Date of Report (Date of Earliest Event Reported): | February 18, 2016 |
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, 2016 | 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, 2016 with respect to the operating results for the three and twelve month periods ended December 31, 2015 | |
99.2 | Conference call script of February 19, 2016 of Gail M. Peck, Vice President, Finance and Treasurer | |
99.3 | Conference call script of February 19, 2016 of S. Theis Rice, Senior Vice President and Chief Legal Officer. | |
99.4 | Conference call script of February 19, 2016 of Timothy R. Wallace, Chairman, Chief Executive Officer, and President. | |
99.5 | Conference call script of February 19, 2016 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, 2016 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, 2016 of James E. Perry, Senior Vice President and Chief Financial Officer. |
Investor Contact: | Media Contact: |
Jessica Greiner | Jack Todd |
Director of Investor Relations | Vice President, Public Affairs |
Trinity Industries, Inc. | Trinity Industries, Inc. |
214/631-4420 | 214/589-8909 |
• | Earnings per common diluted share of $1.30, up 51% year-over-year |
• | Record operating margin for the Rail Group of 23.6% with record deliveries of 8,835 railcars |
• | Company completes sales of $479.5 million of leased railcars |
• | New institutional investor fund was formed, expanding the railcar investment vehicle ("RIV") platform |
• | Inland Barge Group receives orders with a value of $190.1 million |
• | Record consolidated revenues of $6.4 billion |
• | Record railcar deliveries of 34,295 |
• | Record earnings per common diluted share of $5.08, up 21% year-over-year |
• | Backlog commitments in Rail, Inland Barge, and Energy Equipment Groups valued at $6.2 billion |
• | Company completes sales of $1.2 billion of leased railcars |
• | Liquidity position of $2.1 billion, including cash, marketable securities and available credit facilities |
Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Revenues | $ | 1,547.0 | $ | 1,661.4 | |||
Operating costs: | |||||||
Cost of revenues | 1,116.1 | 1,275.3 | |||||
Selling, engineering, and administrative expenses | 137.1 | 110.6 | |||||
Gains on dispositions of property: | |||||||
Net gains on lease fleet sales | (63.3 | ) | (2.1 | ) | |||
Other | (0.9 | ) | 1.1 | ||||
1,189.0 | 1,384.9 | ||||||
Operating profit | 358.0 | 276.5 | |||||
Interest expense, net | 45.3 | 51.6 | |||||
Other, net | (1.6 | ) | (1.7 | ) | |||
Income before income taxes | 314.3 | 226.6 | |||||
Provision for income taxes | 110.3 | 80.3 | |||||
Net income | 204.0 | 146.3 | |||||
Net income attributable to noncontrolling interest | 4.0 | 8.1 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 200.0 | $ | 138.2 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | $ | 1.30 | $ | 0.89 | |||
Diluted | $ | 1.30 | $ | 0.86 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 149.0 | 151.2 | |||||
Diluted | 149.6 | 155.7 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Revenues | $ | 6,392.7 | $ | 6,170.0 | |||
Operating costs: | |||||||
Cost of revenues | 4,656.2 | 4,619.8 | |||||
Selling, engineering, and administrative expenses | 476.4 | 403.6 | |||||
Gains on dispositions of property: | |||||||
Net gains on lease fleet sales | (166.1 | ) | (92.3 | ) | |||
Other | (12.7 | ) | (12.1 | ) | |||
4,953.8 | 4,919.0 | ||||||
Operating profit | 1,438.9 | 1,251.0 | |||||
Interest expense, net | 192.5 | 191.5 | |||||
Other, net | (5.6 | ) | (4.6 | ) | |||
Income before income taxes | 1,252.0 | 1,064.1 | |||||
Provision for income taxes | 426.0 | 354.8 | |||||
Net income | 826.0 | 709.3 | |||||
Net income attributable to noncontrolling interest | 29.5 | 31.1 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 796.5 | $ | 678.2 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | $ | 5.14 | $ | 4.35 | |||
Diluted | $ | 5.08 | $ | 4.19 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 150.2 | 151.0 | |||||
Diluted | 152.2 | 156.7 |
Three Months Ended December 31, | |||||||
Revenues: | 2015 | 2014 | |||||
Rail Group | $ | 1,133.6 | $ | 1,067.4 | |||
Construction Products Group | 113.7 | 116.5 | |||||
Inland Barge Group | 147.2 | 167.8 | |||||
Energy Equipment Group | 242.2 | 284.4 | |||||
Railcar Leasing and Management Services Group | 372.7 | 238.0 | |||||
All Other | 28.3 | 30.2 | |||||
Segment Totals before Eliminations | 2,037.7 | 1,904.3 | |||||
Eliminations - lease subsidiary | (381.5 | ) | (145.9 | ) | |||
Eliminations - other | (109.2 | ) | (97.0 | ) | |||
Consolidated Total | $ | 1,547.0 | $ | 1,661.4 | |||
Three Months Ended December 31, | |||||||
Operating profit (loss): | 2015 | 2014 | |||||
Rail Group | $ | 267.9 | $ | 194.2 | |||
Construction Products Group | 5.0 | (0.3 | ) | ||||
Inland Barge Group | 20.7 | 25.8 | |||||
Energy Equipment Group | 32.6 | 26.9 | |||||
Railcar Leasing and Management Services Group | 187.5 | 96.6 | |||||
All Other | (3.6 | ) | (14.3 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 510.1 | 328.9 | |||||
Corporate | (53.9 | ) | (29.5 | ) | |||
Eliminations - lease subsidiary | (95.8 | ) | (22.6 | ) | |||
Eliminations - other | (2.4 | ) | (0.3 | ) | |||
Consolidated Total | $ | 358.0 | $ | 276.5 |
Year Ended December 31, | |||||||
Revenues: | 2015 | 2014 | |||||
Rail Group | $ | 4,461.8 | $ | 3,816.8 | |||
Construction Products Group | 532.6 | 551.7 | |||||
Inland Barge Group | 652.9 | 638.5 | |||||
Energy Equipment Group | 1,113.7 | 992.3 | |||||
Railcar Leasing and Management Services Group | 1,104.8 | 1,118.3 | |||||
All Other | 112.3 | 110.4 | |||||
Segment Totals before Eliminations | 7,978.1 | 7,228.0 | |||||
Eliminations - lease subsidiary | (1,164.4 | ) | (710.1 | ) | |||
Eliminations - other | (421.0 | ) | (347.9 | ) | |||
Consolidated Total | $ | 6,392.7 | $ | 6,170.0 | |||
Year Ended December 31, | |||||||
Operating profit (loss): | 2015 | 2014 | |||||
Rail Group | $ | 931.6 | $ | 724.1 | |||
Construction Products Group | 54.5 | 65.4 | |||||
Inland Barge Group | 117.0 | 114.4 | |||||
Energy Equipment Group | 150.9 | 108.1 | |||||
Railcar Leasing and Management Services Group | 606.2 | 516.3 | |||||
All Other | (8.2 | ) | (25.6 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 1,852.0 | 1,502.7 | |||||
Corporate | (152.6 | ) | (119.0 | ) | |||
Eliminations - lease subsidiary | (259.6 | ) | (133.1 | ) | |||
Eliminations - other | (0.9 | ) | 0.4 | ||||
Consolidated Total | $ | 1,438.9 | $ | 1,251.0 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
($ in millions) | |||||||||||||||
Revenues: | |||||||||||||||
Leasing and management | $ | 179.0 | $ | 162.8 | $ | 699.9 | $ | 632.0 | |||||||
Sales of railcars owned one year or less at the time of sale | 193.7 | 75.2 | 404.9 | 486.3 | |||||||||||
Total revenues | $ | 372.7 | $ | 238.0 | $ | 1,104.8 | $ | 1,118.3 | |||||||
Operating profit: | |||||||||||||||
Leasing and management | $ | 76.4 | $ | 74.1 | $ | 331.1 | $ | 287.9 | |||||||
Railcar sales: | |||||||||||||||
Railcars owned one year or less at the time of sale | 47.8 | 20.4 | 109.0 | 136.1 | |||||||||||
Railcars owned more than one year at the time of sale | 63.3 | 2.1 | 166.1 | 92.3 | |||||||||||
Total operating profit | $ | 187.5 | $ | 96.6 | $ | 606.2 | $ | 516.3 | |||||||
Operating profit margin: | |||||||||||||||
Leasing and management | 42.7 | % | 45.5 | % | 47.3 | % | 45.6 | % | |||||||
Railcar sales | * | * | * | * | |||||||||||
Total operating profit margin | 50.3 | % | 40.6 | % | 54.9 | % | 46.2 | % | |||||||
Selected expense information(1): | |||||||||||||||
Depreciation | $ | 36.5 | $ | 32.9 | $ | 142.3 | $ | 130.0 | |||||||
Maintenance | $ | 31.4 | $ | 20.1 | $ | 97.3 | $ | 78.9 | |||||||
Rent | $ | 10.3 | $ | 13.2 | $ | 41.6 | $ | 52.9 | |||||||
Interest | $ | 32.0 | $ | 38.8 | $ | 138.8 | $ | 153.3 |
December 31, 2015 | December 31, 2014 | ||||
Leasing portfolio information: | |||||
Portfolio size (number of railcars) | 76,765 | 75,930 | |||
Portfolio utilization | 97.7 | % | 99.5 | % |
Year Ended December 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 | $ | 228.6 | $ | 446.6 | |||
Railcars owned more than one year at the time of sale | 294.7 | 235.7 | |||||
Rail Group | 227.5 | 200.4 | |||||
$ | 750.8 | $ | 882.7 |
December 31, 2015 | December 31, 2014 | ||||||
Cash and cash equivalents | $ | 786.0 | $ | 887.9 | |||
Short-term marketable securities | 84.9 | 75.0 | |||||
Receivables, net of allowance | 369.9 | 405.3 | |||||
Income tax receivable | 94.9 | 58.6 | |||||
Inventories | 943.1 | 1,068.4 | |||||
Restricted cash | 195.8 | 234.7 | |||||
Net property, plant, and equipment | 5,348.0 | 4,902.9 | |||||
Goodwill | 753.8 | 773.2 | |||||
Other assets | 309.5 | 289.3 | |||||
$ | 8,885.9 | $ | 8,695.3 | ||||
Accounts payable | $ | 216.8 | $ | 295.4 | |||
Accrued liabilities | 529.6 | 709.6 | |||||
Debt, net of unamortized discount of $44.2 and $60.0 | 3,195.4 | 3,514.5 | |||||
Deferred income | 27.1 | 36.4 | |||||
Deferred income taxes | 752.2 | 632.6 | |||||
Other liabilities | 116.1 | 109.4 | |||||
Stockholders' equity | 4,048.7 | 3,397.4 | |||||
$ | 8,885.9 | $ | 8,695.3 |
December 31, 2015 | December 31, 2014 | ||||||
Property, Plant, and Equipment | |||||||
Corporate/Manufacturing: | |||||||
Property, plant, and equipment | $ | 1,861.5 | $ | 1,681.7 | |||
Accumulated depreciation | (905.4 | ) | (820.7 | ) | |||
956.1 | 861.0 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Machinery and other | 10.7 | 10.7 | |||||
Equipment on lease | 3,664.7 | 3,049.0 | |||||
Accumulated depreciation | (549.1 | ) | (460.5 | ) | |||
3,126.3 | 2,599.2 | ||||||
Partially-owned subsidiaries: | |||||||
Equipment on lease | 2,406.5 | 2,401.8 | |||||
Accumulated depreciation | (467.9 | ) | (401.9 | ) | |||
1,938.6 | 1,999.9 | ||||||
Net deferred profit on railcars sold to the Leasing Group | (673.0 | ) | (557.2 | ) | |||
$ | 5,348.0 | $ | 4,902.9 |
December 31, 2015 | December 31, 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 $43.8 and $59.6 | 405.6 | 389.9 | |||||
Other | 0.5 | 0.7 | |||||
805.7 | 790.2 | ||||||
Less: unamortized debt issuance costs | (4.7 | ) | (5.5 | ) | |||
801.0 | 784.7 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Recourse: | |||||||
Capital lease obligations, net of unamortized debt issuance costs of $0.1 and $0.2 | 35.7 | 38.9 | |||||
35.7 | 38.9 | ||||||
Non-recourse: | |||||||
Secured railcar equipment notes | 679.5 | 723.3 | |||||
Warehouse facility | 264.3 | 120.6 | |||||
Promissory notes | — | 363.9 | |||||
943.8 | 1,207.8 | ||||||
Less: unamortized debt issuance costs | (15.1 | ) | (13.8 | ) | |||
928.7 | 1,194.0 | ||||||
Partially-owned subsidiaries - Non-recourse: | |||||||
Secured railcar equipment notes | 1,446.9 | 1,515.9 | |||||
Less: unamortized debt issuance costs | (16.9 | ) | (19.0 | ) | |||
1,430.0 | 1,496.9 | ||||||
$ | 3,195.4 | $ | 3,514.5 |
December 31, 2015 | December 31, 2014 | ||||||
Leasing Debt Summary | |||||||
Total Recourse Debt | $ | 35.7 | $ | 38.9 | |||
Total Non-Recourse Debt | 2,358.7 | 2,690.9 | |||||
$ | 2,394.4 | $ | 2,729.8 | ||||
Total Leasing Debt | |||||||
Wholly-owned subsidiaries | $ | 964.4 | $ | 1,232.9 | |||
Partially-owned subsidiaries | 1,430.0 | 1,496.9 | |||||
$ | 2,394.4 | $ | 2,729.8 | ||||
Equipment on Lease(1) | |||||||
Wholly-owned subsidiaries | $ | 3,126.3 | $ | 2,599.2 | |||
Partially-owned subsidiaries | 1,938.6 | 1,999.9 | |||||
$ | 5,064.9 | $ | 4,599.1 | ||||
Total Leasing Debt as a % of Equipment on Lease | |||||||
Wholly-owned subsidiaries | 30.8 | % | 47.4 | % | |||
Partially-owned subsidiaries | 73.8 | % | 74.8 | % | |||
Combined | 47.3 | % | 59.4 | % |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Operating activities: | |||||||
Net income | $ | 826.0 | $ | 709.3 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 266.4 | 244.6 | |||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (166.1 | ) | (92.3 | ) | |||
Other | 179.3 | 38.2 | |||||
Changes in assets and liabilities: | |||||||
(Increase) decrease in receivables | (0.8 | ) | (56.4 | ) | |||
(Increase) decrease in inventories | 128.5 | (186.3 | ) | ||||
Increase (decrease) in accounts payable and accrued liabilities | (248.2 | ) | 142.8 | ||||
Other | (45.4 | ) | 19.3 | ||||
Net cash provided by operating activities | 939.7 | 819.2 | |||||
Investing activities: | |||||||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 514.6 | 265.8 | |||||
Proceeds from dispositions of property | 8.2 | 23.0 | |||||
Capital expenditures - leasing, net of sold lease fleet railcars owned one year or less with a net cost of $295.9 and $350.2 | (833.8 | ) | (245.3 | ) | |||
Capital expenditures - manufacturing and other | (196.0 | ) | (219.3 | ) | |||
(Increase) decrease in short-term marketable securities | (9.9 | ) | 74.7 | ||||
Acquisitions | (46.2 | ) | (714.4 | ) | |||
Divestitures | 51.3 | — | |||||
Other | 0.5 | 0.8 | |||||
Net cash required by investing activities | (511.3 | ) | (814.7 | ) | |||
Financing activities: | |||||||
Payments to retire debt | (587.2 | ) | (186.6 | ) | |||
Proceeds from issuance of debt | 242.4 | 727.3 | |||||
Shares repurchased | (115.0 | ) | (36.5 | ) | |||
Dividends paid to common shareholders | (64.9 | ) | (54.4 | ) | |||
Purchase of shares to satisfy employee tax on vested stock | (27.5 | ) | (38.3 | ) | |||
Contributions from noncontrolling interest | — | 49.6 | |||||
Distributions to noncontrolling interest | (39.2 | ) | (28.2 | ) | |||
Decrease in restricted cash | 48.3 | 1.0 | |||||
Other | 12.8 | 21.0 | |||||
Net cash (required) provided by financing activities | (530.3 | ) | 454.9 | ||||
Net (decrease) increase in cash and cash equivalents | (101.9 | ) | 459.4 | ||||
Cash and cash equivalents at beginning of period | 887.9 | 428.5 | |||||
Cash and cash equivalents at end of period | $ | 786.0 | $ | 887.9 |
Three Months Ended December 31, 2015 | Three Months Ended December 31, 2014 | ||||||||||||||||||||
Income | Average Shares | EPS | Income | Average Shares | EPS | ||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 200.0 | $ | 138.2 | |||||||||||||||||
Unvested restricted share participation | (5.9 | ) | (4.3 | ) | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - basic | 194.1 | 149.0 | $ | 1.30 | 133.9 | 151.2 | $ | 0.89 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options | — | — | — | 0.1 | |||||||||||||||||
Convertible subordinated notes | — | 0.6 | 0.1 | 4.4 | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - diluted | $ | 194.1 | 149.6 | $ | 1.30 | $ | 134.0 | 155.7 | $ | 0.86 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||||
Income | Average Shares | EPS | Income | Average Shares | EPS | ||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 796.5 | $ | 678.2 | |||||||||||||||||
Unvested restricted share participation | (24.1 | ) | (22.1 | ) | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - basic | 772.4 | 150.2 | $ | 5.14 | 656.1 | 151.0 | $ | 4.35 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Stock options | — | — | — | 0.1 | |||||||||||||||||
Convertible subordinated notes | 0.3 | 2.0 | 0.7 | 5.6 | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - diluted | $ | 772.7 | 152.2 | $ | 5.08 | $ | 656.8 | 156.7 | $ | 4.19 |
Three Months Ended December 31, | |||||||
2015 | 2014 | ||||||
Net income | $ | 204.0 | $ | 146.3 | |||
Add: | |||||||
Interest expense | 45.9 | 52.0 | |||||
Provision for income taxes | 110.3 | 80.3 | |||||
Depreciation and amortization expense | 68.5 | 73.1 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 428.7 | $ | 351.7 |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Net income | $ | 826.0 | $ | 709.3 | |||
Add: | |||||||
Interest expense | 194.7 | 193.4 | |||||
Provision for income taxes | 426.0 | 354.8 | |||||
Depreciation and amortization expense | 266.4 | 244.6 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 1,713.1 | $ | 1,502.1 |
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