Date of Report (Date of Earliest Event Reported): | February 18, 2015 |
Delaware | 1-6903 | 75-0225040 | ||
(State or other jurisdiction of incorporation | (Commission File No.) | (I.R.S. Employer Identification No.) | ||
2525 N. Stemmons Freeway, Dallas, Texas | 75207-2401 | |||
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: | 214-631-4420 |
Trinity Industries, Inc. | ||
February 19, 2015 | By: | /s/ James E. Perry |
Name: James E. Perry | ||
Title: Senior Vice President and Chief Financial Officer |
Exhibit Index | ||
Exhibit No. | Description | |
99.1 | News Release dated February 18, 2015 with respect to the operating results for the three and twelve month periods ended December 31, 2014 | |
99.2 | Conference call script of February 19, 2015 of Gail M. Peck, Vice President, Finance and Treasurer | |
99.3 | Conference call script of February 19, 2015 of Timothy R. Wallace, Chairman, Chief Executive Officer, and President. | |
99.4 | Conference call script of February 19, 2015 of S. Theis Rice, Senior Vice President and Chief Legal Officer. | |
99.5 | Conference call script of February 19, 2015 of William A. McWhirter II, Senior Vice President and Group President of the Construction Products, Energy Equipment and Inland Barge Groups. | |
99.6 | Conference call script of February 19, 2015 of D. Stephen Menzies, Senior Vice President and Group President of the Rail and Railcar Leasing Groups. | |
99.7 | Conference call script of February 19, 2015 of James E. Perry, Senior Vice President and Chief Financial Officer. |
Investor Contact: | Media Contact: |
Jessica Greiner | Jack Todd |
Director of Investor Relations | Trinity Industries, Inc. |
Trinity Industries, Inc. | 214/589-8909 |
214/631-4420 |
• | Strong fourth quarter and record full year earnings per common diluted share of $0.86 and $4.19, respectively |
• | Year-over-year fourth quarter and full year revenue growth of 32% and 41%, respectively, and earnings per common diluted share growth of 19% and 76%, respectively |
• | All business segments report year-over-year revenue and operating profit growth during 2014 |
• | Rail Group receives orders for 17,770 new railcars during the fourth quarter with a record value of over $2.1 billion resulting in an all-time high backlog of 61,035 units with a record value of $7.2 billion |
• | Company issues earnings guidance for full year 2015 of between $4.00 and $4.40 per common diluted share |
Three Months Ended December 31, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 1,661.4 | $ | 1,256.0 | |||
Operating costs: | |||||||
Cost of revenues | 1,275.3 | 962.7 | |||||
Selling, engineering, and administrative expenses | 110.6 | 80.2 | |||||
(Gain)/loss on disposition of property, plant, and equipment: | |||||||
Net gains on lease fleet sales | (2.1 | ) | (10.8 | ) | |||
Other | 1.1 | (0.5 | ) | ||||
1,384.9 | 1,031.6 | ||||||
Operating profit | 276.5 | 224.4 | |||||
Interest expense, net | 51.6 | 45.1 | |||||
Other (income) expense | (1.8 | ) | (0.5 | ) | |||
Income before income taxes | 226.7 | 179.8 | |||||
Provision for income taxes | 80.3 | 60.9 | |||||
Net income from continuing operations | 146.4 | 118.9 | |||||
Net gain on sale of discontinued operations | — | — | |||||
Net income (loss) from discontinued operations | (0.1 | ) | 0.4 | ||||
Net income | 146.3 | 119.3 | |||||
Net income (loss) attributable to noncontrolling interest | 8.1 | 6.5 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 138.2 | $ | 112.8 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | |||||||
Continuing operations | $ | 0.89 | $ | 0.72 | |||
Discontinued operations | — | — | |||||
$ | 0.89 | $ | 0.72 | ||||
Diluted | |||||||
Continuing operations | $ | 0.86 | $ | 0.72 | |||
Discontinued operations | — | — | |||||
$ | 0.86 | $ | 0.72 | ||||
Weighted average number of shares outstanding: | |||||||
Basic | 151.2 | 151.8 | |||||
Diluted | 155.7 | 151.9 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Revenues | $ | 6,170.0 | $ | 4,365.3 | |||
Operating costs: | |||||||
Cost of revenues | 4,619.8 | 3,322.3 | |||||
Selling, engineering, and administrative expenses | 403.6 | 291.3 | |||||
(Gain)/loss on disposition of property, plant, and equipment: | |||||||
Net gains on lease fleet sales | (92.3 | ) | (20.4 | ) | |||
Other | (12.1 | ) | (0.8 | ) | |||
4,919.0 | 3,592.4 | ||||||
Operating profit | 1,251.0 | 772.9 | |||||
Interest expense, net | 191.5 | 185.2 | |||||
Other (income) expense | (4.6 | ) | (2.8 | ) | |||
Income before income taxes | 1,064.1 | 590.5 | |||||
Provision for income taxes | 354.8 | 204.4 | |||||
Net income from continuing operations | 709.3 | 386.1 | |||||
Net gain on sale of discontinued operations | — | 7.1 | |||||
Net income (loss) from discontinued operations | — | (0.8 | ) | ||||
Net income | 709.3 | 392.4 | |||||
Net income (loss) attributable to noncontrolling interest | 31.1 | 16.9 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 678.2 | $ | 375.5 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | |||||||
Continuing operations | $ | 4.35 | $ | 2.34 | |||
Discontinued operations | — | 0.04 | |||||
$ | 4.35 | $ | 2.38 | ||||
Diluted | |||||||
Continuing operations | $ | 4.19 | $ | 2.34 | |||
Discontinued operations | — | 0.04 | |||||
$ | 4.19 | $ | 2.38 | ||||
Weighted average number of shares outstanding: | |||||||
Basic | 151.0 | 152.8 | |||||
Diluted | 156.7 | 152.9 |
Three Months Ended December 31, | |||||||
Revenues: | 2014 | 2013 | |||||
Rail Group | $ | 1,067.4 | $ | 855.5 | |||
Construction Products Group | 116.5 | 117.5 | |||||
Inland Barge Group | 167.8 | 142.9 | |||||
Energy Equipment Group | 284.4 | 188.5 | |||||
Railcar Leasing and Management Services Group | 238.0 | 190.8 | |||||
All Other | 30.2 | 23.6 | |||||
Segment Totals before Eliminations | 1,904.3 | 1,518.8 | |||||
Eliminations - lease subsidiary | (145.9 | ) | (196.0 | ) | |||
Eliminations - other | (97.0 | ) | (66.8 | ) | |||
Consolidated Total | $ | 1,661.4 | $ | 1,256.0 | |||
Three Months Ended December 31, | |||||||
Operating profit (loss): | 2014 | 2013 | |||||
Rail Group | $ | 194.2 | $ | 157.4 | |||
Construction Products Group | (0.3 | ) | 7.3 | ||||
Inland Barge Group | 25.8 | 27.0 | |||||
Energy Equipment Group | 26.9 | 17.2 | |||||
Railcar Leasing and Management Services Group | 96.6 | 85.5 | |||||
All Other | (14.3 | ) | (5.7 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 328.9 | 288.7 | |||||
Corporate | (29.5 | ) | (23.5 | ) | |||
Eliminations - lease subsidiary | (22.6 | ) | (40.0 | ) | |||
Eliminations - other | (0.3 | ) | (0.8 | ) | |||
Consolidated Total | $ | 276.5 | $ | 224.4 |
Year Ended December 31, | |||||||
Revenues: | 2014 | 2013 | |||||
Rail Group | $ | 3,816.8 | $ | 2,867.5 | |||
Construction Products Group | 551.7 | 525.0 | |||||
Inland Barge Group | 638.5 | 576.7 | |||||
Energy Equipment Group | 992.3 | 665.4 | |||||
Railcar Leasing and Management Services Group | 1,118.3 | 645.4 | |||||
All Other | 110.4 | 86.6 | |||||
Segment Totals before Eliminations | 7,228.0 | 5,366.6 | |||||
Eliminations - lease subsidiary | (710.1 | ) | (756.5 | ) | |||
Eliminations - other | (347.9 | ) | (244.8 | ) | |||
Consolidated Total | $ | 6,170.0 | $ | 4,365.3 | |||
Year Ended December 31, | |||||||
Operating profit (loss): | 2014 | 2013 | |||||
Rail Group | $ | 724.1 | $ | 489.7 | |||
Construction Products Group | 65.4 | 52.6 | |||||
Inland Barge Group | 114.4 | 96.0 | |||||
Energy Equipment Group | 108.1 | 61.4 | |||||
Railcar Leasing and Management Services Group | 516.3 | 296.8 | |||||
All Other | (25.6 | ) | (13.7 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 1,502.7 | 982.8 | |||||
Corporate | (119.0 | ) | (73.4 | ) | |||
Eliminations - lease subsidiary | (133.1 | ) | (135.4 | ) | |||
Eliminations - other | 0.4 | (1.1 | ) | ||||
Consolidated Total | $ | 1,251.0 | $ | 772.9 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | Percent | 2014 | 2013 | Percent | ||||||||||||||||
($ in millions) | Change | ($ in millions) | Change | ||||||||||||||||||
Revenues: | |||||||||||||||||||||
Leasing and management | $ | 162.8 | $ | 151.3 | 7.6 | % | $ | 632.0 | $ | 586.9 | 7.7 | % | |||||||||
Sales of railcars owned one year or less at the time of sale | 75.2 | 39.5 | * | 486.3 | 58.5 | * | |||||||||||||||
Total revenues | $ | 238.0 | $ | 190.8 | 24.7 | $ | 1,118.3 | $ | 645.4 | 73.3 | |||||||||||
Operating profit: | |||||||||||||||||||||
Leasing and management | $ | 74.1 | $ | 69.1 | 7.2 | $ | 287.9 | $ | 267.3 | 7.7 | |||||||||||
Railcar sales: | |||||||||||||||||||||
Railcars owned one year or less at the time of sale | 20.4 | 5.6 | 136.1 | 9.1 | |||||||||||||||||
Railcars owned more than one year at the time of sale | 2.1 | 10.8 | 92.3 | 20.4 | |||||||||||||||||
Total operating profit | $ | 96.6 | $ | 85.5 | 13.0 | $ | 516.3 | $ | 296.8 | 74.0 | |||||||||||
Operating profit margin: | |||||||||||||||||||||
Leasing and management | 45.5 | % | 45.7 | % | 45.6 | % | 45.5 | % | |||||||||||||
Railcar sales | * | * | * | * | |||||||||||||||||
Total operating profit margin | 40.6 | % | 44.8 | % | 46.2 | % | 46.0 | % | |||||||||||||
Selected expense information(1): | |||||||||||||||||||||
Depreciation | $ | 32.9 | $ | 33.2 | (0.9 | ) | $ | 130.0 | $ | 129.0 | 0.8 | ||||||||||
Maintenance | $ | 20.1 | $ | 17.7 | 13.6 | $ | 78.9 | $ | 71.5 | 10.3 | |||||||||||
Rent | $ | 13.2 | $ | 13.3 | (0.8 | ) | $ | 52.9 | $ | 53.3 | (0.8 | ) | |||||||||
Interest: | |||||||||||||||||||||
External | $ | 38.8 | $ | 37.3 | $ | 153.3 | $ | 153.5 | |||||||||||||
Intercompany | — | — | — | 3.8 | |||||||||||||||||
Total interest expense | $ | 38.8 | $ | 37.3 | 4.0 | $ | 153.3 | $ | 157.3 | (2.5 | ) |
December 31, 2014 | December 31, 2013 | ||||
Leasing portfolio information: | |||||
Portfolio size (number of railcars) | 75,930 | 75,685 | |||
Portfolio utilization | 99.5 | % | 99.5 | % |
December 31, 2014 | December 31, 2013 | ||||||
Cash and cash equivalents | $ | 887.9 | $ | 428.5 | |||
Short-term marketable securities | 75.0 | 149.7 | |||||
Receivables, net of allowance | 405.3 | 365.0 | |||||
Income tax receivable | 58.6 | 7.7 | |||||
Inventories | 1,068.4 | 814.7 | |||||
Restricted cash | 234.7 | 260.7 | |||||
Net property, plant, and equipment | 4,902.9 | 4,770.6 | |||||
Goodwill | 773.2 | 278.2 | |||||
Other assets | 327.8 | 238.3 | |||||
$ | 8,733.8 | $ | 7,313.4 | ||||
Accounts payable | $ | 295.4 | $ | 216.3 | |||
Accrued liabilities | 709.6 | 567.4 | |||||
Debt, net of unamortized discount of $60.0 and $74.1 | 3,553.0 | 2,989.8 | |||||
Deferred income | 36.4 | 40.8 | |||||
Deferred income taxes | 632.6 | 650.7 | |||||
Other liabilities | 109.4 | 99.3 | |||||
Stockholders' equity | 3,397.4 | 2,749.1 | |||||
$ | 8,733.8 | $ | 7,313.4 |
December 31, 2014 | December 31, 2013 | ||||||
Property, Plant, and Equipment | |||||||
Corporate/Manufacturing: | |||||||
Property, plant, and equipment | $ | 1,681.7 | $ | 1,418.9 | |||
Accumulated depreciation | (820.7 | ) | (748.3 | ) | |||
861.0 | 670.6 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Machinery and other | 10.7 | 10.3 | |||||
Equipment on lease | 3,189.6 | 3,509.1 | |||||
Accumulated depreciation | (601.1 | ) | (554.8 | ) | |||
2,599.2 | 2,964.6 | ||||||
Partially-owned subsidiaries: | |||||||
Equipment on lease | 2,261.2 | 1,887.2 | |||||
Accumulated depreciation | (261.3 | ) | (202.1 | ) | |||
1,999.9 | 1,685.1 | ||||||
Net deferred profit on railcars sold to the Leasing Group | (557.2 | ) | (549.7 | ) | |||
$ | 4,902.9 | $ | 4,770.6 |
December 31, 2014 | December 31, 2013 | ||||||
Debt | |||||||
Corporate - Recourse: | |||||||
Revolving credit facility | $ | — | $ | — | |||
Senior notes due 2024, net of unamortized discount of $0.4 and $- | 399.6 | — | |||||
Convertible subordinated notes, net of unamortized discount of $59.6 and $74.1 | 389.9 | 375.9 | |||||
Other | 0.7 | 0.9 | |||||
790.2 | 376.8 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Recourse: | |||||||
Capital lease obligations | 39.1 | 42.2 | |||||
39.1 | 42.2 | ||||||
Non-recourse: | |||||||
Secured railcar equipment notes | 723.3 | 766.6 | |||||
Warehouse facility | 120.6 | 152.0 | |||||
Promissory notes | 363.9 | 396.1 | |||||
1,207.8 | 1,314.7 | ||||||
Partially-owned subsidiaries - Non-recourse: | |||||||
Secured railcar equipment notes | 1,515.9 | 1,256.1 | |||||
1,515.9 | 1,256.1 | ||||||
$ | 3,553.0 | $ | 2,989.8 |
December 31, 2014 | December 31, 2013 | ||||||
Leasing Debt Summary | |||||||
Total Recourse Debt | $ | 39.1 | $ | 42.2 | |||
Total Non-Recourse Debt(1) | 2,723.7 | 2,570.8 | |||||
$ | 2,762.8 | $ | 2,613.0 | ||||
Total Leasing Debt | |||||||
Wholly-owned subsidiaries | $ | 1,246.9 | $ | 1,356.9 | |||
Partially-owned subsidiaries | 1,515.9 | 1,256.1 | |||||
$ | 2,762.8 | $ | 2,613.0 | ||||
Equipment on Lease(1) | |||||||
Wholly-owned subsidiaries | $ | 2,599.2 | $ | 2,964.6 | |||
Partially-owned subsidiaries | 1,999.9 | 1,685.1 | |||||
$ | 4,599.1 | $ | 4,649.7 | ||||
Total Leasing Debt as a % of Equipment on Lease | |||||||
Wholly-owned subsidiaries | 48.0 | % | 45.8 | % | |||
Partially-owned subsidiaries | 75.8 | % | 74.5 | % | |||
Combined | 60.1 | % | 56.2 | % |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Operating activities: | |||||||
Net income | $ | 709.3 | $ | 392.4 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Income from discontinued operations | — | (6.3 | ) | ||||
Depreciation and amortization | 244.6 | 211.5 | |||||
Net gains on sales of railcars owned more than one year at the time of sale | (92.3 | ) | (20.4 | ) | |||
Other | 38.2 | 107.9 | |||||
Changes in assets and liabilities: | |||||||
(Increase) decrease in receivables | (56.4 | ) | 17.2 | ||||
(Increase) decrease in inventories | (186.3 | ) | (95.6 | ) | |||
Increase (decrease) in accounts payable and accrued liabilities | 142.8 | 101.4 | |||||
Other | 19.3 | (45.9 | ) | ||||
Net cash provided by operating activities | 819.2 | 662.2 | |||||
Investing activities: | |||||||
Proceeds from sales of railcars owned more than one year at the time of sale | 265.8 | 131.6 | |||||
Proceeds from disposition of property, plant, and equipment | 23.0 | 3.7 | |||||
Capital expenditures - leasing, net of sold railcars owned one year or less with a net cost of $350.2 and $49.4 | (245.3 | ) | (581.1 | ) | |||
Capital expenditures - manufacturing and other | (219.3 | ) | (149.9 | ) | |||
(Increase) decrease in short-term marketable securities | 74.7 | (149.7 | ) | ||||
Acquisitions | (714.4 | ) | (73.2 | ) | |||
Other | 0.8 | 0.6 | |||||
Net cash required by investing activities | (814.7 | ) | (818.0 | ) | |||
Financing activities: | |||||||
Payments to retire debt | (186.6 | ) | (262.1 | ) | |||
Proceeds from issuance of debt | 727.3 | 175.0 | |||||
Shares repurchased | (36.5 | ) | (103.2 | ) | |||
Dividends paid to common shareholders | (54.4 | ) | (39.3 | ) | |||
Purchase of shares to satisfy employee tax on vested stock | (38.3 | ) | (9.6 | ) | |||
Proceeds from sale of interests in partially-owned leasing subsidiaries | — | 296.7 | |||||
Repurchase of noncontrolling interest | — | (84.0 | ) | ||||
Contributions from noncontrolling interest | 49.6 | 50.0 | |||||
Distributions to noncontrolling interest | (28.2 | ) | (10.0 | ) | |||
(Increase) decrease in restricted cash | 1.0 | (12.5 | ) | ||||
Other | 21.0 | 10.3 | |||||
Net cash provided by financing activities | 454.9 | 11.3 | |||||
Net increase (decrease) in cash and cash equivalents | 459.4 | (144.5 | ) | ||||
Cash and cash equivalents at beginning of period | 428.5 | 573.0 | |||||
Cash and cash equivalents at end of period | $ | 887.9 | $ | 428.5 |
Three Months Ended December 31, 2014 | Three Months Ended December 31, 2013 | ||||||||||||||||||||
Income (Loss) | Average Shares | EPS | Income (Loss) | Average Shares | EPS | ||||||||||||||||
Net income from continuing operations | $ | 146.4 | $ | 118.9 | |||||||||||||||||
Less: net income from continuing operations attributable to noncontrolling interest | 8.1 | 6.5 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 138.3 | 112.4 | |||||||||||||||||||
Unvested restricted share participation | (4.4 | ) | (3.7 | ) | |||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. - basic | 133.9 | 151.2 | $ | 0.89 | 108.7 | 151.8 | $ | 0.72 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options | — | 0.1 | — | 0.1 | |||||||||||||||||
Convertible subordinated notes | 0.1 | 4.4 | — | — | |||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. - diluted | $ | 134.0 | 155.7 | $ | 0.86 | $ | 108.7 | 151.9 | $ | 0.72 | |||||||||||
Net income (loss) from discontinued operations, net of taxes | $ | (0.1 | ) | $ | 0.4 | ||||||||||||||||
Unvested restricted share participation | — | — | |||||||||||||||||||
Net income (loss) from discontinued operations, net of taxes - basic | (0.1 | ) | 151.2 | $ | — | 0.4 | 151.8 | $ | — | ||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options | — | 0.1 | — | 0.1 | |||||||||||||||||
Convertible subordinated notes | — | 4.4 | — | — | |||||||||||||||||
Net income (loss) from discontinued operations, net of taxes - diluted | $ | (0.1 | ) | 155.7 | $ | — | $ | 0.4 | 151.9 | $ | — |
Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||||
Income (Loss) | Average Shares | EPS | Income (Loss) | Average Shares | EPS | ||||||||||||||||
Net income from continuing operations | $ | 709.3 | $ | 386.1 | |||||||||||||||||
Less: net income from continuing operations attributable to noncontrolling interest | 31.1 | 16.9 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 678.2 | 369.2 | |||||||||||||||||||
Unvested restricted share participation | (22.1 | ) | (12.0 | ) | |||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. - basic | 656.1 | 151.0 | $ | 4.35 | 357.2 | 152.8 | $ | 2.34 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options | — | 0.1 | — | 0.1 | |||||||||||||||||
Convertible subordinated notes | 0.7 | 5.6 | — | — | |||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. - diluted | $ | 656.8 | 156.7 | $ | 4.19 | $ | 357.2 | 152.9 | $ | 2.34 | |||||||||||
Net income (loss) from discontinued operations, net of taxes | $ | — | $ | 6.3 | |||||||||||||||||
Unvested restricted share participation | — | (0.2 | ) | ||||||||||||||||||
Net income (loss) from discontinued operations, net of taxes - basic | — | 151.0 | $ | — | 6.1 | 152.8 | $ | 0.04 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options | — | 0.1 | — | 0.1 | |||||||||||||||||
Convertible subordinated notes | — | 5.6 | — | — | |||||||||||||||||
Net income (loss) from discontinued operations, net of taxes - diluted | $ | — | 156.7 | $ | — | $ | 6.1 | 152.9 | $ | 0.04 |
Three Months Ended December 31, | |||||||
2014 | 2013 | ||||||
Net income from continuing operations | $ | 146.4 | $ | 118.9 | |||
Add: | |||||||
Interest expense | 52.0 | 45.8 | |||||
Provision for income taxes | 80.3 | 60.9 | |||||
Depreciation and amortization expense | 73.1 | 55.3 | |||||
Earnings from continuing operations before interest expense, income taxes, and depreciation and amortization expense | $ | 351.8 | $ | 280.9 |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Net income from continuing operations | $ | 709.3 | $ | 386.1 | |||
Add: | |||||||
Interest expense | 193.4 | 187.3 | |||||
Provision for income taxes | 354.8 | 204.4 | |||||
Depreciation and amortization expense | 244.6 | 211.5 | |||||
Earnings from continuing operations before interest expense, income taxes, and depreciation and amortization expense | $ | 1,502.1 | $ | 989.3 | |||
• | For the year, we are assuming a tax rate of approximately 33.5%, though this rate could vary quarter-to-quarter. |
• | Due to our partial ownership in TRIP and RIV 2013, we expect to deduct between $30 million and $35 million of non-controlling earnings in 2015. |
• | The two class method of accounting is expected to reduce EPS by 14 cents per share in 2015, compared to calculating Trinity’s EPS directly from the face of the income statement. |
• | And finally, please refer to yesterday’s press release for the dilutive impact from the convertible notes and the weighted average share count for 2015. |