DALLAS--(BUSINESS WIRE)--
Trinity Industries, Inc. (NYSE:TRN) (“Trinity”) today announced that it
has completed its previously announced accelerated share repurchase
(“ASR”) program, consuming the Company’s current $500 million share
repurchase program authorized by Trinity’s Board of Directors in
December 2017. As a result, Trinity’s Board has approved a new $350
million share repurchase program effective immediately, that expires on
December 31, 2020. The size of the new authorization is designed to meet
certain IRS safe harbor guidelines associated with Trinity’s recent tax
free spin-off of Arcosa in the fourth quarter of 2018.
Trinity’s Board of Directors has also declared a 31% increase to the
Company’s quarterly dividend to 17 cents per share on its $0.01 par
value common stock from the current quarterly dividend of 13 cents per
share. The quarterly cash dividend, representing Trinity’s 220th
consecutively paid dividend, is payable April 30, 2019 to stockholders
of record on April 15, 2019.
“We are pleased to have completed the Company’s $350 million ASR, as
well as announce the new $350 million share repurchase authorization and
an increase to our quarterly cash dividend,” said Timothy R. Wallace,
Trinity’s Chairman, CEO, and President. “The dividend and share
repurchase program reflect our commitment to returning capital to
shareholders. These actions are supported by our financial strength and
the confidence we have in our integrated platform of products and
services for rail transportation. We have made good progress in
optimizing the balance sheet for improved shareholder returns. Our
railcar leasing company’s leverage ratio increased from 33% at the end
of the third quarter 2018 to 48% at year-end 2018. Today’s announcement
underscores our continuing commitment to balance sheet optimization and
growing the Company through prudent investments and other compelling
opportunities, including returning cash to shareholders through share
repurchases.”
About Trinity Industries
Trinity Industries, Inc., headquartered in Dallas, Texas, owns
businesses that are leading providers of rail transportation products
and services in North America. Our rail-related businesses market their
railcar products and services under the trade name TrinityRail®.
The TrinityRail integrated business platform provides railcar
manufacturing, maintenance and modifications, as well as railcar leasing
and management services. Trinity also owns businesses engaged in the
manufacture of products used on the nation’s roadways and in traffic
control, as well as logistical and transportation businesses that
provide support services to a variety of industrial manufacturers.
Trinity reports its financial results in three principal business
segments: the Rail Group, the Railcar Leasing and Management Services
Group, and the All Other Group. For more information, visit: www.trin.net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190307005826/en/
Jessica L. Greiner
Vice President, Investor Relations and
Communications
Trinity Industries, Inc.
(Investors)
214/631-4420
(Media Line) 214/589-8909
Source: Trinity Industries, Inc.