Trinity Industries, Inc. Announces Third Quarter Results Reporting Highest Quarterly Net Income and EPS in the Company's

  Trinity Industries, Inc. Announces Third Quarter Results Reporting Highest
  Quarterly Net Income and EPS in the Company's History

Business Wire

DALLAS -- October 30, 2013

Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the
third quarter ended September30, 2013, including the following significant
highlights:

  *Record quarterly earnings per share of $1.26, a 58% increase
    year-over-year
  *Anticipates fourth quarter earnings per common diluted share of between
    $1.24 and $1.34 and raises full year 2013 earnings guidance to between
    $4.55 and $4.65
  *Rail Group receives orders for 5,610 new railcars during the third quarter
    resulting in a backlog of 40,050 units with a value of $5.1 billion
  *Structural wind towers business receives orders with a value of $442
    million, extending production visibility through 2015
  *Company repurchases approximately 540,000 shares of its common stock
    during the quarter at a cost of $23.9 million
  *Available liquidity at the end of the third quarter of approximately $1.2
    billion

Trinity Industries, Inc. reported net income attributable to Trinity
stockholders of $99.6 million, or $1.26 per common diluted share, for the
third quarter ended September30, 2013. Net income for the same quarter of
2012 was $63.2 million, or $0.80 per common diluted share.

Revenues for the third quarter of 2013 increased 22% to $1.1 billion compared
to revenues of $907.3 million for the same quarter of 2012. The Company
reported an operating profit of $205.6 million in the third quarter of 2013, a
46% increase compared to an operating profit of $140.7 million for the same
quarter last year.

“The Company sustained its positive momentum during the quarter, reporting
record net income and EPS and extending consecutive year-over-year growth in
quarterly revenues and net income to twelve quarters,” said Timothy R.
Wallace, Trinity’s Chairman, CEO, and President. “This is a tremendous
accomplishment, and I am very proud of the hard work and talent of our people
over the last several years to align our manufacturing capacity with the
strong demand for our products that serve the oil, gas, and chemical
industries.”

Mr. Wallace continued, “During the quarter, the Rail Group maintained its
record $5.1 billion backlog. I am pleased that our structural wind towers
business increased its backlog and now has production visibility through 2015.
The amount of backlog visibility we have in our major businesses provides
opportunities to continue to generate additional operating efficiencies. In
addition, our portfolio of businesses remains well-positioned to serve the
fast-growing North American oil, gas, and chemical industries, and we are
prepared to respond to demand increases in other industries should broader
economic activity improve. Our solid financial position, combined with our
extended backlogs, enhances our confidence to seek new growth opportunities
for our portfolio of diversified industrial businesses.”

Business Group Results

In the third quarter of 2013, the Rail Group reported revenues of $718.5
million and a record operating profit of $121.5 million, resulting in
increases compared to the third quarter of 2012 of 57% and 245%, respectively.
The Rail Group shipped 6,225 railcars and received orders for 5,610 railcars
during the third quarter. The Rail Group backlog remained at $5.1 billion at
September30, 2013, representing 40,050 railcars, compared to a backlog of
$5.1 billion as of June30, 2013, representing 40,665 railcars.

During the third quarter of 2013, the Railcar Leasing and Management Services
Group reported leasing and management revenues of $150.6 million compared to
$136.5 million in the third quarter of 2012 due to continued growth in the
lease fleet and higher rental rates. In addition, the Group had no sales of
railcars from the lease fleet owned for less than a year during the third
quarter compared to $23.4 million in the third quarter of 2012. Proceeds from
the sale of railcars from the lease fleet owned for more than a year at the
time of sale are not included in revenue and totaled $20.2 million in the
third quarter of 2013 and $60.8 million in the third quarter of 2012.
Operating profit for this Group was $74.0 million for the third quarter of
2013 compared to an operating profit of $85.1 million during the third quarter
of 2012. Included in the operating results for the third quarter of 2013 was
$1.6 million of profit from railcar sales totaling $20.2 million compared to
$21.3 million of profit from railcar sales totaling $84.2 million for the same
period last year. Operating profit from operations, which excludes profit from
railcar sales, increased for the three months ended September30, 2013
compared to the same period last year due to higher rental rates and lease
fleet growth.

RIV 2013 Rail Holdings LLC (“RIV 2013”) purchased an additional $246 million
of leased railcars from Trinity Industries Leasing Company (“TILC”) during the
third quarter, bringing total RIV 2013 leased railcar purchases to
approximately $700 million. The third-quarter purchases were financed with the
issuance of $183 million of non-recourse, asset-backed debt and $74 million of
equity, 69% of which was funded by our joint venture partners. Approximately
$91 million of equity commitments remain to complete the $1 billion railcar
portfolio. At September 30, 2013, TILC owned approximately 31% of the equity
in RIV 2013. The financial position and results of operation of RIV 2013 are
included in the Railcar Leasing and Management Services Group, along with the
Company’s other partially-owned leasing subsidiary. Earnings from our
partially-owned leasing subsidiaries related to the equity not owned by
Trinity are deducted from net income to arrive at net income attributable to
Trinity stockholders.

The Inland Barge Group reported revenues of $136.4 million compared to
revenues of $166.5 million in the third quarter of 2012. Operating profit for
this Group was $23.8 million in the third quarter of 2013 compared to $26.9
million in the third quarter of 2012. The decrease in revenues and operating
profit compared to last year was due to lower delivery volumes of hopper
barges partially offset by higher delivery volumes of tank barges delivered
during the third quarter of 2013. The Inland Barge Group received orders of
$48.8 million during the quarter, and as of September30, 2013 had a backlog
of $476.0 million compared to a backlog of $563.6 million as of June30, 2013.

The Energy Equipment Group reported revenues of $169.7 million in the third
quarter of 2013 compared to revenues of $135.6 million in the same quarter of
2012. Revenues increased compared to the same period in 2012 due to increased
demand for storage container vessels offset slightly by a change in product
mix in our structural wind towers business. Operating profit for the third
quarter of 2013 increased to $15.0 million compared to $9.5 million in the
same quarter last year. Structural wind towers received orders with a value of
$442 million during the quarter, resulting in a backlog for structural wind
towers as of September30, 2013 of $609.9 million, none of which is subject to
litigation, compared to $642.9 million, of which $412.5 million was subject to
litigation, as of June30, 2013. During the quarter, the structural wind
towers backlog subject to litigation with a customer for the customer's breach
of a long-term supply contract for the manufacture of towers was removed from
the backlog due to the expectation that the purchases will not be made as
contracted. The litigation, in which Trinity seeks as damages its lost profits
under the contract, is still pending.

Revenues in the Construction Products Group were $149.2 million in the third
quarter of 2013 compared to revenues of $124.1 million in the third quarter of
2012. The Group recorded an operating profit of $18.6 million in the third
quarter of 2013 compared to an operating profit of $11.5 million in the third
quarter of 2012. The increase in revenues and operating profit for the third
quarter of 2013 compared to the same period in 2012 was primarily due to
higher acquisition-related volumes and production efficiencies in our
Aggregates product line. In March 2013, the Company completed the sale of its
remaining ready-mix concrete operations which have been historically reported
as a component of the Construction Products Group. This divestiture is
considered a discontinued operation and, accordingly, the effects of its
operations have been excluded from the Construction Products Group for
financial reporting purposes.

At September30, 2013, the Company had cash and marketable securities of
$498.6 million. When combined with capacity under committed credit facilities,
the Company had approximately $1.2 billion of available liquidity at the end
of the third quarter.

Earnings Outlook

The Company's earnings guidance for the fourth quarter is between $1.24 and
$1.34 per common diluted share. This results in full year 2013 earnings
guidance, including the effects of discontinued operations, of between $4.55
and $4.65 per common diluted share compared to previous guidance of between
$4.20 and $4.40. The full year earnings guidance represents an increase of
between 43% and 46% over 2012 earnings. Results for the 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 and profitability of railcars; the amount of
profit eliminations due to railcar additions to the Leasing Group; and the
impact of weather conditions on our operations and delivery schedules.

Share Repurchase and Dividend Activity

During the quarter, the Company repurchased approximately 540,000 shares of
common stock under its share repurchase authorization at a cost of $23.9
million leaving $126.2 million remaining under its current authorization
through December 31, 2014. Additionally, as previously reported in September,
the Company declared a 15% increase in its quarterly dividend to 15 cents per
common share, payable on October 31, 2013 to shareholders of record on October
15, 2013. Together with the 2 cent per share increase declared in May, the
Company has increased its quarterly dividend by 36% in 2013.

Conference Call

Trinity will hold a conference call at 11:00 a.m. Eastern on October31, 2013
to discuss its third quarter 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)
220-0116 until 11:59 p.m. Eastern on November 7, 2013.

Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified
industrial company that owns market-leading businesses which provide products
and services to the energy, transportation, chemical, and construction
sectors. Trinity reports its financial results in five principal business
segments: the Rail Group, the Railcar Leasing and Management Services Group,
the Inland Barge Group, the Construction Products Group, and the Energy
Equipment Group. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are
“forward-looking statements” as defined by the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements about
Trinity's estimates, expectations, beliefs, intentions or strategies for the
future, and the assumptions underlying these forward-looking statements.
Trinity uses the words “anticipates,” “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
                                                       September 30,
                                                       2013         2012
Revenues                                               $ 1,110.3     $ 907.3
Operating costs:
Cost of revenues                                         836.3         728.1
Selling, engineering, and administrative expenses        70.6          55.8
(Gain)/loss on disposition of property, plant, and
equipment:
Net gains on lease fleet sales                           (1.6    )     (17.0 )
Other                                                   (0.6    )    (0.3  )
                                                        904.7       766.6 
Operating profit                                         205.6         140.7
Interest expense, net                                    45.2          47.5
Other (income) expense                                  (0.5    )    (1.5  )
Income before income taxes                               160.9         94.7
Provision for income taxes                              55.1        32.3  
Net income from continuing operations                    105.8         62.4
Net gain on sale of discontinued operations              —             —
Net income (loss) from discontinued operations          0.3         0.7   
Net income                                               106.1         63.1
Net income (loss) attributable to noncontrolling        6.5         (0.1  )
interest
Net income attributable to Trinity Industries, Inc.    $ 99.6       $ 63.2  
                                                                     
Net income attributable to Trinity Industries, Inc.
per common share:
Basic
Continuing operations                                  $ 1.26        $ 0.79
Discontinued operations                                 —           0.01  
                                                       $ 1.26       $ 0.80  
Diluted
Continuing operations                                  $ 1.26        $ 0.79
Discontinued operations                                 —           0.01  
                                                       $ 1.26       $ 0.80  
Weighted average number of shares outstanding:
Basic                                                    76.1          76.5
Diluted                                                  76.2          76.7
                                                                     

Operating profit (loss) from sales of railcars owned one year or less at the
time of sale included in revenues and cost of revenues was $4.3 million for
the three months ended September30, 2012. There were no sales of railcars
owned one year or less at the time of sale for the three months ended
September 30, 2013. Amounts previously reported have been adjusted to exclude
discontinued operations resulting from the sale of the Company's ready-mix
concrete operations.

                                                   
                                                     
Trinity Industries, Inc.

Condensed Consolidated Income Statements

(in millions, except per share amounts)

(unaudited)
                                                     
                                                     Nine Months Ended
                                                     September 30,
                                                     2013         2012
Revenues                                             $ 3,109.3     $ 2,799.0
Operating costs:
Cost of revenues                                       2,359.6       2,250.6
Selling, engineering, and administrative expenses      211.1         159.5
(Gain)/loss on disposition of property, plant, and
equipment:
Net gains on lease fleet sales                         (9.6    )     (22.3   )
Other                                                 (0.3    )    (4.7    )
                                                      2,560.8     2,383.1 
Operating profit                                       548.5         415.9
Interest expense, net                                  140.1         142.5
Other (income) expense                                (2.3    )    (4.5    )
Income before income taxes                             410.7         277.9
Provision for income taxes                            143.5       97.0    
Net income from continuing operations                  267.2         180.9
Net gain on sale of discontinued operations            7.1           —
Net income (loss) from discontinued operations        (1.2    )    2.0     
Net income                                             273.1         182.9
Net income (loss) attributable to noncontrolling      10.4        (1.0    )
interest
Net income attributable to Trinity Industries,       $ 262.7      $ 183.9   
Inc.
                                                                   
Net income attributable to Trinity Industries,
Inc. per common share:
Basic
Continuing operations                                $ 3.24        $ 2.28
Discontinued operations                               0.07        0.02    
                                                     $ 3.31       $ 2.30    
Diluted
Continuing operations                                $ 3.24        $ 2.27
Discontinued operations                               0.07        0.02    
                                                     $ 3.31       $ 2.29    
Weighted average number of shares outstanding:
Basic                                                  76.7          77.3
Diluted                                                76.8          77.5
                                                                   

Operating profit from sales of railcars owned one year or less at the time of
sale included in revenues and cost of revenues was $3.5 million and $20.7
million for the nine months ended September30, 2013 and 2012, respectively.
Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the sale of the Company's ready-mix concrete
operations.

                                                   
                                                     
Trinity Industries, Inc.

Condensed Segment Data

(in millions)

(unaudited)
                                                     
                                                     Three Months Ended
                                                     September 30,
Revenues:                                            2013         2012
Rail Group                                           $ 718.5       $ 457.9
Construction Products Group                            149.2         124.1
Inland Barge Group                                     136.4         166.5
Energy Equipment Group                                 169.7         135.6
Railcar Leasing and Management Services Group          150.6         159.9
All Other                                             22.0        24.6    
Segment Totals before Eliminations                     1,346.4       1,068.6
Eliminations - lease subsidiary                        (173.0  )     (125.9  )
Eliminations - other                                  (63.1   )    (35.4   )
Consolidated Total                                   $ 1,110.3    $ 907.3   
                                                                   
                                                     Three Months Ended
                                                     September 30,
Operating profit (loss):                             2013          2012
Rail Group                                           $ 121.5       $ 35.2
Construction Products Group                            18.6          11.5
Inland Barge Group                                     23.8          26.9
Energy Equipment Group                                 15.0          9.5
Railcar Leasing and Management Services Group          74.0          85.1
All Other                                             (1.6    )    (2.0    )
Segment Totals before Eliminations and Corporate       251.3         166.2
Expenses
Corporate                                              (17.8   )     (12.4   )
Eliminations - lease subsidiary                        (28.3   )     (14.1   )
Eliminations - other                                  0.4         1.0     
Consolidated Total                                   $ 205.6      $ 140.7   
                                                                   

Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the sale of the Company's ready-mix concrete
operations.

                                                   
                                                     
Trinity Industries, Inc.

Condensed Segment Data

(in millions)

(unaudited)
                                                     
                                                     Nine Months Ended
                                                     September 30,
Revenues:                                            2013         2012
Rail Group                                           $ 2,012.0     $ 1,441.9
Construction Products Group                            407.5         373.9
Inland Barge Group                                     433.8         509.8
Energy Equipment Group                                 476.9         391.3
Railcar Leasing and Management Services Group          454.6         496.4
All Other                                             63.0        61.1    
Segment Totals before Eliminations                     3,847.8       3,274.4
Eliminations - lease subsidiary                        (560.5  )     (380.8  )
Eliminations - other                                  (178.0  )    (94.6   )
Consolidated Total                                   $ 3,109.3    $ 2,799.0 
                                                                   
                                                     Nine Months Ended
                                                     September 30,
Operating profit (loss):                             2013          2012
Rail Group                                           $ 332.3       $ 128.3
Construction Products Group                            45.3          35.4
Inland Barge Group                                     69.0          93.5
Energy Equipment Group                                 44.2          9.7
Railcar Leasing and Management Services Group          211.3         228.0
All Other                                             (8.0    )    (7.1    )
Segment Totals before Eliminations and Corporate       694.1         487.8
Expenses
Corporate                                              (49.9   )     (33.6   )
Eliminations - lease subsidiary                        (95.4   )     (37.2   )
Eliminations - other                                  (0.3    )    (1.1    )
Consolidated Total                                   $ 548.5      $ 415.9   
                                                                   

Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the sale of the Company's ready-mix concrete
operations.

                                                               
                                                                  
Trinity Industries, Inc.

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)
                                                                  
                                                  September 30,   December 31,
                                                  2013            2012
Cash and cash equivalents                         $   402.6       $   573.0
Short-term marketable securities                      96.0            —
Receivables, net of allowance                         501.5           390.0
Inventories                                           769.6           667.7
Restricted cash                                       249.3           223.2
Net property, plant, and equipment                    4,701.3         4,299.0
Goodwill                                              250.8           240.4
Assets held for sale and discontinued                 —               27.9
operations
Other assets                                         287.2          248.7
                                                  $   7,258.3     $   6,669.9
                                                                  
Accounts payable                                  $   207.0       $   188.2
Accrued liabilities                                   685.7           583.1
Debt, net of unamortized discount of $77.6 and        3,021.1         3,055.0
$87.5
Deferred income                                       41.7            44.5
Deferred income taxes                                 595.6           572.4
Other liabilities                                     96.7            85.4
Liabilities held for sale and discontinued            —               3.7
operations
Stockholders' equity                                 2,610.5        2,137.6
                                                  $   7,258.3     $   6,669.9

                                                              
                                                                  
Trinity Industries, Inc.

Additional Balance Sheet Information

(in millions)

(unaudited)
                                                                  
                                                 September 30,   December 31,
                                                  2013            2012
Property, Plant, and Equipment
Corporate/Manufacturing:
Property, plant, and equipment                    $  1,395.3      $  1,260.1
Accumulated depreciation                            (766.3   )     (720.8  )
                                                    629.0         539.3   
Leasing:
Wholly-owned subsidiaries:
Machinery and other                                  10.1            9.6
Equipment on lease                                   3,490.7         3,231.9
Accumulated depreciation                            (536.2   )     (468.4  )
                                                    2,964.6       2,773.1 
Partially-owned subsidiaries:
Equipment on lease                                   1,945.7         1,703.1
Accumulated depreciation                            (189.4   )     (153.8  )
                                                    1,756.3       1,549.3 
                                                                  
Net deferred profit on railcars sold to the         (648.6   )     (562.7  )
Leasing Group
                                                  $  4,701.3     $  4,299.0 
Leasing portfolio information:
Portfolio size (number of railcars)                  75,460          71,455
Portfolio utilization                                98.5     %      98.6    %
                                                                  

Certain prior year balances with respect to RIV 2013 have been reclassified as
pertaining to a partially-owned subsidiary to conform to the 2013
presentation.

                                                             
                                                                 
Trinity Industries, Inc.

Additional Balance Sheet Information

(in millions)

(unaudited)
                                                                 
                                                 September 30,   December 31,
                                                 2013            2012
Debt
Corporate/Manufacturing - Recourse:
Revolving credit facility                        $  —            $  —
Convertible subordinated notes                      450.0           450.0
Less: unamortized discount                         (77.6    )     (87.5   )
                                                    372.4           362.5
Other                                              0.9           1.2     
                                                   373.3         363.7   
Leasing:
Wholly-owned subsidiaries:
Recourse:
Capital lease obligations                           42.9            45.8
Term loan                                          —             48.6    
                                                   42.9          94.4    
Non-recourse:
Secured railcar equipment notes                     776.7           806.5
Warehouse facility                                  152.0           173.6
Promissory notes                                   403.5         424.1   
                                                   1,332.2       1,404.2 
Partially-owned subsidiaries - Non-recourse:
Senior secured notes                                —               170.0
Less: Owned by Trinity                             —             (108.8  )
                                                    —               61.2
Secured railcar equipment notes                    1,272.7       1,131.5 
                                                   1,272.7       1,192.7 
                                                 $  3,021.1     $  3,055.0 
                                                                            

Certain prior year balances with respect to RIV 2013 have been reclassified as
pertaining to a partially-owned subsidiary to conform to the 2013
presentation.

                                                               
                                                                  
Trinity Industries, Inc.

Additional Balance Sheet Information

(in millions)

(unaudited)
                                                                  
                                                  September 30,   December 31,
                                                  2013            2012
Leasing Debt Summary
Total Recourse Debt                               $  42.9         $  94.4
Total Non-Recourse Debt^(1)                         2,604.9       2,596.9 
                                                  $  2,647.8     $  2,691.3 
Total Leasing Debt
Wholly-owned subsidiaries                         $  1,375.1      $  1,498.6
Partially-owned subsidiaries^(1)                    1,272.7       1,192.7 
                                                  $  2,647.8     $  2,691.3 
Equipment on Lease^(2)
Wholly-owned subsidiaries                         $  2,964.6      $  2,773.1
Partially-owned subsidiaries                        1,756.3       1,549.3 
                                                  $  4,720.9     $  4,322.4 
Total Leasing Debt as a % of Equipment on Lease
Wholly-owned subsidiaries                            46.4     %      54.0    %
Partially-owned subsidiaries                         72.5     %      77.0    %
Combined                                             56.1     %      62.3    %
                                                                  

Certain prior year balances with respect to RIV 2013 have been reclassified as
pertaining to a partially-owned subsidiary to conform to the 2013
presentation.

(1) Excludes 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.

Condensed Consolidated Cash Flow Statements

(in millions)

(unaudited)
                                                       
                                                       Nine Months Ended
                                                       September 30,
                                                       2013        2012
Operating activities:
Net income                                             $ 273.1      $ 182.9
Adjustments to reconcile net income to net cash
provided by operating activities:
Income from discontinued operations                      (5.9   )     (2.0   )
Depreciation and amortization                            156.2        144.5
Net gains on sales of railcars owned more than one       (9.6   )     (22.3  )
year at the time of sale
Other                                                    4.9          124.6
Changes in assets and liabilities:
(Increase) decrease in receivables                       (112.3 )     (38.5  )
(Increase) decrease in inventories                       (86.0  )     (141.0 )
Increase (decrease) in accounts payable                  19.7         4.4
Increase (decrease) in accrued liabilities               123.8        62.8
Other                                                   10.8       (63.3  )
Net cash provided by operating activities               374.7      252.1  
Investing activities:
Proceeds from sales of railcars owned more than one      59.3         94.9
year at the time of sale
Proceeds from disposition of property, plant, and        1.1          15.7
equipment
Capital expenditures - leasing, net of sold railcars
owned one year or less with a net cost of $15.4 and      (455.5 )     (266.3 )
$79.8
Capital expenditures - manufacturing and other           (91.2  )     (64.6  )
Other                                                   (142.2 )    2.7    
Net cash required by investing activities               (628.5 )    (217.6 )
Financing activities:
Payments to retire debt                                  (227.5 )     (122.4 )
Proceeds from issuance of debt                           175.4        115.1
Shares repurchased                                       (71.1  )     (45.2  )
Dividends paid to common shareholders                    (27.5  )     (23.1  )
Proceeds from sale of interests in partially-owned       296.7        —
leasing subsidiaries
Repurchase of noncontrolling interest                    (84.0  )     —
Contributions from noncontrolling interest               50.0         —
Distributions to noncontrolling interest                 (3.3   )     —
Other                                                   (25.3  )    2.2    
Net cash provided (required) by financing activities    83.4       (73.4  )
Net decrease in cash and cash equivalents                (170.4 )     (38.9  )
Cash and cash equivalents at beginning of period        573.0      351.1  
Cash and cash equivalents at end of period             $ 402.6     $ 312.2  
                                                                             
                                                                             

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 sale
of the Company's ready-mix concrete operations.

                                                   
                   Three Months Ended                   Three Months Ended
                   September 30, 2013                   September 30, 2012
                   Income      Average   EPS        Income      Average   EPS
                   (Loss)        Shares                 (Loss)        Shares
Net income
from               $ 105.8                              $ 62.4
continuing
operations
Less: net
income (loss)
from
continuing
operations          6.5                                (0.1  )
attributable
to
noncontrolling
interest
Net income
from
continuing
operations           99.3                                 62.5
attributable
to Trinity
Industries,
Inc.
Unvested
restricted          (3.3  )                             (2.0  )
share
participation
Net income
from
continuing
operations           96.0        76.1        $ 1.26       60.5        76.5        $ 0.79
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.2
Net income
from
continuing
operations         $ 96.0       76.2        $ 1.26     $ 60.5       76.7        $ 0.79
attributable
to Trinity
Industries,
Inc. - diluted
Net income
(loss) from
discontinued       $ 0.3                                $ 0.7
operations,
net of taxes
Unvested
restricted          —                                  —     
share
participation
Net income
(loss) from
discontinued         0.3         76.1        $ —          0.7         76.5        $ 0.01
operations,
net of taxes -
basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.2
Net income
(loss) from
discontinued       $ 0.3        76.2        $ —        $ 0.7        76.7        $ 0.01
operations,
net of taxes -
diluted
                                                        
                   Nine Months Ended                    Nine Months Ended
                   September 30, 2013                   September 30, 2012
                   Income        Average     EPS        Income        Average     EPS
                   (Loss)        Shares                 (Loss)        Shares
Net income
from               $ 267.2                              $ 180.9
continuing
operations
Less: net
income (loss)
from
continuing
operations          10.4                               (1.0  )
attributable
to
noncontrolling
interest
Net income
from
continuing
operations           256.8                                181.9
attributable
to Trinity
Industries,
Inc.
Unvested
restricted          (8.2  )                             (6.0  )
share
participation
Net income
from
continuing
operations           248.6       76.7        $ 3.24       175.9       77.3        $ 2.28
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.2
Net income
from
continuing
operations         $ 248.6      76.8        $ 3.24     $ 175.9      77.5        $ 2.27
attributable
to Trinity
Industries,
Inc. - diluted
Net income
(loss) from
discontinued       $ 5.9                                $ 2.0
operations,
net of taxes
Unvested
restricted          (0.2  )                             (0.1  )
share
participation
Net income
(loss) from
discontinued         5.7         76.7        $ 0.07       1.9         77.3        $ 0.02
operations,
net of taxes -
basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.2
Net income
(loss) from
discontinued       $ 5.7        76.8        $ 0.07     $ 1.9        77.5        $ 0.02
operations,
net of taxes -
diluted
                                                                                    
                                                                                    

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
                                                            September 30,
                                                            2013      2012
                                                                       
Net income from continuing operations                       $  105.8   $ 62.4
Add:
Interest expense                                               45.8      47.8
Provision for income taxes                                     55.1      32.3
Depreciation and amortization expense                         53.8     48.7
Earnings from continuing operations before interest
expense,                                                    $  260.5   $ 191.2
income taxes, and depreciation and amortization expense
                                                                       
                                                            Nine Months Ended
                                                            September 30,
                                                            2013       2012
                                                                       
Net income from continuing operations                       $  267.2   $ 180.9
Add:
Interest expense                                               141.5     143.6
Provision for income taxes                                     143.5     97.0
Depreciation and amortization expense                         156.2    144.5
Earnings from continuing operations before interest
expense,                                                    $  708.4   $ 566.0
income taxes, and depreciation and amortization expense
                                                                         

Amounts previously reported have been adjusted to exclude discontinued
operations resulting from the sale of the Company's ready-mix concrete
operations.

Contact:

Trinity Industries, Inc.
Jessica Greiner, 214-631-4420
Director of Investor Relations