Trinity Industries, Inc. Announces Record Fourth Quarter and Full Year 2013 Results

  Trinity Industries, Inc. Announces Record Fourth Quarter and Full Year 2013
  Results

Business Wire

DALLAS -- February 19, 2014

Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the
fourth quarter and full year ended December31, 2013, including the following
significant highlights:

  *Record fourth quarter and full year 2013 earnings per common diluted share
    of $1.44 and $4.75, respectively
  *Year-over-year fourth quarter and full year revenue growth of 24% and 15%,
    respectively, and earnings per common diluted share growth of 60% and 49%,
    respectively
  *Rail Group receives orders for 7,125 new railcars during the fourth
    quarter resulting in a backlog of 39,895 units with a value of $5.0
    billion
  *Company repurchases 639,000 shares of its common stock during the quarter
    at a cost of $34.3 million, resulting in full-year repurchases of
    2,473,000 shares at a cost of $108.2 million
  *Company issues earnings guidance for full year 2014 reflecting record
    results of between $6.30 and $7.00 per common diluted share, a
    year-over-year increase of between 33% and 47%

Trinity Industries, Inc. reported net income attributable to Trinity
stockholders of $112.8 million, or $1.44 per common diluted share, for the
fourth quarter ended December31, 2013. Net income for the same quarter of
2012 was $71.3 million, or $0.90 per common diluted share. Revenues for the
fourth quarter of 2013 increased 24% to $1.3 billion compared to revenues of
$1.0 billion for the same quarter of 2012.

For the year ended December31, 2013, the Company reported net income
attributable to Trinity stockholders of $375.5 million, or $4.75 per common
diluted share. In 2012, the Company reported net income of $255.2 million, or
$3.19 per common diluted share. Revenues for the year ended December31, 2013
were $4.4 billion, a 15% increase compared to revenues of $3.8 billion in
2012.

“I am pleased with our strong financial results for the fourth quarter and our
overall performance during 2013,” said Timothy R. Wallace, Trinity’s Chairman,
CEO and President. “We achieved a number of key financial milestones,
reporting record revenues, net income and earnings per share for both the
fourth quarter and the full year. I am very proud of our people, whose
capabilities and hard work enabled us to realign a portion of our
manufacturing capacity to serve customers for products in the oil, gas, and
chemical industries. During 2013, we announced two transactions with
institutional investors desiring to invest in a portfolio of leased railcars,
RIV 2013, a $1 billion railcar investment partnership, and Element Financial,
through a $2 billion program agreement. I expect these transactions will
continue to create value for the Company."

Mr. Wallace added, “During 2014, 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. We have a great deal of positive
momentum occurring within Trinity.”

Business Group Results

In the fourth quarter of 2013, the Rail Group reported record revenues of
$855.5 million and a record operating profit of $157.4 million, resulting in
increases compared to the fourth quarter of 2012 of 50% and 123%,
respectively. The Rail Group shipped 7,280 railcars and received orders for
7,125 railcars during the fourth quarter. The Rail Group backlog decreased
slightly to $5.0 billion at December31, 2013, representing 39,895 railcars,
compared to a backlog of $5.1 billion as of September30, 2013, representing
40,050 railcars.

During the fourth quarter of 2013, the Railcar Leasing and Management Services
Group reported leasing and management revenues of $151.3 million compared to
$132.6 million in the fourth quarter of 2012 due to continued growth in the
lease fleet and higher rental rates. In addition, the Group recognized $39.5
million in sales of railcars from the lease fleet owned for less than a year
during the fourth quarter compared to $18.1 million in the fourth 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 $72.3
million in the fourth quarter of 2013 and $31.4 million in the fourth quarter
of 2012. Operating profit for this Group was $85.5 million for the fourth
quarter of 2013 compared to operating profit of $72.9 million during the
fourth quarter of 2012. Included in the operating results for the fourth
quarter of 2013 was $16.4 million of profit from railcar sales totaling $111.8
million compared to $15.3 million of profit from railcar sales totaling $49.5
million for the same period last year. Operating profit from operations, which
excludes profit from railcar sales, increased for the three months ended
December31, 2013 compared to the same period last year due to higher rental
rates and lease fleet growth.

The Inland Barge Group reported revenues of $142.9 million compared to
revenues of $165.4 million in the fourth quarter of 2012. Operating profit for
this Group was $27.0 million in the fourth quarter of 2013 compared to $31.2
million in the fourth quarter of 2012. The decrease in revenues and operating
profit compared to last year was due to lower delivery volumes and a change in
product mix during the fourth quarter of 2013 compared to the same quarter
last year. The Inland Barge Group received orders of $96.5 million during the
quarter, and as of December31, 2013 had a backlog of $429.6 million compared
to a backlog of $476.0 million as of September30, 2013.

The Energy Equipment Group reported revenues of $188.5 million in the fourth
quarter of 2013 compared to revenues of $167.3 million in the same quarter of
2012. Revenues increased compared to the same period in 2012 due to increased
demand for storage containers offset slightly by a change in product mix in
our structural wind towers business. Operating profit for the fourth quarter
of 2013 increased to $17.2 million compared to $8.5 million in the same
quarter last year. Structural wind towers received orders with a value of
$11.5 million during the quarter, resulting in a backlog for structural wind
towers as of December31, 2013 of $553.9 million, compared to a backlog of
$609.9 million as of September30, 2013.

Revenues in the Construction Products Group were $117.5 million in the fourth
quarter of 2013 compared to revenues of $109.8 million in the fourth quarter
of 2012. The Group recorded an operating profit of $7.3 million in the fourth
quarter of 2013 compared to an operating profit of $9.4 million in the fourth
quarter of 2012. Revenues increased for the fourth quarter of 2013 compared to
the same period in 2012 primarily due to higher acquisition-related volumes in
our Aggregates business while operating profit decreased due to product mix
changes. 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 December31, 2013, the Company had cash and marketable securities of $578.2
million. When combined with capacity under committed credit facilities, the
Company had approximately $1.3 billion of available liquidity at the end of
the fourth quarter.

Earnings Outlook

The Company anticipates earnings for the first quarter of 2014 of between
$2.45 and $2.65 per common diluted share, which includes $1.00 to $1.10 of
previously announced profit from railcar sales already closed during 2014
under the Company’s program agreement with Element Financial. This compares to
$0.99 per common diluted share in the first quarter of 2013, which included a
$0.08 per share gain on the sale of the Company's remaining ready-mix concrete
operations. For the full year of 2014, the Company anticipates earnings per
common diluted share of between $6.30 and $7.00 compared to full year earnings
per common diluted share of $4.75 in 2013. Actual results may differ from
present expectations, as noted below.

Share Repurchase

During the quarter, the Company repurchased 639,000 shares of common stock
under its share repurchase authorization at a cost of $34.3 million leaving
$91.8 million remaining under its current authorization through December 31,
2014.

Conference Call

Trinity will hold a conference call at 11:00 a.m. Eastern on February20, 2014
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) 220-0117 until 11:59 p.m. Eastern on February 27, 2014.

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,” “guidance” 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
                                                   December 31,
                                                    2013        2012    
Revenues                                           $ 1,256.0       $ 1,012.9
Operating costs:
Cost of revenues                                     962.7           800.9
Selling, engineering, and administrative             80.2            64.6
expenses
(Gain)/loss on disposition of property, plant,
and equipment:
Net gains on lease fleet sales                       (10.8   )       (11.2   )
Disposition of flood-damaged property                —               (0.4    )
Other                                               (0.5    )      0.1     
                                                    1,031.6       854.0   
Operating profit                                     224.4           158.9
Interest expense, net                                45.1            50.7
Other (income) expense                              (0.5    )      0.2     
Income before income taxes                           179.8           108.0
Provision for income taxes                          60.9          37.0    
Net income from continuing operations                118.9           71.0
Net gain on sale of discontinued operations          —               —
Net income (loss) from discontinued operations      0.4           (0.2    )
Net income                                           119.3           70.8
Net income (loss) attributable to                   6.5           (0.5    )
noncontrolling interest
Net income attributable to Trinity Industries,     $ 112.8        $ 71.3    
Inc.
                                                                   
Net income attributable to Trinity Industries,
Inc. per common share:
Basic
Continuing operations                              $ 1.43          $ 0.90
Discontinued operations                             0.01          —       
                                                   $ 1.44         $ 0.90    
Diluted
Continuing operations                              $ 1.43          $ 0.90
Discontinued operations                             0.01          —       
                                                   $ 1.44         $ 0.90    
Weighted average number of shares outstanding:
Basic                                                75.9            76.8
Diluted                                              76.0            76.9

Operating profit from sales of railcars owned one year or less at the time of
sale included in revenues and cost of revenues was $5.6 million and $4.1
million for the three months ended December31, 2013 and 2012, respectively.



Trinity Industries, Inc.
Condensed Consolidated Income Statements
(in millions, except per share amounts)
(unaudited)

                                                 Year Ended
                                                   December 31,
                                                    2013        2012    
Revenues                                           $ 4,365.3       $ 3,811.9
Operating costs:
Cost of revenues                                     3,322.3         3,051.5
Selling, engineering, and administrative             291.3           224.1
expenses
(Gain)/loss on disposition of property, plant,
and equipment:
Net gains on lease fleet sales                       (20.4   )       (33.5   )
Disposition of flood-damaged property                —               (0.4    )
Other                                               (0.8    )      (4.6    )
                                                    3,592.4       3,237.1 
Operating profit                                     772.9           574.8
Interest expense, net                                185.2           193.2
Other (income) expense                              (2.8    )      (4.3    )
Income before income taxes                           590.5           385.9
Provision for income taxes                          204.4         134.0   
Net income from continuing operations                386.1           251.9
Net gain on sale of discontinued operations          7.1             —
Net income (loss) from discontinued operations      (0.8    )      1.8     
Net income                                           392.4           253.7
Net income (loss) attributable to                   16.9          (1.5    )
noncontrolling interest
Net income attributable to Trinity Industries,     $ 375.5        $ 255.2   
Inc.
                                                                   
Net income attributable to Trinity Industries,
Inc. per common share:
Basic
Continuing operations                              $ 4.68          $ 3.18
Discontinued operations                             0.08          0.02    
                                                   $ 4.76         $ 3.20    
Diluted
Continuing operations                              $ 4.67          $ 3.17
Discontinued operations                             0.08          0.02    
                                                   $ 4.75         $ 3.19    
Weighted average number of shares outstanding:
Basic                                                76.4            77.3
Diluted                                              76.5            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 $9.1 million and $24.8
million for the years ended December31, 2013 and 2012, respectively.



Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)

                                                 Three Months Ended
                                                   December 31,
Revenues:                                           2013        2012    
Rail Group                                         $ 855.5         $ 571.1
Construction Products Group                          117.5           109.8
Inland Barge Group                                   142.9           165.4
Energy Equipment Group                               188.5           167.3
Railcar Leasing and Management Services Group        190.8           150.7
All Other                                           23.6          20.3    
Segment Totals before Eliminations                   1,518.8         1,184.6
Eliminations - lease subsidiary                      (196.0  )       (105.1  )
Eliminations - other                                (66.8   )      (66.6   )
Consolidated Total                                 $ 1,256.0      $ 1,012.9 
                                                                   
                                                   Three Months Ended
                                                   December 31,
Operating profit (loss):                            2013          2012    
Rail Group                                         $ 157.4         $ 70.7
Construction Products Group                          7.3             9.4
Inland Barge Group                                   27.0            31.2
Energy Equipment Group                               17.2            8.5
Railcar Leasing and Management Services Group        85.5            72.9
All Other                                           (5.7    )      (3.1    )
Segment Totals before Eliminations and               288.7           189.6
Corporate Expenses
Corporate                                            (23.5   )       (17.9   )
Eliminations - lease subsidiary                      (40.0   )       (13.6   )
Eliminations - other                                (0.8    )      0.8     
Consolidated Total                                 $ 224.4        $ 158.9   



Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)

                                                 Year Ended
                                                   December 31,
Revenues:                                           2013        2012    
Rail Group                                         $ 2,867.5       $ 2,013.0
Construction Products Group                          525.0           483.7
Inland Barge Group                                   576.7           675.2
Energy Equipment Group                               665.4           558.6
Railcar Leasing and Management Services Group        645.4           647.1
All Other                                           86.6          81.4    
Segment Totals before Eliminations                   5,366.6         4,459.0
Eliminations - lease subsidiary                      (756.5  )       (485.9  )
Eliminations - other                                (244.8  )      (161.2  )
Consolidated Total                                 $ 4,365.3      $ 3,811.9 
                                                                   
                                                   Year Ended
                                                   December 31,
Operating profit (loss):                            2013          2012    
Rail Group                                         $ 489.7         $ 199.0
Construction Products Group                          52.6            44.8
Inland Barge Group                                   96.0            124.7
Energy Equipment Group                               61.4            18.2
Railcar Leasing and Management Services Group        296.8           300.9
All Other                                           (13.7   )      (10.2   )
Segment Totals before Eliminations and               982.8           677.4
Corporate Expenses
Corporate                                            (73.4   )       (51.5   )
Eliminations - lease subsidiary                      (135.4  )       (50.8   )
Eliminations - other                                (1.1    )      (0.3    )
Consolidated Total                                 $ 772.9        $ 574.8   



Trinity Industries, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)

                                               December 31,   December 31,
                                                   2013           2012    
Cash and cash equivalents                        $  428.5         $  573.0
Short-term marketable securities                    149.7            —
Receivables, net of allowance                       372.7            390.0
Inventories                                         814.7            702.1
Restricted cash                                     260.7            223.2
Net property, plant, and equipment                  4,770.6          4,299.0
Goodwill                                            278.2            240.4
Assets held for sale and discontinued               —                27.9
operations
Other assets                                       238.3          214.3   
                                                 $  7,313.4      $  6,669.9 
                                                                             
Accounts payable                                 $  216.3         $  188.2
Accrued liabilities                                 567.4            583.1
Debt, net of unamortized discount of $74.1          2,989.8          3,055.0
and $87.5
Deferred income                                     40.8             44.5
Deferred income taxes                               650.7            572.4
Other liabilities                                   99.3             85.4
Liabilities held for sale and discontinued          —                3.7
operations
Stockholders' equity                               2,749.1        2,137.6 
                                                 $  7,313.4      $  6,669.9 

Certain prior year balances have been reclassified to conform to the 2013
presentation.



Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)

                                               December 31,   December 31,
                                                 2013             2012
Property, Plant, and Equipment
Corporate/Manufacturing:
Property, plant, and equipment                   $  1,418.9       $  1,260.1
Accumulated depreciation                           (748.3  )       (720.8  )
                                                   670.6          539.3   
Leasing:
Wholly-owned subsidiaries:
Machinery and other                                 10.3             9.6
Equipment on lease                                  3,509.1          3,157.5
Accumulated depreciation                           (554.8  )       (468.4  )
                                                   2,964.6        2,698.7 
Partially-owned subsidiaries:
Equipment on lease                                  1,887.2          1,661.0
Accumulated depreciation                           (202.1  )       (153.8  )
                                                   1,685.1        1,507.2 
                                                                  
Net deferred profit on railcars sold to the        (549.7  )       (446.2  )
Leasing Group
                                                 $  4,770.6      $  4,299.0 
Leasing portfolio information:
Portfolio size (number of railcars)                 75,685           71,455
Portfolio utilization                               99.5    %        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)

                                               December 31,   December 31,
                                                 2013             2012
Debt
Corporate - Recourse:
Revolving credit facility                        $  —             $  —
Convertible subordinated notes                      450.0            450.0
Less: unamortized discount                         (74.1   )       (87.5   )
                                                    375.9            362.5
Other                                              0.9            1.2     
                                                   376.8          363.7   
Leasing:
Wholly-owned subsidiaries:
Recourse:
Capital lease obligations                           42.2             45.8
Term loan                                          —              48.6    
                                                   42.2           94.4    
Non-recourse:
Secured railcar equipment notes                     766.6            806.5
Warehouse facility                                  152.0            173.6
Promissory notes                                   396.1          424.1   
                                                   1,314.7        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                    1,256.1        1,131.5 
                                                   1,256.1        1,192.7 
                                                 $  2,989.8      $  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)

                                               December 31,   December 31,
                                                 2013             2012
Leasing Debt Summary
Total Recourse Debt                              $  42.2          $  94.4
Total Non-Recourse Debt^(1)                        2,570.8        2,596.9 
                                                 $  2,613.0      $  2,691.3 
Total Leasing Debt
Wholly-owned subsidiaries                        $  1,356.9       $  1,498.6
Partially-owned subsidiaries^(1)                   1,256.1        1,192.7 
                                                 $  2,613.0      $  2,691.3 
Equipment on Lease^(2)
Wholly-owned subsidiaries                        $  2,964.6       $  2,698.7
Partially-owned subsidiaries                       1,685.1        1,507.2 
                                                 $  4,649.7      $  4,205.9 
Total Leasing Debt as a % of Equipment on
Lease
Wholly-owned subsidiaries                           45.8    %        55.5    %
Partially-owned subsidiaries                        74.5    %        79.1    %
Combined                                            56.2    %        64.0    %

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.

(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)

                                                   Year Ended
                                                     December 31,
                                                      2013       2012   
Operating activities:
Net income                                           $ 392.4        $ 253.7
Adjustments to reconcile net income to net cash
provided by operating activities:
Income from discontinued operations                    (6.3   )       (1.8   )
Depreciation and amortization                          211.5          193.7
Net gains on sales of railcars owned more than         (20.4  )       (33.5  )
one year at the time of sale
Other                                                  107.9          177.2
Changes in assets and liabilities:
(Increase) decrease in receivables                     17.2           2.7
(Increase) decrease in inventories                     (95.6  )       (128.0 )
Increase (decrease) in accounts payable and            101.4          108.8
accrued liabilities
Other                                                 (45.9  )      (45.4  )
Net cash provided by operating activities             662.2        527.4  
Investing activities:
Proceeds from sales of railcars owned more than        131.6          126.3
one year at the time of sale
Proceeds from disposition of property, plant,          3.7            16.8
and equipment
Capital expenditures - leasing, net of sold
railcars owned one year or less with a net cost        (581.1 )       (352.6 )
of $49.4 and $93.8
Capital expenditures - manufacturing and other         (149.9 )       (116.6 )
(Increase) decrease in short-term marketable           (149.7 )       —
securities
Acquisitions                                           (73.2  )       (46.2  )
Other                                                 0.6          60.9   
Net cash required by investing activities             (818.0 )      (311.4 )
Financing activities:
Payments to retire debt                                (262.1 )       (378.4 )
Proceeds from issuance of debt                         175.0          443.8
Shares repurchased                                     (103.2 )       (45.2  )
Dividends paid to common shareholders                  (39.3  )       (31.7  )
Proceeds from sale of interests in                     296.7          —
partially-owned leasing subsidiaries
Repurchase of noncontrolling interest                  (84.0  )       —
Net contributions from noncontrolling interest         40.0           —
Other                                                 (11.8  )      17.4   
Net cash provided by financing activities             11.3         5.9    
Net increase (decrease) in cash and cash               (144.5 )       221.9
equivalents
Cash and cash equivalents at beginning of period      573.0        351.1  
Cash and cash equivalents at end of period           $ 428.5       $ 573.0  
                                                                             
Certain prior year balances have been reclassified to conform to the 2013
presentation.



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
                   December 31, 2013                    December 31, 2012
                   Income        Average                Income        Average
                   (Loss)      Shares    EPS        (Loss)                EPS
                                                                      Shares
Net income
from               $ 118.9                              $ 71.0
continuing
operations
Less: net
income (loss)
from
continuing
operations          6.5                                (0.5  )
attributable
to
noncontrolling
interest
Net income
from
continuing
operations           112.4                                71.5
attributable
to Trinity
Industries,
Inc.
Unvested
restricted          (3.7  )                             (2.1  )
share
participation
Net income
from
continuing
operations           108.7       75.9        $ 1.43       69.4        76.8        $ 0.90
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.1
Net income
from
continuing
operations         $ 108.7      76.0        $ 1.43     $ 69.4       76.9        $ 0.90
attributable
to Trinity
Industries,
Inc. - diluted
Net income
(loss) from
discontinued       $ 0.4                                $ (0.2  )
operations,
net of taxes
Unvested
restricted          —                                  —     
share
participation
Net income
(loss) from
discontinued         0.4         75.9        $ 0.01       (0.2  )     76.8        $ —
operations,
net of taxes -
basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.1
Net income
(loss) from
discontinued       $ 0.4        76.0        $ 0.01     $ (0.2  )     76.9        $ —
operations,
net of taxes -
diluted
                                                        
                   Year Ended                           Year Ended
                   December 31, 2013                    December 31, 2012
                   Income        Average                Income        Average
                   (Loss)        Shares      EPS        (Loss)                    EPS
                                                                      Shares
Net income
from               $ 386.1                              $ 251.9
continuing
operations
Less: net
income (loss)
from
continuing
operations          16.9                               (1.5  )
attributable
to
noncontrolling
interest
Net income
from
continuing
operations           369.2                                253.4
attributable
to Trinity
Industries,
Inc.
Unvested
restricted          (12.0 )                             (7.7  )
share
participation
Net income
from
continuing
operations           357.2       76.4        $ 4.68       245.7       77.3        $ 3.18
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.2
Net income
from
continuing
operations         $ 357.2      76.5        $ 4.67     $ 245.7      77.5        $ 3.17
attributable
to Trinity
Industries,
Inc. - diluted
Net income
(loss) from
discontinued       $ 6.3                                $ 1.8
operations,
net of taxes
Unvested
restricted          (0.2  )                             (0.1  )
share
participation
Net income
(loss) from
discontinued         6.1         76.4        $ 0.08       1.7         77.3        $ 0.02
operations,
net of taxes -
basic
Effect of
dilutive
securities:
Stock options       —          0.1                     —          0.2
Net income
(loss) from
discontinued       $ 6.1        76.5        $ 0.08     $ 1.7        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
                                                           December 31,
                                                           2013      2012
                                                                       
Net income from continuing operations                      $ 118.9     $ 71.0
Add:
Interest expense                                             45.8        51.1
Provision for income taxes                                   60.9        37.0
Depreciation and amortization expense                       55.3       49.2
Earnings from continuing operations before interest
expense,                                                   $ 280.9     $ 208.3
income taxes, and depreciation and amortization
expense
                                                                       
                                                           Year Ended
                                                           December 31,
                                                           2013        2012
                                                                       
Net income from continuing operations                      $ 386.1     $ 251.9
Add:
Interest expense                                             187.3       194.7
Provision for income taxes                                   204.4       134.0
Depreciation and amortization expense                       211.5      193.7
Earnings from continuing operations before interest
expense,                                                   $ 989.3     $ 774.3
income taxes, and depreciation and amortization
expense

Contact:

Trinity Industries, Inc.
Investor Contact:
Jessica Greiner, 214-631-4420
Director of Investor Relations
or
Media Contact:
Jack Todd, 214-589-8909
 
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