Trinity Industries, Inc. Reports Strong Fourth Quarter and Full Year 2012 Results
Trinity Industries, Inc. Reports Strong Fourth Quarter and Full Year 2012
Results
Business Wire
DALLAS -- February 20, 2013
Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the
fourth quarter and full year 2012, including the following significant
highlights:
* Year-over-year fourth quarter and full year revenue growth of 11% and 30%,
respectively, and earnings per common diluted share growth of 61% and 93%,
respectively, after adjusting for one-time items in 2011
* Rail Group orders for 5,620 new railcars during the fourth quarter,
increasing the backlog to 31,990 units with a value of $3.7 billion
* Rail Group shipments of 4,960 railcars during the fourth quarter and
19,360 railcars during the full year
* Inland Barge Group orders of $193 million during the fourth quarter,
resulting in a backlog of $564 million
* Available liquidity at the end of the fourth quarter of more than $1.2
billion, including $573 million of cash and the Company's unused committed
credit facilities
Trinity Industries, Inc. reported net income attributable to Trinity
stockholders of $71.3 million, or $0.90 per common diluted share, for the
fourth quarter ended December 31, 2012. Net income for the same quarter of
2011 was $56.1 million, or $0.70 per common diluted share. Included in the
results for the fourth quarter of 2011 was a pre-tax gain of $17.0 million, or
$0.14 per common diluted share, due to flood-related insurance settlements.
Revenues for the fourth quarter of 2012 increased 11% to $1.0 billion compared
to revenues of $914.3 million for the same quarter of 2011. The Company
reported an operating profit of $158.9 million in the fourth quarter of 2012,
a 14% increase compared to an operating profit of $139.5 million for the same
quarter last year.
For the year ended December 31, 2012, the Company reported net income
attributable to Trinity stockholders of $255.2 million, or $3.19 per common
diluted share. In 2011, the Company reported net income of $142.2 million, or
$1.77 per common diluted share. Prior year results included a pre-tax net gain
of $15.5 million or $0.12 per common diluted share, due to flood-related
insurance settlements. Revenues for the year ended December 31, 2012 were $3.8
billion, a 30% increase compared to revenues of $2.9 billion in 2011.
“I am pleased with our strong financial results for the fourth quarter and our
overall performance during 2012,” said Timothy R. Wallace, Trinity’s Chairman,
CEO and President. “We have worked diligently over the past decade to position
our company to perform well through a variety of economic conditions.
Trinity’s competency in manufacturing flexibility provides us the ability to
redirect a portion of our manufacturing resources towards select areas that
have strong demand levels for our products. In 2012, we achieved significant
growth in consolidated revenues and earnings despite continuing uncertainty
within some areas of the economy.”
“During 2013, we will continue to invest resources to position our company to
pursue opportunities for infrastructure-related products that support the
growing needs in the energy, chemical, transportation, and construction
industries,” Mr. Wallace continued. “At this point, we have been successful in
obtaining order backlogs in several of our major businesses that will provide
long production runs for products serving these industries.”
Business Group Results
In the fourth quarter of 2012, the Rail Group reported revenues of $571.1
million and an operating profit of $70.7 million compared to revenues of
$453.3 million and an operating profit of $34.4 million in the fourth quarter
of 2011. Results for the fourth quarter of 2012 included approximately $0.04
per common diluted share of after-tax costs associated with the repositioning
of a portion of the Company's production capacity. The Rail Group shipped
4,960 railcars and received orders for 5,620 railcars during the fourth
quarter. The Rail Group backlog increased to $3.7 billion at December 31,
2012, representing 31,990 railcars, compared to a backlog of $3.3 billion as
of September 30, 2012, representing 31,330 railcars. The increase in backlog
as of December 31, 2012 reflects the value of orders taken during the quarter
as well as contractual pricing adjustments on long-term orders previously
received.
During the fourth quarter of 2012, the Railcar Leasing and Management Services
Group reported leasing and management revenues of $132.6 million compared to
$127.4 million in the fourth quarter of 2011 due to continued growth in the
lease fleet and higher rental rates. In addition, the Group recognized revenue
of $18.1 million in sales of railcars from the lease fleet during the fourth
quarter compared to $29.2 million in the fourth quarter of 2011. Proceeds from
the sale of railcars from the lease fleet owned for more than a year at the
time of sale totaling $31.4 million in the fourth quarter of 2012 and $42.7
million in the fourth quarter of 2011 are not included in revenue. Operating
profit for this Group was $72.9 million for the fourth quarter of 2012
compared to operating profit of $75.9 million during the fourth quarter of
2011. Included in the operating results for the fourth quarter of 2012 were
$15.3 million of profit from railcar sales totaling $49.5 million compared to
$18.4 million of profit from railcar sales totaling $71.9 million for the same
period last year.
The Inland Barge Group reported revenues of $165.4 million compared to
revenues of $149.6 million in the fourth quarter of 2011. The increase in
revenues was due to higher volumes and a change in mix of barge types.
Operating profit for this Group was $31.2 million in the fourth quarter of
2012 compared to $39.6 million in the fourth quarter of 2011. Fourth quarter
2011 operating profit included a gain of $17.0 million due to flood-related
insurance settlements. During the fourth quarter of 2012, the Inland Barge
Group received orders of $193 million, and as of December 31, 2012 had a
backlog of $564 million compared to a backlog of $537 million as of September
30, 2012.
The Energy Equipment Group reported revenues of $167.3 million in the fourth
quarter of 2012 compared to revenues of $125.0 million in the same quarter of
2011. Revenues increased compared to the same period in 2011 as a result of
higher structural wind tower shipments and increased demand for containers and
tank heads. Operating profit for the fourth quarter of 2012 increased to $8.5
million compared to a loss of $0.9 million in the same quarter last year due
to manufacturing challenges that negatively impacted the Group's 2011 results.
The backlog for structural wind towers as of December 31, 2012 was $680
million compared to $754 million as of September 30, 2012. Approximately $413
million of this backlog is subject to litigation with a customer for the
customer's breach of a long-term supply contract for the manufacture of
towers.
Revenues in the Construction Products Group were $109.8 million in the fourth
quarter of 2012 compared to revenues of $115.2 million in the fourth quarter
of 2011. The Group recorded an operating profit of $9.4 million in the fourth
quarter of 2012 compared to an operating profit of $11.7 million in the fourth
quarter of 2011. The decline in revenues and operating profit for the fourth
quarter of 2012 compared to the same period in 2011 was primarily attributable
to competitive pricing pressures and higher operating expenses in the Highway
Products business offset partially by higher volumes and improved operating
efficiencies in the Aggregates business. In December 2012, the Company entered
into an agreement to sell its remaining ready-mix concrete operations which
have been historically reported as a component of the Construction Products
Group. This divestiture, expected to close during 2013, is considered a
discontinued operation and, accordingly, the effects of its operations have
been excluded from the Construction Products Group for financial reporting
purposes.
Earnings Outlook
The Company’s earnings guidance for the first quarter of 2013 is between $0.75
and $0.82 per common diluted share compared to $0.66 per common diluted share
in the first quarter of 2012. For the full year of 2013, the Company
anticipates earnings per common diluted share of between $3.45 and $3.75
compared to full year earnings per common diluted share of $3.19 in 2012.
Results for the first quarter and full year 2013 could be impacted by a number
of factors, including, among others: the operating leverage and efficiencies
that can be achieved by the Company’s manufacturing businesses; the level of
sales of railcars from the leasing portfolio; the amount of profit
eliminations due to railcar additions to the Leasing Group; and the impact of
weather conditions on businesses within the Construction Products Group.
Conference Call
Trinity will hold a conference call at 11:00 a.m. Eastern on February 21, 2013
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. An audio replay may be accessed through the Company's website or
by dialing (402) 220-0120 until 11:59 p.m. Eastern on February 28, 2013.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified
industrial company that owns a variety of market-leading businesses which
provide products and services to the industrial, energy, transportation, 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,” “believes,” “estimates,” “expects,”
“intends,” “forecasts,” “may,” “will,” “should,” 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 “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
December 31,
2012 2011
Revenues $ 1,012.9 $ 914.3
Operating costs:
Cost of revenues 800.9 754.4
Selling, engineering, and administrative expenses 64.6 54.5
(Gain)/loss on disposition of property, plant, and
equipment:
Net gains on lease fleet sales (11.2 ) (13.1 )
Disposition of flood-damaged property (0.4 ) (17.0 )
Other 0.1 (4.0 )
854.0 774.8
Operating profit 158.9 139.5
Interest expense, net 50.7 48.8
Other (income) expense 0.2 (0.1 )
Income before income taxes 108.0 90.8
Provision for income taxes 37.0 33.5
Net income from continuing operations 71.0 57.3
Net income (loss) from discontinued operations (0.2 ) (0.4 )
Net income 70.8 56.9
Net income (loss) attributable to noncontrolling (0.5 ) 0.8
interest
Net income attributable to Trinity Industries, Inc. $ 71.3 $ 56.1
Net income attributable to Trinity Industries, Inc. per common
share:
Basic
Continuing operations $ 0.90 $ 0.71
Discontinued operations — (0.01 )
$ 0.90 $ 0.70
Diluted
Continuing operations $ 0.90 $ 0.71
Discontinued operations — (0.01 )
$ 0.90 $ 0.70
Weighted average number of shares outstanding:
Basic 76.8 77.7
Diluted 76.9 77.9
Proceeds from the sales of railcars from the lease fleet owned more than one
year at the time of sale were $31.4 million and $42.7 million for the three
months ended December 31, 2012 and 2011, respectively. Operating profit from
sales of railcars owned one year or less at the time of sale was $4.1 million
and $5.3 million for the three months ended December 31, 2012 and 2011,
respectively.
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Condensed Consolidated Income Statements
(in millions, except per share amounts)
(unaudited)
Year Ended
December 31,
2012 2011
Revenues $ 3,811.9 $ 2,938.3
Operating costs:
Cost of revenues 3,051.5 2,357.5
Selling, engineering, and administrative expenses 224.1 194.0
(Gain)/loss on disposition of property, plant, and
equipment:
Net gains on lease fleet sales (33.5 ) (16.2 )
Disposition of flood-damaged property (0.4 ) (17.6 )
Other (4.6 ) (6.2 )
3,237.1 2,511.5
Operating profit 574.8 426.8
Interest expense, net 193.2 183.8
Other (income) expense (4.3 ) 4.0
Income before income taxes 385.9 239.0
Provision for income taxes 134.0 92.2
Net income from continuing operations 251.9 146.8
Net income (loss) from discontinued operations 1.8 (1.1 )
Net income 253.7 145.7
Net income (loss) attributable to noncontrolling (1.5 ) 3.5
interest
Net income attributable to Trinity Industries, $ 255.2 $ 142.2
Inc.
Net income attributable to Trinity Industries, Inc. per common
share:
Basic
Continuing operations $ 3.18 $ 1.78
Discontinued operations 0.02 (0.01 )
$ 3.20 $ 1.77
Diluted
Continuing operations $ 3.17 $ 1.78
Discontinued operations 0.02 (0.01 )
$ 3.19 $ 1.77
Weighted average number of shares outstanding:
Basic 77.3 77.5
Diluted 77.5 77.8
Proceeds from the sales of railcars from the lease fleet owned more than one
year at the time of sale were $126.3 million and $60.6 million for the years
ended December 31, 2012 and 2011, respectively. Operating profit from sales
of railcars owned one year or less at the time of sale was $24.8 million and
$13.2 million for the years ended December 31, 2012 and 2011, respectively.
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)
Three Months Ended
December 31,
Revenues: 2012 2011
Rail Group $ 571.1 $ 453.3
Construction Products Group 109.8 115.2
Inland Barge Group 165.4 149.6
Energy Equipment Group 167.3 125.0
Railcar Leasing and Management Services Group 150.7 156.6
All Other 20.3 16.4
Eliminations - lease subsidiary (105.1 ) (72.7 )
Eliminations - other (66.6 ) (29.1 )
Consolidated Total $ 1,012.9 $ 914.3
Three Months Ended
December 31,
Operating profit (loss): 2012 2011
Rail Group $ 70.7 $ 34.4
Construction Products Group 9.4 11.7
Inland Barge Group 31.2 39.6
Energy Equipment Group 8.5 (0.9 )
Railcar Leasing and Management Services Group 72.9 75.9
All Other (3.1 ) (3.0 )
Corporate (17.9 ) (13.0 )
Eliminations - lease subsidiary (13.6 ) (5.0 )
Eliminations - other 0.8 (0.2 )
Consolidated Total $ 158.9 $ 139.5
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)
Year Ended
December 31,
Revenues: 2012 2011
Rail Group $ 2,013.0 $ 1,274.7
Construction Products Group 483.7 453.3
Inland Barge Group 675.2 548.5
Energy Equipment Group 558.6 472.8
Railcar Leasing and Management Services Group 647.1 552.0
All Other 81.4 61.8
Eliminations - lease subsidiary (485.9 ) (325.5 )
Eliminations - other (161.2 ) (99.3 )
Consolidated Total $ 3,811.9 $ 2,938.3
Year Ended
December 31,
Operating profit (loss): 2012 2011
Rail Group $ 199.0 $ 77.3
Construction Products Group 44.8 54.9
Inland Barge Group 124.7 106.4
Energy Equipment Group 18.2 8.9
Railcar Leasing and Management Services Group 300.9 254.5
All Other (10.2 ) (3.8 )
Corporate (51.5 ) (43.6 )
Eliminations - lease subsidiary (50.8 ) (28.3 )
Eliminations - other (0.3 ) 0.5
Consolidated Total $ 574.8 $ 426.8
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
December 31, December 31,
2012 2011
Cash and cash equivalents $ 573.0 $ 351.1
Receivables, net of allowance 390.0 385.9
Inventories 667.7 544.6
Restricted cash 223.2 240.3
Net property, plant, and equipment 4,299.0 4,159.1
Goodwill 240.4 219.5
Assets held for sale and discontinued operations 27.9 32.5
Other assets 248.7 188.0
$ 6,669.9 $ 6,121.0
Accounts payable $ 188.2 $ 207.4
Accrued liabilities 583.1 421.3
Debt, net of unamortized discount of $87.5 and 3,055.0 2,972.2
$99.8
Deferred income 44.5 38.7
Deferred income taxes 572.4 434.7
Liabilities held for sale and discontinued 3.7 2.7
operations
Other liabilities 85.4 95.7
Stockholders' equity 2,137.6 1,948.3
$ 6,669.9 $ 6,121.0
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
December 31, December 31,
2012 2011
Property, Plant, and Equipment
Corporate/Manufacturing:
Property, plant, and equipment $ 1,260.1 $ 1,171.7
Accumulated depreciation (720.8 ) (682.1 )
539.3 489.6
Leasing:
Wholly-owned subsidiaries:
Machinery and other 9.6 9.6
Equipment on lease 3,662.6 3,429.3
Accumulated depreciation (468.4 ) (372.9 )
3,203.8 3,066.0
TRIP Holdings:
Equipment on lease 1,272.4 1,257.7
Accumulated depreciation (153.8 ) (122.7 )
1,118.6 1,135.0
Net deferred profit on railcars sold to the
Leasing Group:
Sold to wholly-owned subsidiaries (381.8 ) (344.5 )
Sold to TRIP Holdings (180.9 ) (187.0 )
(562.7 ) (531.5 )
$ 4,299.0 $ 4,159.1
Leasing portfolio information:
Portfolio size (number of railcars):
Wholly-owned subsidiaries 57,000 54,595
TRIP Holdings 14,455 14,350
Total fleet 71,455 68,945
Portfolio utilization:
Wholly-owned subsidiaries 98.4 % 99.3 %
TRIP Holdings 99.2 % 99.9 %
Total fleet 98.6 % 99.5 %
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
December 31, December 31,
2012 2011
Debt
Corporate/Manufacturing - Recourse:
Revolving credit facility $ — $ —
Convertible subordinated notes 450.0 450.0
Less: unamortized discount (87.5 ) (99.8 )
362.5 350.2
Other 1.2 1.5
363.7 351.7
Leasing:
Wholly-owned subsidiaries:
Recourse:
Capital lease obligations 45.8 48.6
Term loan 48.6 54.7
94.4 103.3
Non-recourse:
Secured railcar equipment notes 1,140.3 842.0
Warehouse facility 173.6 308.5
Promissory notes 424.1 465.5
1,738.0 1,616.0
TRIP Holdings - Non-recourse:
Senior secured notes 170.0 170.0
Less: Owned by Trinity (108.8 ) (108.8 )
61.2 61.2
Secured railcar equipment notes 797.7 840.0
858.9 901.2
$ 3,055.0 $ 2,972.2
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
December 31, December 31,
2012 2011
Leasing Debt Summary
Total Recourse Debt $ 94.4 $ 103.3
Total Non-Recourse Debt^(1) 2,596.9 2,517.2
$ 2,691.3 $ 2,620.5
Total Leasing Debt
Wholly-owned subsidiaries $ 1,832.4 $ 1,719.3
TRIP Holdings^(1) 858.9 901.2
$ 2,691.3 $ 2,620.5
Equipment on Lease^(2)
Wholly-owned subsidiaries $ 3,203.8 $ 3,066.0
TRIP Holdings 1,118.6 1,135.0
$ 4,322.4 $ 4,201.0
Total Leasing Debt as a % of Equipment on Lease
Wholly-owned subsidiaries 57.2 % 56.1 %
TRIP Holdings 76.8 % 79.4 %
Combined 62.3 % 62.4 %
(1) Excludes $108.8 million in TRIP Holdings' Senior Secured Notes owned by
Trinity and eliminated in consolidation.
(2) Excludes net deferred profit on railcars sold to the Leasing Group.
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. Amounts previously reported
have been adjusted to exclude discontinued operations resulting from the
expected sale of the Company’s ready-mix concrete operations.
Three Months Ended Three Months Ended
December 31, 2012 December 31, 2011
Income Average EPS Income Average EPS
(Loss) Shares (Loss) Shares
Net income
from $ 71.0 $ 57.3
continuing
operations
Less: net
income (loss)
from
continuing
operations (0.5 ) 0.8
attributable
to
noncontrolling
interest
Net income
from
continuing
operations 71.5 56.5
attributable
to Trinity
Industries,
Inc.
Unvested
restricted (2.1 ) (1.5 )
share
participation
Net income
from
continuing
operations 69.4 76.8 $ 0.90 55.0 77.7 $ 0.71
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities: — 0.1 — 0.2
Stock options
Net income
from
continuing
operations $ 69.4 76.9 $ 0.90 $ 55.0 77.9 $ 0.71
attributable
to Trinity
Industries,
Inc. - diluted
Net income
from
discontinued $ (0.2 ) $ (0.4 )
operations,
net of taxes
Unvested
restricted — (0.1 )
share
participation
Net income
from
discontinued (0.2 ) 76.8 $ — (0.5 ) 77.7 $ (0.01 )
operations,
net of taxes -
basic
Effect of
dilutive
securities: — 0.1 — 0.2
Stock options
Net income
from
discontinued $ (0.2 ) 76.9 $ — $ (0.5 ) 77.9 $ (0.01 )
operations,
net of taxes -
diluted
Year Ended Year Ended
December 31, 2012 December 31, 2011
Income Average EPS Income Average EPS
(Loss) Shares (Loss) Shares
Net income
from $ 251.9 $ 146.8
continuing
operations
Less: net
income (loss)
from
continuing
operations (1.5 ) 3.5
attributable
to
noncontrolling
interest
Net income
from
continuing
operations 253.4 143.3
attributable
to Trinity
Industries,
Inc.
Unvested
restricted (7.7 ) (5.0 )
share
participation
Net income
from
continuing
operations 245.7 77.3 $ 3.18 138.3 77.5 $ 1.78
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities: — 0.2 — 0.3
Stock options
Net income
from
continuing
operations $ 245.7 77.5 $ 3.17 $ 138.3 77.8 $ 1.78
attributable
to Trinity
Industries,
Inc. - diluted
Net income
from
discontinued $ 1.8 $ (1.1 )
operations,
net of taxes
Unvested
restricted (0.1 ) —
share
participation
Net income
from
discontinued 1.7 77.3 $ 0.02 (1.1 ) 77.5 $ (0.01 )
operations,
net of taxes -
basic
Effect of
dilutive
securities: — 0.2 — 0.3
Stock options
Net income
from
discontinued $ 1.7 77.5 $ 0.02 $ (1.1 ) 77.8 $ (0.01 )
operations,
net of taxes -
diluted
Trinity Industries, Inc.
Reconciliation of 2011 Earnings Per Common Diluted Share Adjusted for One-Time
Items
(in millions)
(unaudited)
Three Months Ended Year Ended
December 31, 2011 December 31, 2011
Earnings per common diluted share as $0.70 $1.77
reported
Less: Per share effect of net gains
arising from flood-
related losses at the Company’s barge
manufacturing
facilities in Tennessee and Missouri 0.14 0.12
Earnings per common diluted share as $0.56 $1.65
adjusted
Trinity Industries, Inc.
Reconciliation of EBITDA
(in millions)
(unaudited)
“EBITDA” is defined as income (loss) from continuing operations 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 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
December 31,
2012 2011
Net income from continuing operations $ 71.0 $ 57.3
Add:
Interest expense 51.1 49.1
Provision for income taxes 37.0 33.5
Depreciation and amortization expense 49.2 47.5
Earnings from continuing operations before interest
expense, income taxes, and depreciation and amortization $ 208.3 $ 187.4
expense
Year Ended
December 31,
2012 2011
Net income from continuing operations $ 251.9 $ 146.8
Add:
Interest expense 194.7 185.3
Provision for income taxes 134.0 92.2
Depreciation and amortization expense 193.7 187.7
Earnings from continuing operations before interest
expense, income taxes, and depreciation and amortization $ 774.3 $ 612.0
expense
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the expected sale of the Company’s ready-mix
concrete operations.
Contact:
Trinity Industries, Inc.
Jessica Greiner, 214-631-4420
Director of Investor Relations
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