calculated under both the two-class method and the
treasury stock method, and the more dilutive of the two
calculations is presented.
Trinity Industries, Inc.
Condensed Consolidated Balance
Sheets
(in millions)
(unaudited)
September 30, 2024
December 31, 2023
ASSETS
Cash and cash equivalents
$
222.4
$
105.7
Receivables, net of allowance
413.8
363.5
Income tax receivable
5.0
5.2
Inventories
549.1
684.3
Restricted cash
110.0
129.4
Property, plant, and equipment, net:
Railcars in our lease fleet:
Wholly-owned subsidiaries
5,878.1
5,931.8
Partially-owned subsidiaries
1,432.0
1,473.2
Deferred profit on railcar products
sold
(727.4
)
(750.2
)
Operating and administrative assets
345.9
350.0
6,928.6
7,004.8
Goodwill
221.5
221.5
Other assets
392.5
392.1
Total assets
$
8,842.9
$
8,906.5
LIABILITIES AND STOCKHOLDERS'
EQUITY
Accounts payable
$
270.2
$
305.3
Accrued liabilities
325.8
302.3
Debt:
Recourse
597.7
794.6
Non-recourse:
Wholly-owned subsidiaries
4,007.4
3,819.2
Partially-owned subsidiaries
1,094.6
1,140.4
5,699.7
5,754.2
Deferred income taxes
1,096.8
1,103.5
Other liabilities
151.9
165.7
Stockholders' equity:
Trinity Industries, Inc.
1,057.4
1,037.1
Noncontrolling interest
241.1
238.4
1,298.5
1,275.5
Total liabilities and stockholders'
equity
$
8,842.9
$
8,906.5
Trinity Industries, Inc.
Condensed Consolidated Statements of
Cash Flows
(in millions)
(unaudited)
Nine Months Ended
September 30,
2024
2023
Operating activities:
Net cash provided by operating activities
– continuing operations
$
383.5
$
215.8
Net cash used in operating activities –
discontinued operations
(11.3
)
(8.1
)
Net cash provided by operating
activities
372.2
207.7
Investing activities:
Proceeds from lease portfolio sales
253.7
245.8
Capital expenditures – lease fleet
(340.2
)
(483.3
)
Capital expenditures – operating and
administrative
(32.3
)
(29.4
)
Acquisitions, net of cash acquired
—
(66.2
)
Other investing activities
13.6
16.8
Net cash used in investing activities
(105.2
)
(316.3
)
Financing activities:
Net proceeds from (repayments of) debt
(68.6
)
165.3
Shares repurchased
(6.9
)
—
Dividends paid to common shareholders
(70.1
)
(64.7
)
Other financing activities
(24.1
)
(19.6
)
Net cash provided by (used in) financing
activities
(169.7
)
81.0
Net increase (decrease) in cash, cash
equivalents, and restricted cash
97.3
(27.6
)
Cash, cash equivalents, and restricted
cash at beginning of period
235.1
294.3
Cash, cash equivalents, and restricted
cash at end of period
$
332.4
$
266.7
Trinity Industries, Inc.
Reconciliations of Non-GAAP
Measures
(in millions, except per share
amounts)
(unaudited)
Adjusted Operating Results
We have supplemented the presentation of
our reported GAAP operating profit, income from continuing
operations before income taxes, provision (benefit) for income
taxes, income from continuing operations, net income from
continuing operations attributable to Trinity Industries, Inc., and
diluted income from continuing operations per common share
attributable to Trinity Industries, Inc. with non-GAAP measures
that adjust the GAAP measures to exclude the impact of certain
selling, engineering, and administrative expenses; gains on
dispositions of other property; restructuring activities, net;
interest expense, net; and certain other transactions or events (as
applicable), described in the footnotes to the tables below. These
non-GAAP measures are derived from amounts included in our GAAP
financial statements and are reconciled to the most directly
comparable GAAP financial measures in the tables below. Management
believes that these measures are useful to both management and
investors for analyzing the performance of our business without the
impact of certain items that are not indicative of our normal
business operations. Non-GAAP measures should not be considered in
isolation or as a substitute for our reported results prepared in
accordance with GAAP and, as calculated, may not be comparable to
other similarly titled measures for other companies.
Three Months Ended September
30, 2024
GAAP
Interest expense, net
(1)
Adjusted
Operating profit
$
122.4
$
—
$
122.4
Income from continuing operations before
income taxes
$
56.4
$
(0.4
)
$
56.0
Provision (benefit) for income taxes
$
15.6
$
(0.1
)
$
15.5
Income from continuing operations
$
40.8
$
(0.3
)
$
40.5
Net income from continuing operations
attributable to Trinity Industries, Inc.
$
36.7
$
(0.3
)
$
36.4
Diluted weighted average shares
outstanding
84.1
84.1
Diluted income from continuing operations
per common share attributable to Trinity Industries, Inc.
$
0.44
$
0.43
Nine Months Ended September
30, 2024
GAAP
Interest expense, net
(1)
Adjusted
Operating profit
$
379.5
$
—
$
379.5
Income from continuing operations before
income taxes
$
174.3
$
(1.2
)
$
173.1
Provision (benefit) for income taxes
$
43.7
$
(0.3
)
$
43.4
Income from continuing operations
$
130.6
$
(0.9
)
$
129.7
Net income from continuing operations
attributable to Trinity Industries, Inc.
$
120.8
$
(0.9
)
$
119.9
Diluted weighted average shares
outstanding
83.9
83.9
Diluted income from continuing operations
per common share attributable to Trinity Industries, Inc.
$
1.44
$
1.43
Three Months Ended September
30, 2023
GAAP
Gains on dispositions of
property – other(2)
Interest expense,
net(1)
Adjusted
Operating profit
$
100.2
$
(3.7
)
$
—
$
96.5
Income from continuing operations before
income taxes
$
32.3
$
(3.7
)
$
(0.4
)
$
28.2
Provision (benefit) for income taxes
$
6.0
$
(0.8
)
$
(0.1
)
$
5.1
Income from continuing operations
$
26.3
$
(2.9
)
$
(0.3
)
$
23.1
Net income from continuing operations
attributable to Trinity Industries, Inc.
$
24.5
$
(2.9
)
$
(0.3
)
$
21.3
Diluted weighted average shares
outstanding
83.5
83.5
Diluted income from continuing operations
per common share attributable to Trinity Industries, Inc.
$
0.29
$
0.26
Nine Months Ended September
30, 2023
GAAP
Selling, engineering, and
administrative expenses(3)
Gains on dispositions of
property – other(2)
Restructuring activities,
net
Interest expense,
net(1)
Adjusted
Operating profit
$
268.3
$
2.0
$
(4.9
)
$
(2.2
)
$
—
$
263.2
Income from continuing operations before
income taxes
$
68.5
$
2.0
$
(4.9
)
$
(2.2
)
$
(1.1
)
$
62.3
Provision (benefit) for income taxes
$
1.9
$
0.5
$
(1.2
)
$
(0.6
)
$
(0.3
)
$
0.3
Income from continuing operations
$
66.6
$
1.5
$
(3.7
)
$
(1.6
)
$
(0.8
)
$
62.0
Net income from continuing operations
attributable to Trinity Industries, Inc.
$
51.3
$
1.5
$
(3.7
)
$
(1.6
)
$
(0.8
)
$
46.7
Diluted weighted average shares
outstanding
83.5
83.5
Diluted income from continuing operations
per common share attributable to Trinity Industries, Inc.
$
0.62
$
0.56
(1) Represents interest income accretion
related to a seller-financing agreement associated with the sale of
certain non-operating assets.
(2) Represents insurance recoveries in
excess of net book value for assets damaged by a tornado at the
Company’s rail maintenance facility in Cartersville, Georgia in the
first quarter of 2021.
(3) Represents the change in estimated
fair value of additional contingent consideration associated with
an acquisition.
Adjusted Return on Equity
Adjusted Return on Equity (“Adjusted ROE”) is defined as a ratio
for which (i) the numerator is calculated as income or loss from
continuing operations, adjusted to exclude the effects of net
income or loss attributable to noncontrolling interest, and certain
other adjustments (net of income taxes), described in the footnotes
to the table below, which include certain selling, engineering, and
administrative expenses; gains on dispositions of other property;
and interest expense, net; and (ii) the denominator is calculated
as average Trinity stockholders’ equity (which excludes
noncontrolling interest). In the following table, the numerator and
denominator of our Adjusted ROE calculation are reconciled to
income from continuing operations and total stockholders’ equity,
respectively, which are the most directly comparable GAAP financial
measures. Management believes that Adjusted ROE is a useful measure
to both management and investors as it provides an indication of
the economic return on the Company’s investments over time.
Non-GAAP measures should not be considered in isolation or as a
substitute for our reported results prepared in accordance with
GAAP and, as calculated, may not be comparable to other similarly
titled measures for other companies.
LTM
September 30, 2024
September 30, 2023
($ in millions)
Numerator:
Income from continuing operations
$
204.0
Net income attributable to noncontrolling
interest
(15.1
)
Net income from continuing operations
attributable to Trinity Industries, Inc.
188.9
Adjustments (net of income taxes):
Selling, engineering, and administrative
expenses (1)
1.5
Gains on dispositions of property – other
(2)
(1.0
)
Interest expense, net (3)
(1.2
)
Adjusted Net Income
$
188.2
Denominator:
Total stockholders' equity
$
1,298.5
$
1,253.4
Noncontrolling interest
(241.1
)
(252.6
)
Trinity stockholders' equity
$
1,057.4
$
1,000.8
Average total stockholders' equity
$
1,276.0
Return on Equity (4)
16.0
%
Average Trinity stockholders' equity
$
1,029.1
Adjusted Return on Equity (5)
18.3
%
(1) Represents the change in estimated
fair value of additional contingent consideration associated with
an acquisition.
(2) Represents insurance recoveries in
excess of net book value for assets damaged by a tornado at the
Company’s rail maintenance facility in Cartersville, Georgia in the
first quarter of 2021.
(3) Represents interest income accretion
related to a seller-financing agreement associated with the sale of
certain non-operating assets.
(4) Return on Equity is calculated as
income from continuing operations divided by average total
stockholders' equity.
(5) Adjusted Return on Equity is
calculated as adjusted net income divided by average Trinity
stockholders' equity, each as defined and reconciled above.
Cash Flow from Operations with Net Gains on Lease Portfolio
Sales
Cash flow from operations with net gains on lease portfolio
sales is a non-GAAP financial measure. We believe this measure is
useful to both management and investors as it provides a relevant
measure of liquidity and a useful basis for assessing the breadth
of the cash flow generation capabilities across our operating
platform, as well as our ability to fund our operations and repay
our debt. This measure is defined as net cash provided by operating
activities from continuing operations as computed in accordance
with GAAP, plus net gains on lease portfolio sales and is
reconciled to net cash provided by operating activities from
continuing operations, the most directly comparable GAAP financial
measure, in the following table. Non-GAAP measures should not be
considered in isolation or as a substitute for our reported results
prepared in accordance with GAAP and, as calculated, may not be
comparable to other similarly titled measures for other
companies.
Nine Months Ended
September 30,
2024
2023
Net cash provided by operating activities
– continuing operations
$
383.5
$
215.8
Net gains on lease portfolio sales
36.2
46.4
Cash flow from operations with net gains
on lease portfolio sales
$
419.7
$
262.2
EBITDA and Adjusted EBITDA
“EBITDA” is defined as income from continuing operations plus
interest expense, income taxes, and depreciation and amortization
expense. Adjusted EBITDA is defined as EBITDA plus certain selling,
engineering, and administrative expenses; gains on dispositions of
other property; restructuring activities, net; and interest income.
EBITDA and Adjusted EBITDA are non-GAAP financial measures;
however, the amounts included in these calculations are derived
from amounts included in our GAAP financial statements. EBITDA and
Adjusted EBITDA are reconciled to net income, the most directly
comparable GAAP financial measure, in the following table. This
information is provided to assist management and investors in
making meaningful comparisons of our operating performance between
periods. We believe EBITDA is a useful measure for analyzing the
performance of our business. We also believe that EBITDA is
commonly reported and widely used by investors and other interested
parties as a measure of a company’s operating performance and debt
servicing ability because it assists in comparing performance on a
consistent basis without regard to capital structure, depreciation
or amortization (which can vary significantly depending on many
factors). EBITDA and Adjusted EBITDA should not be considered as
alternatives to net income as indicators of our operating
performance, or as alternatives to operating cash flows as measures
of liquidity. Non-GAAP measures should not be considered in
isolation or as a substitute for our reported results prepared in
accordance with GAAP and, as calculated, may not be comparable to
other similarly titled measures for other companies.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net income
$
35.5
$
23.6
$
119.3
$
58.5
Less: Loss from discontinued operations,
net of income taxes
(5.3
)
(2.7
)
(11.3
)
(8.1
)
Income from continuing operations
40.8
26.3
130.6
66.6
Interest expense
71.5
72.1
218.5
206.5
Provision (benefit) for income taxes
15.6
6.0
43.7
1.9
Depreciation and amortization expense
73.0
73.1
220.2
219.9
EBITDA
200.9
177.5
613.0
494.9
Selling, engineering, and administrative
expenses
—
—
—
2.0
Gains on dispositions of property –
other
—
(3.7
)
—
(4.9
)
Restructuring activities, net
—
—
—
(2.2
)
Interest income
(0.4
)
(0.4
)
(1.2
)
(1.1
)
Adjusted EBITDA
$
200.5
$
173.4
$
611.8
$
488.7
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241031545562/en/
Investor Contact: Leigh Anne Mann Vice President,
Investor Relations Trinity Industries, Inc. (Investors)
214/631-4420 Media Contact: Jack L. Todd Vice President,
Public Affairs Trinity Industries, Inc. (Media Line)
214/589-8909
Trinity Industries (NYSE:TRN)
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