DALLAS--(BUSINESS WIRE)--
Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for
the first quarter ended March 31, 2015, including the following
significant highlights:
- First quarter earnings per common diluted share of $1.13 compared
to $1.42 for the first quarter of 2014
- Earnings in the first quarter included $0.18 per common diluted
share related to sales of leased railcars compared to $0.75 per share
in the same quarter last year
- Rail, Inland Barge, and Energy Equipment Groups reported higher
year-over-year operating profit during the first quarter
- Rail Group delivered a record 8,710 railcars and received orders
for 4,865 new railcars during the first quarter resulting in a backlog
of 57,190 units with avalue of $6.81 billion
- Inland Barge Group received orders of $280.6 million, elevating
backlog to $565.4 million, its highest level in over six years
- Company raised earnings guidance for full year 2015 to between
$4.10 and $4.45 per common diluted share compared to previous guidance
of between $4.00 and $4.40 per share
Consolidated Results
Trinity Industries, Inc. reported net income attributable to Trinity
stockholders of $180.2 million, or $1.13 per common diluted share, for
the first quarter ended March 31, 2015, which included earnings per
common diluted share of $0.18 related to the sale of leased railcars.
Net income for the same quarter of 2014 was $226.4 million, or $1.42 per
common diluted share, which included earnings per common diluted share
of $0.75 related to the sale of leased railcars. Revenues for the first
quarter of 2015 increased 11% to $1.63 billion compared to revenues of
$1.46 billion for the same quarter of 2014.
“I am pleased with the Company’s performance during the first quarter of
2015. Our businesses continue to create value by utilizing their
combined expertise, competencies, and manufacturing capacity to produce
quality products for a broad range of industrial markets," said Timothy
R. Wallace, Trinity’s Chairman, CEO, and President.
Business Group Results
In the first quarter of 2015, the Rail Group reported record revenues
and operating profit of approximately $1.14 billion and $212.7 million,
respectively, resulting in year-over-year increases compared to the
first quarter of 2014 of 33% and 27%, respectively. The increase in
revenues and profit was due to higher deliveries, improved pricing, and
a more favorable product mix. The Rail Group shipped a record 8,710
railcars and received orders for 4,865 railcars during the first
quarter. The Rail Group had a backlog of $6.81 billion as of March 31,
2015, representing 57,190 railcars, compared to a backlog of $7.21
billion as of December 31, 2014, representing 61,035 railcars.
During the first quarter of 2015, the Railcar Leasing and Management
Services Group reported record leasing and management revenues of $166.1
million compared to $150.2 million in the first quarter of 2014 due to
higher average rental rates and net fleet additions. In addition, the
Group recognized revenue of $78.7 million from sales of railcars from
the lease fleet owned for less than a year during the first quarter
compared to $292.9 million in the first quarter of 2014. Operating
profit for this Group was $122.8 million in the first quarter of 2015
compared to operating profit of $230.3 million in the first quarter of
2014 due to a record level of leasing and management operating profit
offset by fewer sales of railcars from the lease fleet in the first
quarter of 2015. Supplemental information for the Railcar Leasing and
Management Services Group is provided in the following tables.
During the first quarter, the Company sold $127.0 million of railcars to
Element Financial Corporation ("Element") under a strategic alliance
launched in 2013. Since the fourth quarter of 2013 when the alliance was
announced, the Leasing Group has completed $1.11 billion of leased
railcar sales to Element and anticipates fulfilling the $2 billion
alliance by the end of 2015.
The Inland Barge Group reported increased revenues of $153.1 million for
the first quarter of 2015 compared to revenues of $136.9 million in the
first quarter of 2014. Operating profit for this Group was $27.5 million
in the first quarter of 2015 compared to $26.7 million in the first
quarter of 2014. The increase in revenues compared to the same quarter
last year was due to higher delivery volumes of hopper barges partially
offset by lower delivery volumes of tank barges. The Inland Barge Group
received orders of $280.6 million during the quarter, and as of
March 31, 2015 had a backlog of $565.4 million compared to a backlog of
$437.9 million as of December 31, 2014.
The Energy Equipment Group reported record revenues of $300.1 million in
the first quarter of 2015 compared to revenues of $210.6 million in the
same quarter of 2014. Operating profit for the first quarter of 2015
increased to a record $37.2 million compared to $22.9 million in the
same quarter last year. The increase in revenues and operating profit
compared to the same quarter last year was due primarily to acquisitions
completed in 2014. The backlog for structural wind towers as of
March 31, 2015 was $390.7 million compared to a backlog of $473.5
million as of December 31, 2014.
Revenues in the Construction Products Group were $112.8 million in the
first quarter of 2015 compared to revenues of $113.1 million in the
first quarter of 2014. The Group recorded an operating profit of $8.3
million in the first quarter of 2015 compared to an operating profit of
$21.7 million in the first quarter of 2014. Revenues were substantially
unchanged year-over-year while operating profit decreased as a result of
$11.2 million of property disposition gains reported in the Aggregates
business in the first quarter of 2014 and higher legal expenses in the
first quarter of 2015. In March 2015, the Group completed the
acquisition of the assets of a lightweight aggregates business with
facilities located in Louisiana, Alabama, and Arkansas.
Cash and Liquidity
At March 31, 2015, the Company had cash, cash equivalents, and
short-term marketable securities of $690.7 million. When combined with
capacity under committed credit facilities, the Company had
approximately $1.40 billion of available liquidity at the end of the
first quarter. Following the end of the first quarter, Trinity
Industries Leasing Company renewed its railcar leasing warehouse
facility through April 2018, and increased its capacity from $475
million to $1 billion. Pro forma available liquidity following the
warehouse increase would have been approximately $1.67 billion.
Share Repurchase
The Company repurchased 721,040 shares of common stock at a cost of
$25.0 million under its share repurchase authorization during the
quarter, leaving $193.6 million remaining under its current
authorization through December 31, 2015.
Earnings Outlook
For the full year of 2015, the Company anticipates earnings per common
diluted share of between $4.10 and $4.45 compared to its previous 2015
earnings guidance of $4.00 to $4.40 per share. The Company expects the
level of quarterly earnings per share during the remainder of 2015 to be
relatively consistent.
The 2015 earnings guidance assumes an annual weighted average diluted
share count of 156 million shares, which includes 4.9 million shares
from the convertible notes. The dilutive impact of the convertible notes
reduces full year 2015 earnings per share by approximately $0.13 per
share.
Actual results in 2015 may differ from present expectations and could be
impacted by a number of factors including, among others, fluctuations in
prices of commodities that our customers produce and transport;
potential costs or timing of pending tank car regulatory changes;
expenses related to current and potential litigation involving our
Highway Products business; the operating leverage and efficiencies that
can be achieved by the Company's manufacturing businesses; the level of
sales and profitability of railcars; and the impact of weather
conditions on our operations and delivery schedules.
Conference Call
Trinity will hold a conference call at 11:00 a.m. Eastern on April 24,
2015 to discuss its first 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) 220-0464 until 11:59 p.m. Eastern on May 1, 2015.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a
diversified industrial company that owns market-leading businesses
providing 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 |
| | | March 31, |
| | |
| 2015 |
|
|
|
| 2014 |
|
|
Revenues
| | |
$
|
1,626.7
| | | |
$
|
1,460.5
| |
|
Operating costs:
| | | | | | |
|
Cost of revenues
| | | |
1,211.1
| | | | |
1,074.0
| |
|
Selling, engineering, and administrative expenses
| | | |
98.3
| | | | |
83.6
| |
|
Gains on disposition of property, plant, and equipment:
| | | | | | |
|
Net gains on lease fleet sales
| | | |
(14.9
|
)
| | | |
(77.5
|
)
|
|
Other
| | |
|
(0.9
|
)
| | |
|
(10.9
|
)
|
| | |
|
1,293.6
|
| | |
|
1,069.2
|
|
|
Operating profit
| | | |
333.1
| | | | |
391.3
| |
|
Interest expense, net
| | | |
51.0
| | | | |
45.9
| |
|
Other, net
| | |
|
(2.3
|
)
| | |
|
(0.1
|
)
|
|
Income before income taxes
| | | |
284.4
| | | | |
345.5
| |
|
Provision for income taxes
| | |
|
95.4
|
| | |
|
112.5
|
|
|
Net income
| | | |
189.0
| | | | |
233.0
| |
|
Net income attributable to noncontrolling interest
| | |
|
8.8
|
| | |
|
6.6
|
|
|
Net income attributable to Trinity Industries, Inc. | | |
$
|
180.2
|
| | |
$
|
226.4
|
|
| | | | | |
|
|
Net income attributable to Trinity Industries, Inc. per common share:
| | | | | | |
|
Basic
| | |
$
|
1.15
| | | |
$
|
1.46
| |
|
Diluted
| | |
$
|
1.13
| | | |
$
|
1.42
| |
|
Weighted average number of shares outstanding:
| | | | | | |
|
Basic
| | | |
151.2
| | | | |
150.2
| |
|
Diluted
| | | |
154.3
| | | | |
154.0
| |
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 is required to utilize the two-class method of
accounting when calculating earnings per share as a result of unvested
restricted shares that have non-forfeitable rights to dividends and are,
therefore, considered to be a participating security. The unvested
restricted shares are excluded from the weighted average number of
shares outstanding for the purposes of determining earnings per share.
The two-class method results in a lower earnings per share than is
calculated from the face of the income statement. See Earnings Per Share
Calculation table below.
|
|
|
|
| Trinity Industries, Inc. |
| Condensed Segment Data |
(in millions)
|
(unaudited)
|
|
|
|
|
| Three Months Ended |
| | | March 31, |
| Revenues: | | |
| 2015 |
|
|
|
| 2014 |
|
| Rail Group | | |
$
|
1,144.5
| | | |
$
|
857.4
| |
| Construction Products Group | | | |
112.8
| | | | |
113.1
| |
| Inland Barge Group | | | |
153.1
| | | | |
136.9
| |
| Energy Equipment Group | | | |
300.1
| | | | |
210.6
| |
| Railcar Leasing and Management Services Group | | | |
244.8
| | | | |
443.1
| |
|
All Other
| | |
|
28.1
|
| | |
|
23.2
|
|
|
Segment Totals before Eliminations
| | | |
1,983.4
| | | | |
1,784.3
| |
|
Eliminations - lease subsidiary
| | | |
(259.0
|
)
| | | |
(249.1
|
)
|
|
Eliminations - other
| | |
|
(97.7
|
)
| | |
|
(74.7
|
)
|
|
Consolidated Total
| | |
$
|
1,626.7
|
| | |
$
|
1,460.5
|
|
| | | | | |
|
| | | Three Months Ended |
| | | March 31, |
| Operating profit (loss): | | |
| 2015 |
| | |
| 2014 |
|
| Rail Group | | |
$
|
212.7
| | | |
$
|
167.5
| |
| Construction Products Group | | | |
8.3
| | | | |
21.7
| |
| Inland Barge Group | | | |
27.5
| | | | |
26.7
| |
| Energy Equipment Group | | | |
37.2
| | | | |
22.9
| |
| Railcar Leasing and Management Services Group | | | |
122.8
| | | | |
230.3
| |
|
All Other
| | |
|
(1.5
|
)
| | |
|
(5.4
|
)
|
|
Segment Totals before Eliminations and Corporate Expenses
| | | |
407.0
| | | | |
463.7
| |
|
Corporate
| | | |
(26.7
|
)
| | | |
(23.1
|
)
|
|
Eliminations - lease subsidiary
| | | |
(48.3
|
)
| | | |
(49.3
|
)
|
|
Eliminations - other
| | |
|
1.1
|
| | |
|
—
|
|
|
Consolidated Total
| | |
$
|
333.1
|
| | |
$
|
391.3
|
|
|
|
|
|
Trinity Industries, Inc. |
Leasing Group |
Condensed Results of Operations |
(unaudited)
|
|
|
| |
| | | Three Months Ended |
| | | March 31, |
| | |
| 2015 |
|
|
|
| 2014 |
|
| | | ($ in millions) |
|
Revenues:
| | | | | | |
|
Leasing and management
| | |
$
|
166.1
| | | |
$
|
150.2
| |
|
Sales of railcars owned one year or less at the time of sale
| | |
|
78.7
|
| | |
|
292.9
|
|
|
Total revenues
| | |
$
|
244.8
| | | |
$
|
443.1
| |
|
Operating profit:
| | | | | | |
|
Leasing and management
| | |
$
|
82.3
| | | |
$
|
63.9
| |
|
Railcar sales:
| | | | | | |
|
Railcars owned one year or less at the time of sale
| | | |
25.6
| | | | |
88.9
| |
|
Railcars owned more than one year at the time of sale
| | |
|
14.9
|
| | |
|
77.5
|
|
|
Total operating profit
| | |
$
|
122.8
| | | |
$
|
230.3
| |
|
Operating profit margin:
| | | | | | |
|
Leasing and management
| | | |
49.5
|
%
| | | |
42.5
|
%
|
|
Railcar sales
| | |
*
| | |
*
|
|
Total operating profit margin
| | | |
50.2
|
%
| | | |
52.0
|
%
|
|
Selected expense information(1):
| | | | | | |
|
Depreciation
| | |
$
|
34.1
| | | |
$
|
32.5
| |
|
Maintenance
| | |
$
|
19.9
| | | |
$
|
21.0
| |
|
Rent
| | |
$
|
11.8
| | | |
$
|
13.3
| |
|
Interest
| | |
$
|
37.9
| | | |
$
|
37.3
| |
| | | | | |
|
| | | March 31, | | | December 31, |
| | | 2015 | | | 2014 |
|
Leasing portfolio information:
| | | | | | |
|
Portfolio size (number of railcars)
| | | |
76,170
| | | | |
75,930
| |
|
Portfolio utilization
| | | |
99.3
|
%
| | | |
99.5
|
%
|
| | |
|
| | | Three Months Ended |
| | | March 31, |
| | |
| 2015 |
| | |
| 2014 |
|
| | | (in millions) |
|
Proceeds from sale of leased railcars to Element Financial
Corporation:
| | | | | | |
|
Leasing Group:
| | | | | | |
|
Railcars owned one year or less at the time of sale
| | |
$
|
50.1
| | | |
$
|
277.9
| |
|
Railcars owned more than one year at the time of sale
| | | |
61.7
| | | | |
222.7
| |
| Rail Group | | |
|
15.2
|
| | |
|
13.7
|
|
| | |
$
|
127.0
|
| | |
$
|
514.3
|
|
* 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.
|
|
|
|
| Trinity Industries, Inc. |
| Condensed Consolidated Balance Sheets |
(in millions)
|
(unaudited)
|
|
|
|
|
| March 31, |
|
| December 31, |
| | | 2015 | | | 2014 |
|
Cash and cash equivalents
| | |
$
|
590.7
| | |
$
|
887.9
|
|
Short-term marketable securities
| | | |
100.0
| | | |
75.0
|
|
Receivables, net of allowance
| | | |
544.9
| | | |
405.3
|
|
Income tax receivable
| | | |
—
| | | |
58.6
|
|
Inventories
| | | |
1,045.3
| | | |
1,068.4
|
|
Restricted cash
| | | |
211.1
| | | |
234.7
|
|
Net property, plant, and equipment
| | | |
5,148.9
| | | |
4,902.9
|
|
Goodwill
| | | |
771.7
| | | |
773.2
|
|
Other assets
| | |
|
309.8
| | |
|
327.8
|
| | |
$
|
8,722.4
| | |
$
|
8,733.8
|
| | | | | |
|
|
Accounts payable
| | |
$
|
299.6
| | |
$
|
295.4
|
|
Accrued liabilities
| | | |
612.3
| | | |
709.6
|
|
Debt, net of unamortized discount of $56.2 and $60.0 | | | |
3,485.9
| | | |
3,553.0
|
|
Deferred income
| | | |
29.1
| | | |
36.4
|
|
Deferred income taxes
| | | |
630.6
| | | |
632.6
|
|
Other liabilities
| | | |
113.5
| | | |
109.4
|
|
Stockholders' equity
| | |
|
3,551.4
| | |
|
3,397.4
|
| | |
$
|
8,722.4
| | |
$
|
8,733.8
|
|
|
|
|
| Trinity Industries, Inc. |
| Additional Balance Sheet Information |
(in millions)
|
(unaudited)
|
|
|
|
|
| March 31, |
|
| December 31, |
| | | 2015 | | | 2014 |
| Property, Plant, and Equipment | | | | | | |
|
Corporate/Manufacturing:
| | | | | | |
|
Property, plant, and equipment
| | |
$
|
1,755.0
| | | |
$
|
1,681.7
| |
|
Accumulated depreciation
| | |
|
(838.6
|
)
| | |
|
(820.7
|
)
|
| | |
|
916.4
|
| | |
|
861.0
|
|
|
Leasing:
| | | | | | |
|
Wholly-owned subsidiaries:
| | | | | | |
|
Machinery and other
| | | |
10.7
| | | | |
10.7
| |
|
Equipment on lease
| | | |
3,428.2
| | | | |
3,189.6
| |
|
Accumulated depreciation
| | |
|
(605.6
|
)
| | |
|
(601.1
|
)
|
| | |
|
2,833.3
|
| | |
|
2,599.2
|
|
|
Partially-owned subsidiaries:
| | | | | | |
|
Equipment on lease
| | | |
2,260.6
| | | | |
2,261.2
| |
|
Accumulated depreciation
| | |
|
(277.2
|
)
| | |
|
(261.3
|
)
|
| | |
|
1,983.4
|
| | |
|
1,999.9
|
|
| | | | | |
|
|
Net deferred profit on railcars sold to the Leasing Group | | |
|
(584.2
|
)
| | |
|
(557.2
|
)
|
| | |
$
|
5,148.9
|
| | |
$
|
4,902.9
|
|
|
|
|
|
| Trinity Industries, Inc. |
| Additional Balance Sheet Information |
(in millions)
|
(unaudited)
|
|
|
|
|
| March 31, |
|
| December 31, |
| | | 2015 | | | 2014 |
| Debt | | | | | | |
|
Corporate - Recourse:
| | | | | | |
|
Revolving credit facility
| | |
$
|
—
| | |
$
|
—
|
|
Senior notes due 2024, net of unamortized discount of $0.4 and $0.4 | | | |
399.6
| | | |
399.6
|
|
Convertible subordinated notes, net of unamortized discount of $55.8
and $59.6 | | | |
393.7
| | | |
389.9
|
|
Other
| | |
|
0.7
| | |
|
0.7
|
| | |
|
794.0
| | |
|
790.2
|
|
Leasing:
| | | | | | |
|
Wholly-owned subsidiaries:
| | | | | | |
|
Recourse:
| | | | | | |
|
Capital lease obligations
| | |
|
38.3
| | |
|
39.1
|
| | |
|
38.3
| | |
|
39.1
|
|
Non-recourse:
| | | | | | |
|
Secured railcar equipment notes
| | | |
712.7
| | | |
723.3
|
|
Warehouse facility
| | | |
101.4
| | | |
120.6
|
|
Promissory notes
| | |
|
341.3
| | |
|
363.9
|
| | |
|
1,155.4
| | |
|
1,207.8
|
|
Partially-owned subsidiaries - Non-recourse:
| | | | | | |
|
Secured railcar equipment notes
| | |
|
1,498.2
| | |
|
1,515.9
|
| | |
|
1,498.2
| | |
|
1,515.9
|
| | |
$
|
3,485.9
| | |
$
|
3,553.0
|
|
|
|
|
| Trinity Industries, Inc. |
| Additional Balance Sheet Information |
(in millions)
|
(unaudited)
|
|
|
|
|
| March 31, |
|
| December 31, |
| | | 2015 | | | 2014 |
| Leasing Debt Summary | | | | | | |
|
Total Recourse Debt
| | |
$
|
38.3
| | | |
$
|
39.1
| |
|
Total Non-Recourse Debt
| | |
|
2,653.6
|
| | |
|
2,723.7
|
|
| | |
$
|
2,691.9
|
| | |
$
|
2,762.8
|
|
|
Total Leasing Debt
| | | | | | |
|
Wholly-owned subsidiaries
| | |
$
|
1,193.7
| | | |
$
|
1,246.9
| |
|
Partially-owned subsidiaries
| | |
|
1,498.2
|
| | |
|
1,515.9
|
|
| | |
$
|
2,691.9
|
| | |
$
|
2,762.8
|
|
Equipment on Lease(1) | | | | | | |
|
Wholly-owned subsidiaries
| | |
$
|
2,833.3
| | | |
$
|
2,599.2
| |
|
Partially-owned subsidiaries
| | |
|
1,983.4
|
| | |
|
1,999.9
|
|
| | |
$
|
4,816.7
|
| | |
$
|
4,599.1
|
|
|
Total Leasing Debt as a % of Equipment on Lease
| | | | | | |
|
Wholly-owned subsidiaries
| | | |
42.1
|
%
| | | |
48.0
|
%
|
|
Partially-owned subsidiaries
| | | |
75.5
|
%
| | | |
75.8
|
%
|
|
Combined
| | | |
55.9
|
%
| | | |
60.1
|
%
|
(1) Excludes net deferred profit on railcars sold to the
Leasing Group.
|
|
|
|
| Trinity Industries, Inc. |
| Condensed Consolidated Cash Flow Statements |
(in millions)
|
(unaudited)
|
|
|
|
|
| Three Months Ended |
| | | March 31, |
| | |
| 2015 |
|
|
|
| 2014 |
|
| Operating activities: | | | | | | |
|
Net income
| | |
$
|
189.0
| | | |
$
|
233.0
| |
|
Adjustments to reconcile net income to net cash provided by
operating activities:
| | | | | | |
|
Depreciation and amortization
| | | |
64.0
| | | | |
55.3
| |
|
Net gains on sales of railcars owned more than one year at the time
of sale
| | | |
(14.9
|
)
| | | |
(77.5
|
)
|
|
Other
| | | |
20.7
| | | | |
8.2
| |
|
Changes in assets and liabilities:
| | | | | | |
|
(Increase) decrease in receivables
| | | |
(76.6
|
)
| | | |
(43.3
|
)
|
|
(Increase) decrease in inventories
| | | |
31.7
| | | | |
(57.9
|
)
|
|
Increase (decrease) in accounts payable and accrued liabilities
| | | |
(99.3
|
)
| | | |
69.2
| |
|
Other
| | |
|
(5.2
|
)
| | |
|
18.3
|
|
|
Net cash provided by operating activities
| | |
|
109.4
|
| | |
|
205.3
|
|
| Investing activities: | | | | | | |
|
Proceeds from sales of railcars owned more than one year at the time
of sale
| | | |
78.5
| | | | |
224.3
| |
|
Proceeds from disposition of property, plant, and equipment
| | | |
1.6
| | | | |
17.2
| |
|
Capital expenditures - leasing, net of sold railcars owned one year
or less with a net cost of $53.1 and $204.0 | | | |
(283.4
|
)
| | | |
0.4
| |
|
Capital expenditures - manufacturing and other
| | | |
(53.5
|
)
| | | |
(49.1
|
)
|
|
(Increase) decrease in short-term marketable securities
| | | |
(25.0
|
)
| | | |
(106.7
|
)
|
|
Acquisitions
| | | |
(45.5
|
)
| | | |
(112.6
|
)
|
|
Other
| | |
|
4.2
|
| | |
|
2.9
|
|
|
Net cash required by investing activities
| | |
|
(323.1
|
)
| | |
|
(23.6
|
)
|
| Financing activities: | | | | | | |
|
Payments to retire debt
| | | |
(70.9
|
)
| | | |
(53.1
|
)
|
|
Shares repurchased(1) | | | |
(18.0
|
)
| | | |
(12.5
|
)
|
|
Dividends paid to common shareholders
| | | |
(15.6
|
)
| | | |
(11.6
|
)
|
|
Purchase of shares to satisfy employee tax on vested stock
| | | |
(0.4
|
)
| | | |
(0.1
|
)
|
|
Distributions to noncontrolling interest
| | | |
(11.3
|
)
| | | |
(5.4
|
)
|
|
(Increase) decrease in restricted cash
| | | |
33.0
| | | | |
4.3
| |
|
Other
| | |
|
(0.3
|
)
| | |
|
0.4
|
|
|
Net cash required by financing activities
| | |
|
(83.5
|
)
| | |
|
(78.0
|
)
|
|
Net increase (decrease) in cash and cash equivalents
| | | |
(297.2
|
)
| | | |
103.7
| |
|
Cash and cash equivalents at beginning of period
| | |
|
887.9
|
| | |
|
428.5
|
|
|
Cash and cash equivalents at end of period
| | |
$
|
590.7
|
| | |
$
|
532.2
|
|
(1) Reflects shares of stock cash settled during the period
|
|
|
|
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 |
| | | March 31, 2015 | | | March 31, 2014 |
| | | |
|
|
Average
|
|
| | | | |
|
|
Average
|
|
| |
| | |
Income
| | |
Shares
| | |
EPS
| | |
Income
| | |
Shares
| | |
EPS
|
|
Net income attributable to Trinity Industries, Inc. | | |
$
|
180.2
| | | | | | | | | |
$
|
226.4
| | | | | | | |
|
Unvested restricted share participation
| | |
|
(5.7
|
)
| | | | | | | | |
|
(7.8
|
)
| | | | | | |
|
Net income attributable to Trinity Industries, Inc. - basic
| | | |
174.5
| | | |
151.2
| | |
$
|
1.15
| | | |
218.6
| | | |
150.2
| | |
$
|
1.46
|
|
Effect of dilutive securities:
| | | | | | | | | | | | | | | | | | |
|
Stock options
| | | |
—
| | | |
—
| | | | | | |
—
| | | |
0.1
| | | |
|
Convertible subordinated notes
| | |
|
0.1
|
| | |
3.1
| | | | | |
|
0.2
|
| | |
3.7
| | | |
|
Net income attributable to Trinity Industries, Inc. - diluted
| | |
$
|
174.6
|
| | |
154.3
| | |
$
|
1.13
| | |
$
|
218.8
|
| | |
154.0
| | |
$
|
1.42
|
|
|
|
|
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 consolidated statements of operations data. In addition,
EBITDA should not be considered as an alternative to net income or
operating income as an indicator of our operating performance, or as an
alternative to operating cash flows as a measure of liquidity. We
believe EBITDA assists investors in comparing a company’s performance on
a consistent basis without regard to depreciation and amortization,
which can vary significantly depending upon many factors. However, the
EBITDA measure presented in this press release may not always be
comparable to similarly titled measures by other companies due to
differences in the components of the calculation.
|
|
| Three Months Ended |
| | | March 31, |
| | | 2015 |
|
| 2014 |
| | | | | |
|
|
Net income
| | |
$
|
189.0
| | |
$
|
233.0
|
|
Add:
| | | | | | |
|
Interest expense
| | | |
51.5
| | | |
46.3
|
|
Provision for income taxes
| | | |
95.4
| | | |
112.5
|
|
Depreciation and amortization expense
| | |
|
64.0
| | |
|
55.3
|
|
Earnings before interest expense, income taxes, and depreciation and
amortization expense
| | |
$
|
399.9
| | |
$
|
447.1
|
Trinity Industries, Inc.
Investor Contact:
Jessica
Greiner, 214-631-4420
Director of Investor Relations
or
Media
Contact:
Jack Todd, 214-589-8909
Source: Trinity Industries, Inc.