Trinity Industries, Inc. Announces Strong Second Quarter 2014 Results and Increases Full Year 2014 Earnings Guidance

  Trinity Industries, Inc. Announces Strong Second Quarter 2014 Results and
  Increases Full Year 2014 Earnings Guidance

Business Wire

DALLAS -- July 29, 2014

Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the
second quarter ended June30, 2014, including the following significant
highlights and adjusted for the 2-for-1 stock split completed during the
quarter:

  *Quarterly earnings per common diluted share of $1.01, a 94% increase
    year-over-year
  *Quarterly revenue and net income of $1.5 billion and $164.2 million,
    respectively, a year-over-year increase of 39% and 95%, respectively
  *Rail Group receives orders for 9,880 new railcars during the second
    quarter resulting in a record backlog of 45,350 units with a record value
    of $5.5 billion
  *Entered into an agreement to acquire the assets of Meyer Steel Structures,
    the utility steel structures division of Thomas & Betts Corporation, a
    member of the ABB Group, for a purchase price of approximately $600
    million
  *Anticipates full year 2014 earnings per common diluted share of between
    $3.90 and $4.10, excluding any effect of the Meyer Steel Structures
    acquisition. This compares to previous full year 2014 earnings guidance of
    between $3.50 and $3.75

Consolidated Results

Trinity Industries, Inc. reported net income attributable to Trinity
stockholders of $164.2 million, or $1.01 per common diluted share, for the
second quarter ended June30, 2014. Net income for the same quarter of 2013
was $84.0 million, or $0.52 per common diluted share. Revenues for the second
quarter of 2014 increased 39% to $1.5 billion compared to revenues of $1.1
billion for the same quarter of 2013. Second quarter 2014 results benefitted
from a lower effective tax rate of 32.6% primarily due to certain domestic
manufacturing tax deductions, lower state taxes, and the partnership tax
status of the Company’s non-controlling interests.

“I am pleased with our strong results for the second quarter and our ability
to build upon the positive momentum occurring within Trinity over the last
several years,” said Timothy R. Wallace, Trinity’s Chairman, CEO and
President.“Consolidated revenues increased 39% year-over-year and net
earnings nearly doubled, outpacing revenue growth by a wide margin. The amount
of operating leverage we obtained and the record $6.5 billion backlog in our
major businesses at the end of the second quarter were impressive.”

Mr. Wallace added, “We believe this momentum and the investments we have made
in 2014 position us well.Our recently announced agreement to acquire the
assets of Meyer Steel Structures is expected to close in the third quarter,
subject to regulatory approval. Meyer’s strong engineering reputation,
manufacturing capabilities, and products with high steel content align well
with Trinity’s existing competencies and offer opportunities to create
additional value.The acquisition will broaden Trinity’s product portfolio and
supports our vision of being a premier, diversified industrial company.”

Business Group Results

In the second quarter of 2014, the Rail Group reported record revenues of
$895.6 million and a record operating profit of $176.0 million, resulting in
increases compared to the second quarter of 2013 of 34% and 63%, respectively.
The Rail Group shipped 7,160 railcars and received orders for 9,880 railcars
during the second quarter. The Rail Group backlog increased to a record $5.5
billion at June30, 2014, representing a record 45,350 railcars, compared to a
backlog of $5.2 billion as of March31, 2014, representing 42,630 railcars.

During the second quarter of 2014, the Railcar Leasing and Management Services
Group reported revenues of $231.5 million compared to revenues of $169.6
million during the second quarter of 2013. Operating profit for this Group was
$102.4 million in the second quarter of 2014 compared to operating profit of
$75.7 million in the second quarter of 2013. The increase in revenues and
operating profit was due to higher rental rates and utilization, lease fleet
additions, and increased railcar sales from the lease fleet. During the second
quarter, the Company sold $121.4 million worth of railcars to Element
Financial Corporation under the program agreement announced last December with
$53.5 million reported as sales of railcars owned one year or less at the time
of sale and $67.9 million reported as sales from the Rail Group. Supplemental
information for the Railcar Leasing and Management Services Group is provided
in the following tables.

The Inland Barge Group reported revenues of $165.4 million compared to
revenues of $150.0 million in the second quarter of 2013. Operating profit for
this Group was $30.9 million in the second quarter of 2014 compared to $20.9
million in the second quarter of 2013. The increase in revenues and operating
profit compared to the same quarter last year was due to a more favorable
product mix. The Inland Barge Group received orders of $124.1 million during
the quarter, and as of June30, 2014 had a backlog of $466.7 million compared
to a backlog of $508.0 million as of March31, 2014.

The Energy Equipment Group reported record revenues of $227.6 million in the
second quarter of 2014 compared to revenues of $152.5 million in the same
quarter of 2013. Revenues increased compared to the same period in 2013 due to
increased demand for storage containers, higher shipments of structural wind
towers, and higher volumes resulting from acquisitions completed in the first
quarter of 2014. Operating profit for the second quarter of 2014 increased to
$28.3 million compared to $14.3 million in the same quarter last year. During
the quarter, the structural wind towers business received orders totaling $213
million, extending production visibility into 2016. The backlog for structural
wind towers as of June30, 2014 was $611.3 million compared to a backlog of
$476.7 million as of March31, 2014.

Revenues in the Construction Products Group were $151.7 million in the second
quarter of 2014 compared to revenues of $154.5 million in the second quarter
of 2013. Revenues decreased for the second quarter of 2014 compared to the
same period in 2013 primarily due to lower volumes in the Highway Products
business partially offset by higher acquisition-related volumes in the
Aggregates business. The Group recorded an operating profit of $22.4 million
in the second quarter of 2014 compared to an operating profit of $19.0 million
in the second quarter of 2013.

Cash and Liquidity

At June30, 2014, the Company had cash and marketable securities of $933.8
million. When combined with capacity under committed credit facilities, the
Company had approximately $1.5 billion of available liquidity at the end of
the second quarter.

Share Repurchase

During the quarter, the Company repurchased approximately 63,600 shares of
common stock under its share repurchase authorization at a cost of $2.5
million leaving $237.5 million remaining under its current authorization
through December 31, 2015. Year to date, the Company has purchased
approximately $12.5 million shares of common stock.

Convertible Notes

The Company’s $450 million convertible notes have a dilutive impact on the
calculation of earnings per share when the average stock price for the quarter
exceeds the conversion price. The average stock price for the second quarter
was $39.37 per share compared to the conversion price in effect during the
quarter of $25.31 per share, the result of which added 6.3 million additional
shares to the Company’s diluted share count, reducing earnings per share by
$0.04 per share. Year to date, approximately 5.0 million shares have been
added to the Company’s dilutive share count, reducing earnings per share by
$0.08 per share. The Company’s 2014 earnings guidance, as discussed in the
next section, assumes an annual weighted average diluted share count of 157
million shares, which includes 6.4 million shares from the convertible notes.
The dilutive impact of the convertible notes assumes the recent $45.00 stock
price for the remainder of the year and reduces full year 2014 earnings per
share by approximately $0.17 per share.

Earnings Outlook

The Company anticipates earnings for the full year of 2014 of between $3.90
and $4.10 per common diluted share compared to its previous 2014 earnings
guidance of between $3.50 and $3.75 per share. This compares to full year
earnings per common diluted share of $2.38 in 2013 and does not include any
effects of the Meyer acquisition. Actual results may differ from present
expectations, as noted below.

Conference Call

Trinity will hold a conference call at 11:00 a.m. Eastern on July30, 2014 to
discuss its second quarter results. To listen to the call, please visit the
Investor Relations section of the Trinity Industries website, www.trin.net. An
audio replay may be accessed through the Company’s website or by dialing (402)
220-0119 until 11:59 p.m. Eastern on August 6, 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
                                                     June 30,
                                                     2014         2013
Revenues                                             $ 1,485.3     $ 1,066.1
Operating costs:
Cost of revenues                                       1,098.3       812.2
Selling, engineering, and administrative               96.4          71.5
expenses
(Gain)/loss on disposition of property, plant,
and equipment:
Net gains on lease fleet sales                         (9.7    )     (1.2    )
Other                                                 (1.7    )    0.2     
                                                      1,183.3     882.7   
Operating profit                                       302.0         183.4
Interest expense, net                                  46.2          46.1
Other (income) expense                                (1.4    )    0.9     
Income before income taxes                             257.2         136.4
Provision for income taxes                            83.9        47.2    
Net income from continuing operations                  173.3         89.2
Net gain on sale of discontinued operations            —             0.1
Net income (loss) from discontinued operations        (0.2    )    (1.1    )
Net income                                             173.1         88.2
Net income (loss) attributable to noncontrolling      8.9         4.2     
interest
Net income attributable to Trinity Industries,       $ 164.2      $ 84.0    
Inc.
                                                                   
Net income attributable to Trinity Industries,
Inc. per common share:
Basic
Continuing operations                                $ 1.05        $ 0.53
Discontinued operations                               —           (0.01   )
                                                     $ 1.05       $ 0.52    
Diluted
Continuing operations                                $ 1.01        $ 0.53
Discontinued operations                               —           (0.01   )
                                                     $ 1.01       $ 0.52    
Weighted average number of shares outstanding:
Basic                                                  151.0         154.0
Diluted                                                157.4         154.1
                                                                             

All share and per share information has been retroactively adjusted to reflect
the 2-for-1 stock split completed during the quarter ended June 30, 2014.

                                                  
                                                     
Trinity Industries, Inc.
Condensed Consolidated Income Statements
(in millions, except per share amounts)
(unaudited)
                                                     
                                                     Six Months Ended
                                                     June 30,
                                                     2014         2013
Revenues                                             $ 2,945.8     $ 1,999.0
Operating costs:
Cost of revenues                                       2,172.3       1,523.3
Selling, engineering, and administrative               180.0         140.5
expenses
(Gain)/loss on disposition of property, plant,
and equipment:
Net gains on lease fleet sales                         (87.2   )     (8.0    )
Other                                                 (12.6   )    0.3     
                                                      2,252.5     1,656.1 
Operating profit                                       693.3         342.9
Interest expense, net                                  92.1          94.9
Other (income) expense                                (1.8    )    (1.8    )
Income before income taxes                             603.0         249.8
Provision for income taxes                            196.4       88.4    
Net income from continuing operations                  406.6         161.4
Net gain on sale of discontinued operations            —             7.1
Net income (loss) from discontinued operations        (0.5    )    (1.5    )
Net income                                             406.1         167.0
Net income (loss) attributable to noncontrolling      15.5        3.9     
interest
Net income attributable to Trinity Industries,       $ 390.6      $ 163.1   
Inc.
                                                                   
Net income attributable to Trinity Industries,
Inc. per common share:
Basic
Continuing operations                                $ 2.51        $ 0.99
Discontinued operations                               —           0.04    
                                                     $ 2.51       $ 1.03    
Diluted
Continuing operations                                $ 2.43        $ 0.99
Discontinued operations                               —           0.04    
                                                     $ 2.43       $ 1.03    
Weighted average number of shares outstanding:
Basic                                                  150.5         154.0
Diluted                                                155.6         154.2
                                                                             

All share and per share information has been retroactively adjusted to reflect
the 2-for-1 stock split completed during the quarter ended June 30, 2014.

                                                  
                                                     
Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)
                                                     
                                                     Three Months Ended
                                                     June 30,
Revenues:                                            2014         2013
Rail Group                                           $ 895.6       $ 668.0
Construction Products Group                            151.7         154.5
Inland Barge Group                                     165.4         150.0
Energy Equipment Group                                 227.6         152.5
Railcar Leasing and Management Services Group          231.5         169.6
All Other                                             28.1        21.7    
Segment Totals before Eliminations                     1,699.9       1,316.3
Eliminations - lease subsidiary                        (128.6  )     (189.5  )
Eliminations - other                                  (86.0   )    (60.7   )
Consolidated Total                                   $ 1,485.3    $ 1,066.1 
                                                                   
                                                     Three Months Ended
                                                     June 30,
Operating profit (loss):                             2014          2013
Rail Group                                           $ 176.0       $ 107.9
Construction Products Group                            22.4          19.0
Inland Barge Group                                     30.9          20.9
Energy Equipment Group                                 28.3          14.3
Railcar Leasing and Management Services Group          102.4         75.7
All Other                                             (2.6    )    (3.8    )
Segment Totals before Eliminations and Corporate       357.4         234.0
Expenses
Corporate                                              (29.7   )     (15.5   )
Eliminations - lease subsidiary                        (26.9   )     (34.7   )
Eliminations - other                                  1.2         (0.4    )
Consolidated Total                                   $ 302.0      $ 183.4   

                                                  
                                                     
Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)
                                                     
                                                     Six Months Ended
                                                     June 30,
Revenues:                                            2014         2013
Rail Group                                           $ 1,753.0     $ 1,293.5
Construction Products Group                            264.8         258.3
Inland Barge Group                                     302.3         297.4
Energy Equipment Group                                 438.2         307.2
Railcar Leasing and Management Services Group          674.6         304.0
All Other                                             51.3        41.0    
Segment Totals before Eliminations                     3,484.2       2,501.4
Eliminations - lease subsidiary                        (377.7  )     (387.5  )
Eliminations - other                                  (160.7  )    (114.9  )
Consolidated Total                                   $ 2,945.8    $ 1,999.0 
                                                                   
                                                     Six Months Ended
                                                     June 30,
Operating profit (loss):                             2014          2013
Rail Group                                           $ 343.5       $ 210.8
Construction Products Group                            44.1          26.7
Inland Barge Group                                     57.6          45.2
Energy Equipment Group                                 51.2          29.2
Railcar Leasing and Management Services Group          332.7         137.3
All Other                                             (8.0    )    (6.4    )
Segment Totals before Eliminations and Corporate       821.1         442.8
Expenses
Corporate                                              (52.8   )     (32.1   )
Eliminations - lease subsidiary                        (76.2   )     (67.1   )
Eliminations - other                                  1.2         (0.7    )
Consolidated Total                                   $ 693.3      $ 342.9   

                                                   
                                                                 
Trinity Industries, Inc.
Leasing Group
Condensed Results of Operations
(unaudited)
                                                                 
                     Three Months Ended                Six Months Ended
                     June 30,                          June 30,
                     2014       2013       Percent   2014       2013       Percent
                     ($ in millions)         Change    ($ in millions)         Change
Revenues:
Leasing and          $ 160.7     $ 150.7     6.6   %   $ 310.9     $ 285.0     9.1   %
management
Sales of
railcars owned
one year or less      70.8      18.9     *          363.7     19.0     *
at the time of
sale
Total revenues       $ 231.5     $ 169.6     36.5      $ 674.6     $ 304.0     121.9
                                                                               
Operating
profit:
Leasing and          $ 75.5      $ 71.0      6.3       $ 139.4     $ 125.8     10.8
management
Railcar sales:
Railcars owned
one year or less       17.2        3.5                   106.1       3.5
at the time of
sale
Railcars owned
more than one         9.7       1.2                 87.2      8.0   
year at the time
of sale
Total operating      $ 102.4     $ 75.7      35.3      $ 332.7     $ 137.3     142.3
profit
                                                                               
Operating profit
margin:
Leasing and            47.0  %     47.1  %               44.8  %     44.1  %
management
Railcar sales        *           *                     *           *
Total operating        44.2  %     44.6  %               49.3  %     45.2  %
profit margin
                                                                               
Selected expense
information^(1):
Depreciation         $ 32.2      $ 32.0      0.6       $ 64.7      $ 63.0      2.7
Maintenance          $ 20.0      $ 18.4      8.7       $ 41.0      $ 37.4      9.6
Rent                 $ 13.3      $ 13.3      —         $ 26.6      $ 26.7      (0.4  )
Interest:
External             $ 38.1      $ 38.0                $ 75.4      $ 78.9
Intercompany          —         1.1                 —         3.8   
Total interest       $ 38.1      $ 39.1      (2.6  )   $ 75.4      $ 82.7      (8.8  )
expense
                                                                   
                                             June 30,              December 31,
                                             2014                  2013
Leasing portfolio information:
Portfolio size (number of railcars)          73,760                75,685
Portfolio utilization                        99.7              %   99.5              %
* Not meaningful

^(1) Depreciation, maintenance, and rent expense are components of operating
profit. Amortization of deferred profit on railcars sold from the Rail Group
to the Leasing Group is included in the operating profits of the Leasing Group
resulting in the recognition of depreciation expense based on the Company's
original manufacturing cost of the railcars. Interest expense is not a
component of operating profit and includes the effect of hedges. Intercompany
interest expense is eliminated in consolidation and arises from Trinity’s
previous ownership of a portion of TRIP Holdings’ Senior Secured Notes, which
notes were retired in full in May 2013.

                                                              
                                                                  
Trinity Industries, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)
                                                                  
                                                      June 30,    December 31,
                                                      2014        2013
Cash and cash equivalents                             $ 715.3     $   428.5
Short-term marketable securities                        218.5         149.7
Receivables, net of allowance                           514.5         372.7
Inventories                                             1,022.5       814.7
Restricted cash                                         248.5         260.7
Net property, plant, and equipment                      4,670.7       4,770.6
Goodwill                                                365.4         278.2
Other assets                                           258.7        238.3
                                                      $ 8,014.1   $   7,313.4
                                                                  
Accounts payable                                      $ 293.0     $   216.3
Accrued liabilities                                     517.5         567.4
Debt, net of unamortized discount of $67.0 and          3,242.5       2,989.8
$74.1
Deferred income                                         38.8          40.8
Deferred income taxes                                   647.0         650.7
Other liabilities                                       106.7         99.3
Stockholders' equity                                   3,168.6      2,749.1
                                                      $ 8,014.1   $   7,313.4

                                                              
                                                                  
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
                                                                  
                                                   June 30,      December 31,
                                                    2014          2013
Property, Plant, and Equipment
Corporate/Manufacturing:
Property, plant, and equipment                      $ 1,520.8     $  1,418.9
Accumulated depreciation                             (780.3  )     (748.3  )
                                                     740.5        670.6   
Leasing:
Wholly-owned subsidiaries:
Machinery and other                                   10.8           10.3
Equipment on lease                                    2,985.9        3,509.1
Accumulated depreciation                             (559.9  )     (554.8  )
                                                     2,436.8      2,964.6 
Partially-owned subsidiaries:
Equipment on lease                                    2,259.9        1,887.2
Accumulated depreciation                             (229.5  )     (202.1  )
                                                     2,030.4      1,685.1 
                                                                  
Net deferred profit on railcars sold to the          (537.0  )     (549.7  )
Leasing Group
                                                    $ 4,670.7    $  4,770.6 

                                                           
                                                               
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
                                                               
                                                 June 30,      December 31,
                                                 2014          2013
Debt
Corporate - Recourse:
Revolving credit facility                        $ —           $  —
Convertible subordinated notes                     450.0          450.0
Less: unamortized discount                        (67.0   )     (74.1   )
                                                   383.0          375.9
Other                                             0.9          0.9     
                                                  383.9        376.8   
Leasing:
Wholly-owned subsidiaries:
Recourse:
Capital lease obligations                         40.6         42.2    
                                                  40.6         42.2    
Non-recourse:
Secured railcar equipment notes                    746.7          766.6
Warehouse facility                                 132.0          152.0
Promissory notes                                  382.0        396.1   
                                                  1,260.7      1,314.7 
Partially-owned subsidiaries - Non-recourse:
Secured railcar equipment notes                   1,557.3      1,256.1 
                                                  1,557.3      1,256.1 
                                                 $ 3,242.5    $  2,989.8 

                                                              
                                                                  
Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)
                                                                  
                                                    June 30,      December 31,
                                                    2014          2013
Leasing Debt Summary
Total Recourse Debt                                 $ 40.6        $  42.2
Total Non-Recourse Debt^(1)                          2,818.0      2,570.8 
                                                    $ 2,858.6    $  2,613.0 
Total Leasing Debt
Wholly-owned subsidiaries                           $ 1,301.3     $  1,356.9
Partially-owned subsidiaries                         1,557.3      1,256.1 
                                                    $ 2,858.6    $  2,613.0 
Equipment on Lease^(1)
Wholly-owned subsidiaries                           $ 2,436.8     $  2,964.6
Partially-owned subsidiaries                         2,030.4      1,685.1 
                                                    $ 4,467.2    $  4,649.7 
Total Leasing Debt as a % of Equipment on Lease
Wholly-owned subsidiaries                             53.4    %      45.8    %
Partially-owned subsidiaries                          76.7    %      74.5    %
Combined                                              64.0    %      56.2    %

(1) Excludes net deferred profit on railcars sold to the Leasing Group.

                                                    
                                                       
Trinity Industries, Inc.
Condensed Consolidated Cash Flow Statements
(in millions)
(unaudited)
                                                       
                                                       Six Months Ended
                                                       June 30,
                                                       2014        2013
Operating activities:
Net income                                             $ 406.1      $ 167.0
Adjustments to reconcile net income to net cash
provided by operating activities:
Income from discontinued operations                      0.5          (5.6   )
Depreciation and amortization                            111.0        102.4
Net gains on sales of railcars owned more than one       (87.2  )     (8.0   )
year at the time of sale
Other                                                    (19.9  )     59.7
Changes in assets and liabilities:
(Increase) decrease in receivables                       (136.5 )     3.0
(Increase) decrease in inventories                       (176.4 )     (37.4  )
Increase (decrease) in accounts payable and              52.6         16.8
accrued liabilities
Other                                                   7.2        (24.3  )
Net cash provided by operating activities               157.4      273.6  
Investing activities:
Proceeds from sales of railcars owned more than          242.1        39.1
one year at the time of sale
Proceeds from disposition of property, plant, and        21.0         0.1
equipment
Capital expenditures - leasing, net of sold
railcars owned one year or less with a net cost of       (49.5  )     (308.5 )
$257.6 and $15.5
Capital expenditures - manufacturing and other           (107.5 )     (57.4  )
(Increase) decrease in short-term marketable             (68.8  )     (59.9  )
securities
Acquisitions                                             (118.8 )     (37.2  )
Other                                                   0.3        (1.1   )
Net cash required by investing activities               (81.2  )    (424.9 )
Financing activities:
Payments to retire debt                                  (90.1  )     (177.4 )
Proceeds from issuance of debt                           332.1        —
Shares repurchased                                       (17.5  )     (40.2  )
Dividends paid to common shareholders                    (23.2  )     (17.4  )
Purchase of shares to satisfy employee tax on            (38.1  )     (9.0   )
vested stock
Proceeds from sale of interests in partially-owned       —            294.9
leasing subsidiaries
Repurchase of noncontrolling interest                    —            (84.0  )
Contributions from noncontrolling interest               49.6         —
Distributions to noncontrolling interest                 (12.3  )     —
(Increase) decrease in restricted cash                   (12.8  )     (3.8   )
Other                                                   22.9       3.2    
Net cash provided (required) by financing               210.6      (33.7  )
activities
Net increase (decrease) in cash and cash                 286.8        (185.0 )
equivalents
Cash and cash equivalents at beginning of period        428.5      573.0  
Cash and cash equivalents at end of period             $ 715.3     $ 388.0  
                                                                             
                                                                             

Trinity Industries, Inc.
Earnings per Share Calculation
(in millions, except per share amounts, unaudited)

Basic net income attributable to Trinity Industries, Inc. per common share is
computed by dividing net income attributable to Trinity remaining after
allocation to unvested restricted shares by the weighted average number of
basic common shares outstanding for the period. All share and per share
information has been retroactively adjusted to reflect the 2-for-1 stock split
completed during the quarter ended June 30, 2014.

                                              
                   Three Months Ended             Three Months Ended
                   June 30, 2014                  June 30, 2013
                   Income     Average  EPS      Income     Average  EPS
                   (Loss)      Shares             (Loss)      Shares
Net income
from               $ 173.3                        $ 89.2
continuing
operations
Less: net
income from
continuing
operations          8.9                          4.2   
attributable
to
noncontrolling
interest
Net income
from
continuing
operations           164.4                          85.0
attributable
to Trinity
Industries,
Inc.
Unvested
restricted          (5.5  )                       (2.7  )
share
participation
Net income
from
continuing
operations           158.9     151.0     $ 1.05     82.3      154.0     $ 0.53  
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities:
Stock options        —         0.1                  —         0.1
Convertible
subordinated        0.2      6.3                 —        —
notes
Net income
from
continuing
operations         $ 159.1    157.4     $ 1.01   $ 82.3     154.1     $ 0.53  
attributable
to Trinity
Industries,
Inc. - diluted
                                                                        
Net income
(loss) from
discontinued       $ (0.2  )                      $ (1.0  )
operations,
net of taxes
Unvested
restricted          —                            —     
share
participation
Net income
(loss) from
discontinued         (0.2  )   151.0     $ —        (1.0  )   154.0     $ (0.01 )
operations,
net of taxes -
basic
Effect of
dilutive
securities:
Stock options        —         0.1                  —         0.1
Convertible
subordinated        —        6.3                 —        —
notes
Net income
(loss) from
discontinued       $ (0.2  )   157.4     $ —      $ (1.0  )   154.1     $ (0.01 )
operations,
net of taxes -
diluted
                                                  
                   Six Months Ended               Six Months Ended
                   June 30, 2014                  June 30, 2013
                   Income      Average   EPS      Income      Average   EPS
                   (Loss)      Shares             (Loss)      Shares
Net income
from               $ 406.6                        $ 161.4
continuing
operations
Less: net
income from
continuing
operations          15.5                         3.9   
attributable
to
noncontrolling
interest
Net income
from
continuing
operations           391.1                          157.5
attributable
to Trinity
Industries,
Inc.
Unvested
restricted          (13.3 )                       (5.0  )
share
participation
Net income
from
continuing
operations           377.8     150.5     $ 2.51     152.5     154.0     $ 0.99  
attributable
to Trinity
Industries,
Inc. - basic
Effect of
dilutive
securities:
Stock options        —         0.1                  —         0.2
Convertible
subordinated        0.4      5.0                 —        —
notes
Net income
from
continuing
operations         $ 378.2    155.6     $ 2.43   $ 152.5    154.2     $ 0.99  
attributable
to Trinity
Industries,
Inc. - diluted
                                                                        
Net income
(loss) from
discontinued       $ (0.5  )                      $ 5.6
operations,
net of taxes
Unvested
restricted          —                            (0.2  )
share
participation
Net income
(loss) from
discontinued         (0.5  )   150.5     $ —        5.4       154.0     $ 0.04  
operations,
net of taxes -
basic
Effect of
dilutive
securities:
Stock options        —         0.1                  —         0.2
Convertible
subordinated        —        5.0                 —        —
notes
Net income
(loss) from
discontinued       $ (0.5  )   155.6     $ —      $ 5.4      154.2     $ 0.04  
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
                                                            June 30,
                                                            2014      2013
                                                                       
Net income from continuing operations                       $  173.3   $ 89.2
Add:
Interest expense                                               46.9      46.5
Provision for income taxes                                     83.9      47.2
Depreciation and amortization expense                         55.7     52.4
Earnings from continuing operations before interest
expense, income taxes, and depreciation and                 $  359.8   $ 235.3
amortization expense
                                                            
                                                            Six Months Ended
                                                            June 30,
                                                            2014       2013
                                                                       
Net income from continuing operations                       $  406.6   $ 161.4
Add:
Interest expense                                               93.2      95.7
Provision for income taxes                                     196.4     88.4
Depreciation and amortization expense                         111.0    102.4
Earnings from continuing operations before interest
expense, income taxes, and depreciation and                 $  807.2   $ 447.9
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
 
Press spacebar to pause and continue. Press esc to stop.