Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the fourth quarter and full year ended
December 31, 2016, including the following significant
highlights:
Fourth Quarter 2016
- Quarterly revenues and net income of
$1.1 billion and $67.6 million, respectively, compared to $1.5
billion and $200.0 million, respectively, in 2015
- Quarterly earnings per common diluted
share of $0.44 compared to $1.30 per share in 2015
- No sales of leased railcars during the
quarter compared to sales that generated $0.58 of earnings per
common diluted share in 2015
- Quarterly deliveries and orders
totaling 7,435 and 1,985 railcars, respectively, in the Rail
Group
- An investment of $243.9 million in the
Company's wholly-owned lease fleet during the quarter
Full Year 2016
- Consolidated revenues and net income of
$4.6 billion and $343.6 million, respectively, compared to $6.4
billion and $796.5 million, respectively, in 2015
- Earnings per common diluted share of
$2.25 compared to $5.08 per share in 2015
- Earnings per common diluted share from
sales of leased railcars of $0.21 compared to $1.45 in 2015
- Railcar deliveries of 27,240 with Rail
Group backlog of $3.0 billion as of December 31, 2016,
compared to railcar deliveries of 34,295 in 2015 and Rail Group
backlog of $5.4 billion as of December 31, 2015
- Owned and managed leased railcar fleet
of 103,840 as of December 31, 2016, a 10% increase
year-over-year
- Wind tower orders of $1.2 billion in
2016 and backlog of $1.1 billion as of December 31, 2016, an
increase of 209% year-over-year
- Record operating profit in the
Construction Products Group of $72.6 million compared to $54.5
million in 2015
Consolidated Results
Trinity Industries, Inc. reported net income attributable to
Trinity stockholders of $67.6 million, or $0.44 per common diluted
share, for the fourth quarter ended December 31, 2016. Net
income for the same quarter of 2015 was $200.0 million, or $1.30
per common diluted share. Revenues for the fourth quarter of 2016
totaled $1.1 billion compared to revenues of $1.5 billion for the
same quarter of 2015.
For the year ended December 31, 2016, the Company reported net
income attributable to Trinity stockholders of $343.6 million, or
$2.25 per common diluted share. In 2015, the Company reported net
income of $796.5 million, or $5.08 per common diluted share.
Revenues for the year ended December 31, 2016 were $4.6 billion
compared to revenues of $6.4 billion in 2015.
“Our 2016 results were slightly ahead of our expectations and
reflect our Company’s ability to successfully transition as market
conditions shift,” said Timothy R. Wallace, Trinity’s Chairman, CEO
and President. “Our people have continued to execute well in a
challenging business environment. We remain focused on controlling
costs, maintaining a strong balance sheet, and initiatives to
improve our performance.”
Mr. Wallace added, “Many of the market challenges we faced in
2016 persist in 2017. The oversupply of railcars and barges in
North America continues to impact market fundamentals. The flexible
nature of Trinity's business model positions our company to respond
when market conditions shift.”
Business Group Results
In the fourth quarter of 2016, the Rail Group reported revenues
of $816.4 million compared to revenues of $1,133.6 million in the
fourth quarter of 2015. Operating profit and profit margin for the
Rail Group was $110.3 million and 13.5% in the fourth quarter of
2016 compared to operating profit and profit margin of $267.9
million and 23.6% in the fourth 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 7,435 railcars
and received orders for 1,985 railcars during the fourth quarter.
The Rail Group had a backlog of $3.0 billion as of
December 31, 2016, representing 29,220 railcars, compared to a
backlog of $3.7 billion as of September 30, 2016, representing
34,870 railcars.
The Railcar Leasing and Management Services Group reported total
revenues of $178.2 million in the fourth quarter of 2016 compared
to total revenues of $372.7 million in the same quarter of 2015.
Operating profit for this Group was $87.7 million in the fourth
quarter of 2016 compared to operating profit of $187.5 million in
the fourth quarter of 2015. The decrease in revenues and operating
profit was due to the absence of sales of leased railcars from the
lease fleet during the fourth quarter of 2016. Supplemental
information for the Leasing Group is provided in the accompanying
tables.
The Inland Barge Group reported revenues of $75.1 million in the
fourth quarter of 2016 compared to revenues of $147.2 million in
the fourth quarter of 2015. Operating profit and profit margin for
this Group was $6.7 million and 8.9% in the fourth quarter of 2016
compared to $20.7 million and 14.1% in the fourth quarter of 2015.
The decrease in revenues and operating profit compared to the same
quarter last year was primarily due to lower barge deliveries and
changes in product mix. As of December 31, 2016, the Inland
Barge Group had a backlog of $120.0 million compared to a backlog
of $177.3 million as of September 30, 2016.
The Energy Equipment Group reported revenues of $257.0 million
in the fourth quarter of 2016 compared to revenues of $242.2
million in the same quarter of 2015. The increase in revenues
compared to the same quarter last year was due to higher delivery
volumes in the structural wind towers business partially offset by
lower delivery volumes in other product lines. Operating profit and
profit margin for the fourth quarter of 2016 was $29.6 million and
11.5% compared to $32.6 million and 13.5% in the same quarter last
year as higher profit in our structural wind towers business was
offset by lower profit from our other businesses. The backlog for
structural wind towers as of December 31, 2016 was $1.1
billion compared to a backlog of $1.0 billion as of
September 30, 2016. The Company added approximately $200
million in structural wind tower orders to its backlog during the
fourth quarter of 2016.
The Construction Products Group reported revenues of $112.7
million in the fourth quarter of 2016 compared to revenues of
$113.7 million in the fourth quarter of 2015. Operating profit and
profit margin for the fourth quarter of 2016 increased to $11.4
million and 10.1% compared to operating profit and profit margin of
$5.0 million and 4.4% in the fourth quarter of 2015. Revenues
decreased compared to the same quarter last year primarily as a
result of lower volumes in our highway products business partially
offset by higher volumes in our construction aggregates business.
Operating profit for the Group increased in the fourth quarter of
2016 primarily as a result of improved profit margin in our
construction aggregates and highway products businesses.
Cash and Liquidity
At December 31, 2016, the Company had cash, cash
equivalents, and short-term marketable securities of $798.1
million. When combined with capacity under committed credit
facilities, the Company had approximately $2.1 billion of available
liquidity at the end of the fourth quarter.
Share Repurchase
There were no shares repurchased during the fourth quarter of
2016 under the Company's current share repurchase authorization.
During 2016 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
2017
For the full year of 2017, the Company anticipates earnings per
common diluted share of between $1.00 and $1.35.
At this time, based on the level of order inquiries and
scheduled backlog production, the Rail Group expects full year 2017
deliveries of between 14,000 and 15,000.
The Company's earnings guidance for 2017 also includes expected
sales of leased railcars of between $300 million and $400
million.
Actual results in 2017 may differ from present expectations and
could be impacted by a number of factors including, among others,
the risk factors disclosed in "Risk Factors" and "Forward-Looking
Statements" in the Company's Annual Report on Form 10-K for the
most recent fiscal year.
Conference Call
Trinity will hold a conference call at 11:00 a.m. Eastern on
February 17, 2017 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) 220-0868 until
11:59 p.m. Eastern on February 24, 2017.
Company Description
Trinity Industries, Inc., headquartered in Dallas, Texas, is a
diversified industrial company that owns complementary
market-leading businesses providing products and services to the
energy, chemical, agriculture, transportation, and construction
sectors, among others. 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, 2016
2015 Revenues $ 1,103.8 $ 1,547.0 Operating
costs: Cost of revenues 841.2 1,116.1 Selling, engineering, and
administrative expenses 101.9 137.1 Losses (gains) on dispositions
of property: Net gains on lease fleet sales — (63.3 ) Other
(2.9 ) (0.9 ) 940.2 1,189.0
Operating profit 163.6 358.0 Interest expense, net 43.7 45.3 Other,
net 4.3 (1.6 ) Income before income taxes
115.6 314.3 Provision for income taxes 41.4
110.3 Net income 74.2 204.0 Net income attributable to
noncontrolling interest 6.6 4.0 Net
income attributable to Trinity Industries, Inc. $ 67.6 $
200.0 Net income attributable to Trinity Industries,
Inc. per common share: Basic $ 0.44 $ 1.30 Diluted $ 0.44 $ 1.30
Weighted average number of shares outstanding: Basic 148.7 149.0
Diluted 149.4 149.6
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)
Year EndedDecember 31, 2016
2015 Revenues $ 4,588.3 $ 6,392.7 Operating costs:
Cost of revenues 3,456.1 4,656.2 Selling, engineering, and
administrative expenses 407.4 476.4 Losses (gains) on dispositions
of property: Net gains on lease fleet sales (13.5 ) (166.1 ) Other
(3.9 ) (12.7 ) 3,846.1 4,953.8
Operating profit 742.2 1,438.9 Interest expense, net 176.5
192.5 Other, net (1.1 ) (5.6 ) Income before income
taxes 566.8 1,252.0 Provision for income taxes 202.1
426.0 Net income 364.7 826.0 Net income attributable
to noncontrolling interest 21.1 29.5
Net income attributable to Trinity Industries, Inc. $ 343.6
$ 796.5 Net income attributable to Trinity
Industries, Inc. per common share: Basic $ 2.25 $ 5.14 Diluted $
2.25 $ 5.08 Weighted average number of shares outstanding: Basic
148.4 150.2 Diluted 148.6 152.2
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
Segment Data
(in millions)
(unaudited)
Three Months EndedDecember 31,
Revenues: 2016 2015 Rail Group $
816.4 $ 1,133.6 Construction Products Group 112.7 113.7 Inland
Barge Group 75.1 147.2 Energy Equipment Group 257.0 242.2 Railcar
Leasing and Management Services Group 178.2 372.7 All Other
23.9 28.3 Segment Totals before Eliminations
1,463.3 2,037.7 Eliminations - lease subsidiary (279.8 ) (381.5 )
Eliminations - other (79.7 ) (109.2 ) Consolidated
Total $ 1,103.8 $ 1,547.0
Three Months
EndedDecember 31, Operating profit (loss):
2016 2015 Rail Group $ 110.3 $ 267.9 Construction
Products Group 11.4 5.0 Inland Barge Group 6.7 20.7 Energy
Equipment Group 29.6 32.6 Railcar Leasing and Management Services
Group 87.7 187.5 All Other (5.1 ) (3.6 ) Segment
Totals before Eliminations and Corporate Expenses 240.6 510.1
Corporate (36.0 ) (53.9 ) Eliminations - lease subsidiary (39.1 )
(95.8 ) Eliminations - other (1.9 ) (2.4 )
Consolidated Total $ 163.6 $ 358.0
Trinity Industries, Inc. Condensed Segment
Data
(in millions)
(unaudited)
Year EndedDecember 31, Revenues:
2016 2015 Rail Group $ 3,077.3 $
4,461.8 Construction Products Group 523.2 532.6 Inland Barge Group
403.1 652.9 Energy Equipment Group 1,012.7 1,113.7 Railcar Leasing
and Management Services Group 827.0 1,104.8 All Other 92.2
112.3 Segment Totals before Eliminations
5,935.5 7,978.1 Eliminations - lease subsidiary (1,021.9 ) (1,164.4
) Eliminations - other (325.3 ) (421.0 ) Consolidated
Total $ 4,588.3 $ 6,392.7
Year
EndedDecember 31, Operating profit (loss):
2016 2015 Rail Group $ 459.9 $ 931.6 Construction
Products Group 72.6 54.5 Inland Barge Group 45.3 117.0 Energy
Equipment Group 133.1 150.9 Railcar Leasing and Management Services
Group 360.1 606.2 All Other (18.9 ) (8.2 ) Segment
Totals before Eliminations and Corporate Expenses 1,052.1 1,852.0
Corporate (131.0 ) (152.6 ) Eliminations - lease subsidiary (178.2
) (259.6 ) Eliminations - other (0.7 ) (0.9 )
Consolidated Total $ 742.2 $ 1,438.9
Trinity Industries, Inc. Leasing
Group Condensed Results of Operations (unaudited)
Three Months EndedDecember 31, Year
EndedDecember 31, 2016 2015
2016 2015 ($ in millions)
Revenues: Leasing and management $ 178.2 $ 179.0 $ 700.9 $ 699.9
Sales of railcars owned one year or less at the time of sale(1)
— 193.7 126.1
404.9 Total revenues $ 178.2 $ 372.7 $ 827.0 $ 1,104.8
Operating profit: Leasing and management $ 87.7 $ 76.4 $ 312.5 $
331.1 Railcar sales(1): Railcars owned one year or less at the time
of sale — 47.8 34.1 109.0 Railcars owned more than one year at the
time of sale — 63.3 13.5
166.1 Total operating profit $ 87.7 $ 187.5 $ 360.1 $
606.2 Operating profit margin: Leasing and management 49.2 % 42.7 %
44.6 % 47.3 % Railcar sales * * * * Total operating profit margin
49.2 % 50.3 % 43.5 % 54.9 % Selected expense information(2):
Depreciation $ 40.7 $ 36.5 $ 156.2 $ 142.3 Maintenance and
compliance $ 19.6 $ 31.4 $ 104.3 $ 97.3 Rent $ 10.0 $ 10.3 $ 39.3 $
41.6 Interest $ 30.8 $ 32.0 $ 125.2 $ 138.8
December 31,2016 December
31,2015 Leasing portfolio information: Portfolio size
(number of railcars): Wholly-owned 60,440 52,030 Partially-owned
24,670 24,735 85,110 76,765 Portfolio utilization
97.6 % 97.7 %
Year Ended December 31,
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 $ 404.9 Railcars owned
more than one year at the time of sale 37.7 514.6 Rail Group
8.1 260.5 $ 171.9 $ 1,180.0
* 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 compliance, 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 31,2016 December
31,2015 Cash and cash equivalents $ 563.4 $ 786.0
Short-term marketable securities 234.7 84.9 Receivables, net of
allowance 378.7 369.9 Income tax receivable 102.1 94.9 Inventories
665.8 943.1 Restricted cash 178.2 195.8 Net property, plant, and
equipment 5,966.8 5,348.0 Goodwill 754.1 753.8 Other assets
281.5 309.5 $ 9,125.3 $ 8,885.9 Accounts payable $
156.1 $ 216.8 Accrued liabilities 426.1 529.6 Debt, net of
unamortized discount of $27.1 and $44.2 3,056.6 3,195.4 Deferred
income 23.5 27.1 Deferred income taxes 1,072.9 752.2 Other
liabilities 79.0 116.1 Stockholders' equity: Trinity Industries,
Inc. 3,918.5 3,653.9 Noncontrolling interest 392.6
394.8 4,311.1 4,048.7 $ 9,125.3 $ 8,885.9
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
December 31,2016 December 31,2015
Property, Plant, and Equipment Corporate/Manufacturing:
Property, plant, and equipment $ 1,936.1 $ 1,861.5 Accumulated
depreciation (974.4 ) (905.4 ) 961.7
956.1 Leasing: Wholly-owned subsidiaries: Machinery
and other 10.7 10.7 Equipment on lease 4,673.0 3,763.5 Accumulated
depreciation (760.1 ) (647.9 ) 3,923.6
3,126.3 Partially-owned subsidiaries: Equipment on
lease 2,309.4 2,307.7 Accumulated depreciation (429.8 )
(369.1 ) 1,879.6 1,938.6
Deferred profit on railcars sold to the Leasing Group (948.2 )
(798.0 ) Accumulated amortization 150.1 125.0
(798.1 ) (673.0 ) $ 5,966.8 $ 5,348.0
Trinity Industries,
Inc. Additional Balance Sheet Information
(in millions)
(unaudited)
December 31,2016 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 $26.7 and $43.8 422.7 405.6
Other — 0.5 822.3 805.7 Less:
unamortized debt issuance costs (3.7 ) (4.7 )
818.6 801.0 Leasing: Wholly-owned
subsidiaries: Recourse: Capital lease obligations, net of
unamortized debt issuance costs of $0.1 and $0.1 32.0
35.7 32.0 35.7
Non-recourse: Secured railcar equipment notes 647.3 679.5 Warehouse
facility 204.1 264.3 851.4 943.8 Less:
unamortized debt issuance costs (11.4 ) (15.1 )
840.0 928.7 Partially-owned
subsidiaries - Non-recourse: Secured railcar equipment notes
1,381.0 1,446.9 Less: unamortized debt issuance costs (15.0
) (16.9 ) 1,366.0 1,430.0 $
3,056.6 $ 3,195.4
Trinity Industries, Inc. Additional Balance Sheet
Information
($ in millions)
(unaudited)
December 31,2016 December
31,2015 Leasing Debt Summary Total Recourse Debt
$ 32.0 $ 35.7 Total Non-Recourse Debt 2,206.0
2,358.7 $ 2,238.0 $ 2,394.4 Total Leasing Debt
Wholly-owned subsidiaries $ 872.0 $ 964.4 Partially-owned
subsidiaries 1,366.0 1,430.0 $ 2,238.0
$ 2,394.4 Equipment on Lease(1) Wholly-owned
subsidiaries $ 3,923.6 $ 3,126.3 Partially-owned subsidiaries
1,879.6 1,938.6 $ 5,803.2 $
5,064.9 Total Leasing Debt as a % of Equipment on Lease
Wholly-owned subsidiaries 22.2 % 30.8 % Partially-owned
subsidiaries 72.7 % 73.8 % Combined 38.6 % 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)
Year EndedDecember 31, 2016
2015 Operating activities: Net income $ 364.7
$ 826.0 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 283.0 266.4 Net
gains on railcar lease fleet sales owned more than one year at the
time of sale (13.5 ) (166.1 ) Other 382.9 179.3 Changes in assets
and liabilities: (Increase) decrease in receivables (16.0 ) (0.8 )
(Increase) decrease in inventories 273.3 128.5 Increase (decrease)
in accounts payable and accrued liabilities (165.6 ) (248.2 ) Other
(18.6 ) (45.4 ) Net cash provided by operating
activities 1,090.2 939.7
Investing
activities: Proceeds from railcar lease fleet sales owned more
than one year at the time of sale 37.7 514.6 Proceeds from
dispositions of property 16.0 8.2 Capital expenditures - leasing,
net of sold lease fleet railcars owned one year or less with a net
cost of $92.0 and $295.9 (799.1 ) (833.8 ) Capital expenditures -
manufacturing and other (134.3 ) (196.0 ) (Increase) decrease in
short-term marketable securities (149.8 ) (9.9 ) Acquisitions —
(46.2 ) Divestitures — 51.3 Other 6.8 0.5
Net cash required by investing activities (1,022.7 )
(511.3 )
Financing activities: Payments to retire
debt (162.5 ) (587.2 ) Proceeds from issuance of debt — 242.4
Shares repurchased (34.7 ) (115.0 ) Dividends paid to common
shareholders (66.7 ) (64.9 ) Purchase of shares to satisfy employee
tax on vested stock (16.3 ) (27.5 ) Distributions to noncontrolling
interest (26.4 ) (39.2 ) Decrease in restricted cash 17.6 48.3
Other (1.1 ) 12.8 Net cash required by
financing activities (290.1 ) (530.3 ) Net decrease
in cash and cash equivalents (222.6 ) (101.9 ) Cash and cash
equivalents at beginning of period 786.0 887.9
Cash and cash equivalents at end of period $ 563.4 $
786.0
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,
2016 Three Months EndedDecember 31, 2015 Income
AverageShares
EPS Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $ 67.6 $
200.0 Unvested restricted share participation (1.8 )
(5.9 ) Net income attributable to Trinity Industries, Inc. - basic
65.8 148.7 $ 0.44 194.1 149.0 $ 1.30 Effect of dilutive securities:
Convertible subordinated notes — 0.7 —
0.6 Net income attributable to Trinity Industries, Inc. - diluted $
65.8 149.4 $ 0.44 $ 194.1 149.6 $ 1.30
Year
EndedDecember 31, 2016
Year EndedDecember 31,
2015
Income
AverageShares
EPS
Income
AverageShares
EPS Net income attributable to Trinity Industries, Inc. $
343.6
$
796.5
Unvested restricted share participation (9.4 )
(24.1
)
Net income attributable to Trinity Industries, Inc. - basic
334.2
148.4
$
2.25
772.4
150.2
$ 5.14 Effect of dilutive securities: Convertible subordinated
notes
—
0.2
0.3
2.0
Net income attributable to Trinity Industries, Inc. - diluted $
334.2
148.6
$
2.25
$
772.7
152.2
$ 5.08
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,
2016 2015 Net income $ 74.2 $ 204.0
Add: Interest expense 45.2 45.9 Provision for income taxes 41.4
110.3 Depreciation and amortization expense 72.4 68.5
Earnings before interest expense, income taxes, and depreciation
and amortization expense $ 233.2 $ 428.7
Year
EndedDecember 31, 2016 2015 Net income $
364.7 $ 826.0 Add: Interest expense 181.9 194.7 Provision for
income taxes 202.1 426.0 Depreciation and amortization expense
283.0 266.4 Earnings before interest expense, income
taxes, and depreciation and amortization expense $ 1,031.7 $
1,713.1
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170216006244/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
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