Trinity Industries, Inc. (NYSE:TRN) today announced earnings
results for the second quarter ended June 30, 2017, including
the following highlights:
- Quarterly revenues and net income of
$905.5 million and $51.1 million, respectively, compared to $1.2
billion and $94.6 million, respectively, in 2016
- Quarterly earnings per common diluted
share of $0.33 compared to $0.62 per share in 2016
- Quarterly deliveries and orders
totaling 4,055 and 5,705 railcars, respectively, in the Rail Group,
compared to 6,065 and 2,910 railcars, respectively, in 2016
- Rail Group backlog increases to 27,580
railcars as of June 30, 2017 from 26,420 railcars as of March 31,
2017, with a value of $2.7 billion for both periods
- Company completes sales of $99.5
million of leased railcars during the quarter compared to sales of
$149.1 million in 2016 with associated earnings per common diluted
share of $0.11 and $0.18, respectively
- Company repurchases approximately 1.9
million shares of common stock under its share repurchase
authorization during the quarter at a cost of $52.4 million
- Anticipates full year 2017 earnings per
common diluted share of between $1.10 and $1.30 compared to its
previous full year 2017 earnings guidance of between $1.00 and
$1.25 per share
Consolidated Results
Trinity Industries, Inc. reported net income attributable to
Trinity stockholders of $51.1 million, or $0.33 per common diluted
share, for the second quarter ended June 30, 2017. Net income
for the same quarter of 2016 was $94.6 million, or $0.62 per common
diluted share. Revenues for the second quarter of 2017 totaled
$905.5 million compared to revenues of $1.2 billion for the same
quarter of 2016.
“Our financial results for the second quarter of 2017 came in
slightly ahead of our expectations,” said Timothy R. Wallace,
Trinity’s Chairman, CEO and President. “Our markets remain highly
competitive as supply and demand imbalances continue to impact many
of our end markets. Generally speaking, when industry-order
levels reach low points we begin to see strategic purchases
occurring in our businesses. During the second quarter, this
occurred in our railcar manufacturing business. I am very
pleased with the order level our Rail Group received. Our Leasing
and Construction Products businesses generated solid results during
the quarter.”
Business Group Results
In the second quarter of 2017, the Rail Group reported revenues
of $465.9 million compared to revenues of $693.2 million in the
second quarter of 2016. Operating profit and profit margin for the
Rail Group were $37.0 million and 7.9% in the second quarter of
2017 compared to $88.8 million and 12.8% in the second quarter of
2016. The decreases in revenues and operating profit were primarily
due to significantly lower railcar deliveries. The Rail Group
delivered 4,055 railcars and received orders for 5,705 railcars
during the second quarter of 2017 compared to 6,065 and 2,910
railcars, respectively, in the same quarter last year. The Rail
Group had a backlog of $2.7 billion as of June 30, 2017,
representing 27,580 railcars, compared to a backlog of $2.7 billion
as of March 31, 2017, representing 26,420 railcars.
The Railcar Leasing and Management Services Group (“Leasing
Group”) reported revenues and operating profit from leasing and
management operations of $185.0 million and $85.6 million,
respectively, in the second quarter of 2017, an increase of 3.6%
and 14.9%, respectively, compared to the same quarter of 2016. The
increases in revenues and operating profit reflect higher net
additions to the lease fleet partially offset by lower average
lease rates. Lower fleet maintenance and compliance expenses during
the second quarter of 2017 also contributed to the increase in
operating profit.
Total proceeds and operating profit 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 $99.5
million and $25.2 million, respectively, for the second quarter of
2017 compared with total proceeds and operating profit of $149.1
million and $43.2 million, respectively, in the second quarter of
2016. The decreases in proceeds and operating profit reflects a
lower volume of leased railcar sales. Supplemental information for
the Leasing Group is provided in the accompanying tables.
The Inland Barge Group reported revenues of $33.5 million in the
second quarter of 2017 compared to revenues of $118.3 million in
the second quarter of 2016. Operating profit and profit margin for
this Group were $0.5 million and 1.5% in the second quarter of 2017
compared to $14.3 million and 12.1% in the second quarter of 2016.
The decreases in revenues and operating profit compared to the same
quarter last year were primarily due to significantly lower barge
deliveries and changes in product mix. The Inland Barge Group had a
backlog of $90.7 million as of June 30, 2017 compared to a
backlog of $109.9 million as of March 31, 2017.
The Energy Equipment Group reported revenues of $238.5 million
in the second quarter of 2017 compared to revenues of $240.6
million in the same quarter of 2016. Operating profit and profit
margin for this Group were $24.3 million and 10.2% compared to
$34.9 million and 14.5% in the same quarter last year. An increase
in volumes in the Group's wind towers and utility structures
product lines was offset by lower delivery volumes in the Group's
other product lines leading to a decrease in revenues and operating
profit compared to the same quarter last year. The backlog for
structural wind towers as of June 30, 2017 was $0.9 billion
compared to a backlog of $1.0 billion as of March 31,
2017.
The Construction Products Group reported revenues of $131.3
million in the second quarter of 2017 compared to revenues of
$145.8 million in the second quarter of 2016. The decrease in
revenues compared to the same quarter last year was primarily due
to lower volumes in our highway products business. Operating profit
and profit margin were $22.3 million and 17.0% in the second
quarter of 2017 compared to $21.5 million and 14.7% in the same
quarter last year. Operating profit increased compared to the same
quarter last year primarily due to improved manufacturing
efficiencies.
Cash and Liquidity
At June 30, 2017, the Company had cash, cash equivalents,
and short-term marketable securities of $988.3 million. When
combined with capacity under committed credit facilities, the
Company had approximately $2.3 billion of available liquidity at
the end of the second quarter.
Share Repurchase
For the second quarter and year to date, the Company repurchased
1,942,200 shares of common stock at a cost of $52.4 million leaving
$163.0 million remaining under its current authorization through
December 31, 2017.
Effective Tax Rate
In 2017, the Company adopted a new accounting standard which
changed the accounting for certain aspects of share-based payments
to employees. As a result, the Company anticipates there will be
greater volatility in the provision for income taxes, primarily in
the second quarter each year when the Company's share-based
payments typically vest, resulting from stock price fluctuations
between the grant date and the vest date. For the second
quarter of 2017, the effective tax rate was 40.9% primarily related
to share-based compensation compared to 35.1% in the second quarter
of 2016, which excluded this impact.
Earnings Guidance for
2017
For the full year of 2017, the Company anticipates earnings per
common diluted share of between $1.10 and $1.30 compared to its
previous guidance of between $1.00 and $1.25 per share.
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
July 26, 2017 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) 220-2972 until 11:59 p.m.
Eastern on August 2, 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 Ended June 30,
2017 2016
Revenues $ 905.5 $ 1,184.9 Operating costs: Cost of revenues 681.9
897.7 Selling, engineering, and administrative expenses 112.8 106.7
Losses (gains) on dispositions of property: Net gains on lease
fleet sales (23.7 ) (11.4 ) Other (0.7 ) 0.3
770.3 993.3 Operating profit 135.2
191.6 Interest expense, net 43.4 44.3 Other, net 0.5
(4.9 ) Income before income taxes 91.3 152.2 Provision for
income taxes 37.3 53.4 Net income 54.0
98.8 Net income attributable to noncontrolling interest 2.9
4.2 Net income attributable to Trinity
Industries, Inc. $ 51.1 $ 94.6 Net income
attributable to Trinity Industries, Inc. per common share: Basic $
0.34 $ 0.62 Diluted $ 0.33 $ 0.62 Weighted average number of shares
outstanding: Basic 149.1 147.8 Diluted 151.0 147.8
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 Ended June 30,
2017 2016 Revenues
$ 1,782.8 $ 2,372.8 Operating costs: Cost of revenues 1,341.6
1,787.6 Selling, engineering, and administrative expenses 215.1
203.2 Losses (gains) on dispositions of property: Net gains on
lease fleet sales (23.7 ) (13.5 ) Other (2.0 ) 0.5
1,531.0 1,977.8 Operating profit
251.8 395.0 Interest expense, net 86.7 88.9 Other, net 1.3
(5.6 ) Income before income taxes 163.8 311.7
Provision for income taxes 58.1 110.8
Net income 105.7 200.9 Net income attributable to noncontrolling
interest 8.6 9.1 Net income
attributable to Trinity Industries, Inc. $ 97.1 $ 191.8
Net income attributable to Trinity Industries, Inc.
per common share: Basic $ 0.64 $ 1.25 Diluted $ 0.63 $ 1.25
Weighted average number of shares outstanding: Basic 148.9 148.7
Diluted 151.0 148.7
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 Ended June 30,
Revenues: 2017
2016 Rail Group $ 465.9 $ 693.2 Construction Products
Group 131.3 145.8 Inland Barge Group 33.5 118.3 Energy Equipment
Group 238.5 240.6 Railcar Leasing and Management Services Group
192.1 296.6 All Other 22.7 19.7 Segment
Totals before Eliminations 1,084.0 1,514.2 Eliminations - lease
subsidiary (115.9 ) (252.1 ) Eliminations - other (62.6 )
(77.2 ) Consolidated Total $ 905.5 $ 1,184.9
Three Months Ended June 30, Operating
profit (loss): 2017 2016
Rail Group $ 37.0 $ 88.8 Construction Products Group 22.3
21.5 Inland Barge Group 0.5 14.3 Energy Equipment Group 24.3 34.9
Railcar Leasing and Management Services Group 110.8 117.7 All Other
(5.7 ) (5.2 ) Segment Totals before Eliminations and
Corporate Expenses 189.2 272.0 Corporate (38.3 ) (34.7 )
Eliminations - lease subsidiary (13.6 ) (45.9 ) Eliminations -
other (2.1 ) 0.2 Consolidated Total $ 135.2
$ 191.6
Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)
Six Months Ended June 30,
Revenues: 2017
2016 Rail Group $ 944.2 $ 1,540.1 Construction
Products Group 254.4 270.7 Inland Barge Group 96.2 229.1 Energy
Equipment Group 493.9 514.0 Railcar Leasing and Management Services
Group 371.0 475.1 All Other 45.5 41.6
Segment Totals before Eliminations 2,205.2 3,070.6 Eliminations -
lease subsidiary (296.9 ) (535.4 ) Eliminations - other
(125.5 ) (162.4 ) Consolidated Total $ 1,782.8 $
2,372.8
Six Months Ended June 30,
Operating profit (loss): 2017
2016 Rail Group $ 87.7 $ 246.0 Construction Products
Group 37.9 37.4 Inland Barge Group 6.9 26.9 Energy Equipment Group
54.1 72.3 Railcar Leasing and Management Services Group 195.8 191.9
All Other (10.3 ) (10.3 ) Segment Totals before
Eliminations and Corporate Expenses 372.1 564.2 Corporate (73.3 )
(59.4 ) Eliminations - lease subsidiary (42.5 ) (111.4 )
Eliminations - other (4.5 ) 1.6 Consolidated
Total $ 251.8 $ 395.0
Trinity
Industries, Inc. Leasing Group Condensed Results of
Operations (unaudited) Three Months
Ended Six Months Ended June 30,
June 30, 2017
2016 2017
2016 ($ in millions) Revenues: Leasing and
management $ 185.0 $ 178.5 $ 363.9 $ 349.0 Sales of railcars owned
one year or less at the time of sale(1) 7.1
118.1 7.1 126.1 Total
revenues $ 192.1 $ 296.6 $ 371.0 $ 475.1 Operating profit: Leasing
and management $ 85.6 $ 74.5 $ 170.6 $ 144.3 Railcar sales(1):
Railcars owned one year or less at the time of sale 1.5 31.8 1.5
34.1 Railcars owned more than one year at the time of sale
23.7 11.4 23.7
13.5 Total operating profit $ 110.8 $ 117.7 $ 195.8 $ 191.9
Operating profit margin: Leasing and management 46.3 % 41.7 % 46.9
% 41.3 % Railcar sales * * * * Total operating profit margin 57.7 %
39.7 % 52.8 % 40.4 % Selected expense information(2): Depreciation
$ 43.1 $ 38.7 $ 85.2 $ 76.1 Maintenance and compliance $ 23.9 $
31.8 $ 44.4 $ 63.4 Rent $ 9.9 $ 9.9 $ 20.0 $ 19.4 Interest $ 31.3 $
31.4 $ 61.9 $ 63.2
June
30, December 31, 2017
2016 Leasing portfolio information: Portfolio size
(number of railcars): Wholly-owned 62,570 60,440 Partially-owned
24,660 24,670 87,230 85,110 Portfolio
utilization 97.5 % 97.6 %
Six Months Ended June
30, 2017 2016 (in
millions) Proceeds from sales of leased railcars: Leasing
Group: Railcars owned one year or less at the time of sale $ 7.1 $
126.1 Railcars owned more than one year at the time of sale 92.4
37.7 Rail Group — 8.1 $ 99.5 $
171.9
* 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)
June 30, December
31, 2017 2016 Cash and cash equivalents $ 808.7 $
563.4 Short-term marketable securities 179.6 234.7 Receivables, net
of allowance 351.4 378.7 Income tax receivable 182.7 102.1
Inventories 627.3 665.8 Restricted cash 194.8 178.2 Net property,
plant, and equipment 6,073.2 5,966.8 Goodwill 754.7 754.1 Other
assets 279.7 281.5 $ 9,452.1 $ 9,125.3
Accounts payable $ 167.1 $ 156.1 Accrued liabilities 412.4 426.1
Debt, net of unamortized discount of $17.9 and $27.1 3,270.0
3,056.6 Deferred income 22.0 23.5 Deferred income taxes 1,210.7
1,072.9 Other liabilities 54.4 79.0 Stockholders' equity: Trinity
Industries, Inc. 3,929.7 3,918.5 Noncontrolling interest
385.8 392.6 4,315.5 4,311.1 $ 9,452.1 $
9,125.3
Trinity Industries, Inc. Additional
Balance Sheet Information
(in millions)
(unaudited)
June 30, December
31, 2017 2016
Property, Plant, and Equipment Corporate/Manufacturing:
Property, plant, and equipment $ 1,976.4 $ 1,936.1 Accumulated
depreciation (1,023.3 ) (974.4 ) 953.1
961.7 Leasing: Wholly-owned subsidiaries: Machinery
and other 10.7 10.7 Equipment on lease 4,885.4 4,673.0 Accumulated
depreciation (819.0 ) (760.1 ) 4,077.1
3,923.6 Partially-owned subsidiaries: Equipment on
lease 2,311.4 2,309.4 Accumulated depreciation (461.3 )
(429.8 ) 1,850.1 1,879.6
Deferred profit on railcars sold to the Leasing Group (970.4 )
(948.2 ) Accumulated amortization 163.3 150.1
(807.1 ) (798.1 ) $ 6,073.2 $ 5,966.8
Trinity Industries, Inc. Additional
Balance Sheet Information
(in millions)
(unaudited)
June 30, December
31, 2017 2016
Debt Corporate - Recourse: Revolving credit facility $ — $ —
Senior notes due 2024, net of unamortized discount of $0.3 and $0.4
399.7 399.6 Convertible subordinated notes, net of unamortized
discount of $17.6 and $26.7 431.8 422.7 Other 0.6
— 832.1 822.3 Less: unamortized debt issuance costs
(3.3 ) (3.7 ) 828.8 818.6
Leasing: Wholly-owned subsidiaries: Recourse: Capital lease
obligations, net of unamortized debt issuance costs of $0.1 and
$0.1 30.2 32.0 30.2
32.0 Non-recourse: Secured railcar equipment notes
613.4 647.3 Warehouse facility 167.6 204.1 Promissory notes
301.1 — 1,082.1 851.4 Less: unamortized debt
issuance costs (13.1 ) (11.4 ) 1,069.0
840.0 Partially-owned subsidiaries - Non-recourse:
Secured railcar equipment notes 1,356.1 1,381.0 Less: unamortized
debt issuance costs (14.1 ) (15.0 ) 1,342.0
1,366.0 $ 3,270.0 $ 3,056.6
Trinity Industries, Inc. Additional Balance
Sheet Information
($ in millions)
(unaudited)
June 30, December
31, 2017 2016
Leasing Debt Summary Total Recourse Debt $ 30.2 $ 32.0 Total
Non-Recourse Debt 2,411.0 2,206.0 $
2,441.2 $ 2,238.0 Total Leasing Debt Wholly-owned
subsidiaries $ 1,099.2 $ 872.0 Partially-owned subsidiaries
1,342.0 1,366.0 $ 2,441.2 $ 2,238.0
Equipment on Lease(1) Wholly-owned subsidiaries $ 4,077.1 $
3,923.6 Partially-owned subsidiaries 1,850.1
1,879.6 $ 5,927.2 $ 5,803.2 Total Leasing Debt
as a % of Equipment on Lease Wholly-owned subsidiaries 27.0 % 22.2
% Partially-owned subsidiaries 72.5 % 72.7 % Combined 41.2 % 38.6 %
(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 Ended June 30,
2017 2016
Operating activities: Net income $ 105.7 $ 200.9 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation and amortization 146.5 139.9 Net gains on
railcar lease fleet sales owned more than one year at the time of
sale (23.7 ) (13.5 ) Other 142.3 161.2 Changes in assets and
liabilities: (Increase) decrease in receivables (52.8 ) (43.4 )
(Increase) decrease in inventories 39.6 60.5 Increase (decrease) in
accounts payable and accrued liabilities 6.1 (43.4 ) Other
(27.6 ) 24.2 Net cash provided by operating
activities 336.1 486.4
Investing
activities: Proceeds from railcar lease fleet sales owned more
than one year at the time of sale 92.4 37.7 Proceeds from
dispositions of property 6.0 4.1 Capital expenditures - leasing,
net of sold lease fleet railcars owned one year or less with a net
cost of $5.6 and $92.0 (271.6 ) (346.0 ) Capital expenditures -
manufacturing and other (43.4 ) (79.8 ) (Increase) decrease in
short-term marketable securities 55.1 (115.1 ) Acquisitions (5.3 )
— Other (2.1 ) 2.3 Net cash required by
investing activities (168.9 ) (496.8 )
Financing
activities: Payments to retire debt (98.3 ) (77.6 ) Proceeds
from issuance of debt 299.4 — Shares repurchased(1) (41.9 ) (34.7 )
Dividends paid to common shareholders (33.5 ) (33.4 ) Purchase of
shares to satisfy employee tax on vested stock (14.0 ) (16.1 )
Distributions to noncontrolling interest (16.9 ) (10.9 ) (Increase)
decrease in restricted cash (16.6 ) 12.5 Other (0.1 )
(1.4 ) Net cash provided (required) by financing activities
78.1 (161.6 ) Net increase (decrease) in cash and
cash equivalents 245.3 (172.0 ) Cash and cash equivalents at
beginning of period 563.4 786.0 Cash
and cash equivalents at end of period $ 808.7 $ 614.0
(1) For the six months ended June 30, 2017, excludes shares
totaling $10.5 million repurchased in June 2017 and cash settled in
July 2017 in accordance with normal settlement practices.
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 Ended Three
Months Ended June 30, 2017 June 30, 2016
Average Average
Income Shares EPS Income Shares EPS Net income attributable to
Trinity Industries, Inc. $ 51.1 $ 94.6 Unvested restricted share
participation (1.1) (2.9) Net income attributable to
Trinity Industries, Inc. - basic 50.0 149.1 $ 0.34 91.7 147.8 $
0.62 Effect of dilutive securities: Nonparticipating unvested
restricted shares and stock options — 0.3 — — Convertible
subordinated notes — 1.6 — — Net income attributable
to Trinity Industries, Inc. - diluted $ 50.0 151.0 $ 0.33 $ 91.7
147.8 $ 0.62
Six Months Ended Six Months
Ended June 30, 2017 June 30, 2016 Average Average
Income Shares EPS Income Shares EPS Net income attributable to
Trinity Industries, Inc. $ 97.1 $ 191.8 Unvested restricted share
participation (2.3) (5.7) Net income attributable to
Trinity Industries, Inc. - basic 94.8 148.9 $ 0.64 186.1 148.7 $
1.25 Effect of dilutive securities: Nonparticipating unvested
restricted shares and stock options — 0.4 — — Convertible
subordinated notes — 1.7 — — Net income attributable
to Trinity Industries, Inc. - diluted $ 94.8 151.0 $ 0.63 $ 186.1
148.7 $ 1.25
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 Ended June 30, 2017
2016 Net income $ 54.0 $ 98.8 Add: Interest
expense 45.7 45.6 Provision for income taxes 37.3 53.4 Depreciation
and amortization expense 73.7 70.5 Earnings before
interest expense, income taxes, and depreciation and amortization
expense $ 210.7 $ 268.3
Six Months Ended
June 30, 2017 2016 Net income $ 105.7 $ 200.9
Add: Interest expense 90.7 91.4 Provision for income taxes 58.1
110.8 Depreciation and amortization expense 146.5
139.9 Earnings before interest expense, income taxes, and
depreciation and amortization expense $ 401.0 $ 543.0
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170725006313/en/
Trinity Industries, Inc.Investor Contact:Preston Bass,
214-631-4420Director, Investor RelationsorMedia Contact:Jack
Todd, 214-589-8909Vice President, Public Affairs
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