Date of Report (Date of Earliest Event Reported): | July 21, 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. | ||
July 22, 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 July 21, 2016 with respect to the operating results for the three month period ended March 31, 2016. | |
99.2 | Conference call script of July 22, 2016 of Gail M. Peck, Vice President, Finance and Treasurer. | |
99.3 | Conference call script of July 22, 2016 of S. Theis Rice, Senior Vice President and Chief Legal Officer. | |
99.4 | Conference call script of July 22, 2016 of Timothy R. Wallace, Chairman, Chief Executive Officer, and President. | |
99.5 | Conference call script of July 22, 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 July 22, 2016 of D. Stephen Menzies, Senior Vice President and Group President of the Rail and Railcar Leasing Groups. | |
99.7 | Conference call script of July 22, 2016 of James E. Perry, Senior Vice President and Chief Financial Officer. |
NEWS RELEASE | ![]() |
• | Quarterly revenues and net income of $1.2 billion and $94.6 million, respectively |
• | Quarterly earnings per common diluted share of $0.62 per share |
• | Receipt of $940 million order for the manufacture of wind towers expected to deliver during a three-year period beginning in 2017 |
• | Anticipated full year 2016 earnings of between $2.00 and $2.30 per common diluted share |
Investor Contact: |
Jessica Greiner |
Vice President, Investor Relations |
Trinity Corporate Services, LLC |
214/631-4420 |
Media Contact: |
Jack Todd |
Vice President, Public Affairs |
Trinity Industries, Inc. |
214/589-8909 |
Three Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Revenues | $ | 1,184.9 | $ | 1,676.8 | |||
Operating costs: | |||||||
Cost of revenues | 897.7 | 1,219.6 | |||||
Selling, engineering, and administrative expenses | 106.7 | 114.4 | |||||
Losses (gains) on dispositions of property: | |||||||
Net gains on lease fleet sales | (11.4 | ) | (30.1 | ) | |||
Other | 0.3 | (10.0 | ) | ||||
993.3 | 1,293.9 | ||||||
Operating profit | 191.6 | 382.9 | |||||
Interest expense, net | 44.3 | 50.1 | |||||
Other, net | (4.9 | ) | (0.7 | ) | |||
Income before income taxes | 152.2 | 333.5 | |||||
Provision for income taxes | 53.4 | 112.7 | |||||
Net income | 98.8 | 220.8 | |||||
Net income attributable to noncontrolling interest | 4.2 | 8.8 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 94.6 | $ | 212.0 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | $ | 0.62 | $ | 1.36 | |||
Diluted | $ | 0.62 | $ | 1.33 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 147.8 | 150.7 | |||||
Diluted | 147.8 | 154.2 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Revenues | $ | 2,372.8 | $ | 3,303.5 | |||
Operating costs: | |||||||
Cost of revenues | 1,787.6 | 2,430.7 | |||||
Selling, engineering, and administrative expenses | 203.2 | 212.7 | |||||
Losses (gains) on dispositions of property: | |||||||
Net gains on lease fleet sales | (13.5 | ) | (45.0 | ) | |||
Other | 0.5 | (10.9 | ) | ||||
1,977.8 | 2,587.5 | ||||||
Operating profit | 395.0 | 716.0 | |||||
Interest expense, net | 88.9 | 101.1 | |||||
Other, net | (5.6 | ) | (3.0 | ) | |||
Income before income taxes | 311.7 | 617.9 | |||||
Provision for income taxes | 110.8 | 208.1 | |||||
Net income | 200.9 | 409.8 | |||||
Net income attributable to noncontrolling interest | 9.1 | 17.6 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 191.8 | $ | 392.2 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | $ | 1.25 | $ | 2.52 | |||
Diluted | $ | 1.25 | $ | 2.46 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 148.7 | 151.0 | |||||
Diluted | 148.7 | 154.3 |
Three Months Ended June 30, | |||||||
Revenues: | 2016 | 2015 | |||||
Rail Group | $ | 693.2 | $ | 1,110.3 | |||
Construction Products Group | 145.8 | 151.3 | |||||
Inland Barge Group | 118.3 | 187.8 | |||||
Energy Equipment Group | 240.6 | 281.9 | |||||
Railcar Leasing and Management Services Group | 296.6 | 238.1 | |||||
All Other | 19.7 | 26.8 | |||||
Segment Totals before Eliminations | 1,514.2 | 1,996.2 | |||||
Eliminations - lease subsidiary | (252.1 | ) | (215.5 | ) | |||
Eliminations - other | (77.2 | ) | (103.9 | ) | |||
Consolidated Total | $ | 1,184.9 | $ | 1,676.8 | |||
Three Months Ended June 30, | |||||||
Operating profit (loss): | 2016 | 2015 | |||||
Rail Group | $ | 88.8 | $ | 227.7 | |||
Construction Products Group | 21.5 | 21.3 | |||||
Inland Barge Group | 14.3 | 40.7 | |||||
Energy Equipment Group | 34.9 | 36.3 | |||||
Railcar Leasing and Management Services Group | 117.7 | 137.7 | |||||
All Other | (5.2 | ) | (0.1 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 272.0 | 463.6 | |||||
Corporate | (34.7 | ) | (32.3 | ) | |||
Eliminations - lease subsidiary | (45.9 | ) | (49.9 | ) | |||
Eliminations - other | 0.2 | 1.5 | |||||
Consolidated Total | $ | 191.6 | $ | 382.9 |
Six Months Ended June 30, | |||||||
Revenues: | 2016 | 2015 | |||||
Rail Group | $ | 1,540.1 | $ | 2,254.8 | |||
Construction Products Group | 270.7 | 264.1 | |||||
Inland Barge Group | 229.1 | 340.9 | |||||
Energy Equipment Group | 514.0 | 582.0 | |||||
Railcar Leasing and Management Services Group | 475.1 | 482.9 | |||||
All Other | 41.6 | 54.9 | |||||
Segment Totals before Eliminations | 3,070.6 | 3,979.6 | |||||
Eliminations - lease subsidiary | (535.4 | ) | (474.5 | ) | |||
Eliminations - other | (162.4 | ) | (201.6 | ) | |||
Consolidated Total | $ | 2,372.8 | $ | 3,303.5 | |||
Six Months Ended June 30, | |||||||
Operating profit (loss): | 2016 | 2015 | |||||
Rail Group | $ | 246.0 | $ | 440.4 | |||
Construction Products Group | 37.4 | 29.6 | |||||
Inland Barge Group | 26.9 | 68.2 | |||||
Energy Equipment Group | 72.3 | 73.5 | |||||
Railcar Leasing and Management Services Group | 191.9 | 260.5 | |||||
All Other | (10.3 | ) | (1.6 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 564.2 | 870.6 | |||||
Corporate | (59.4 | ) | (59.0 | ) | |||
Eliminations - lease subsidiary | (111.4 | ) | (98.2 | ) | |||
Eliminations - other | 1.6 | 2.6 | |||||
Consolidated Total | $ | 395.0 | $ | 716.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
($ in millions) | |||||||||||||||
Revenues: | |||||||||||||||
Leasing and management | $ | 178.5 | $ | 178.2 | $ | 349.0 | $ | 344.3 | |||||||
Sales of railcars owned one year or less at the time of sale(1) | 118.1 | 59.9 | 126.1 | 138.6 | |||||||||||
Total revenues | $ | 296.6 | $ | 238.1 | $ | 475.1 | $ | 482.9 | |||||||
Operating profit: | |||||||||||||||
Leasing and management | $ | 74.5 | $ | 90.6 | $ | 144.3 | $ | 172.9 | |||||||
Railcar sales(1): | |||||||||||||||
Railcars owned one year or less at the time of sale | 31.8 | 17.0 | 34.1 | 42.6 | |||||||||||
Railcars owned more than one year at the time of sale | 11.4 | 30.1 | 13.5 | 45.0 | |||||||||||
Total operating profit | $ | 117.7 | $ | 137.7 | $ | 191.9 | $ | 260.5 | |||||||
Operating profit margin: | |||||||||||||||
Leasing and management | 41.7 | % | 50.8 | % | 41.3 | % | 50.2 | % | |||||||
Railcar sales | * | * | * | * | |||||||||||
Total operating profit margin | 39.7 | % | 57.8 | % | 40.4 | % | 53.9 | % | |||||||
Selected expense information(2): | |||||||||||||||
Depreciation | $ | 38.7 | $ | 35.8 | $ | 76.1 | $ | 69.9 | |||||||
Maintenance | $ | 31.8 | $ | 21.4 | $ | 63.4 | $ | 41.3 | |||||||
Rent | $ | 9.9 | $ | 9.6 | $ | 19.4 | $ | 21.4 | |||||||
Interest | $ | 31.4 | $ | 36.4 | $ | 63.2 | $ | 74.3 |
June 30, 2016 | December 31, 2015 | ||||
Leasing portfolio information: | |||||
Portfolio size (number of railcars) | 80,360 | 76,765 | |||
Portfolio utilization | 96.4 | % | 97.7 | % |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
(in millions) | |||||||
Proceeds from sales of leased railcars: | |||||||
Leasing Group: | |||||||
Railcars owned one year or less at the time of sale | $ | 126.1 | $ | 138.6 | |||
Railcars owned more than one year at the time of sale | 37.7 | 167.4 | |||||
Rail Group | 8.1 | 111.7 | |||||
$ | 171.9 | $ | 417.7 |
June 30, 2016 | December 31, 2015 | ||||||
Cash and cash equivalents | $ | 614.0 | $ | 786.0 | |||
Short-term marketable securities | 200.0 | 84.9 | |||||
Receivables, net of allowance | 439.3 | 369.9 | |||||
Income tax receivable | 68.9 | 94.9 | |||||
Inventories | 882.6 | 943.1 | |||||
Restricted cash | 183.3 | 195.8 | |||||
Net property, plant, and equipment | 5,606.6 | 5,348.0 | |||||
Goodwill | 754.8 | 753.8 | |||||
Other assets | 285.9 | 309.5 | |||||
$ | 9,035.4 | $ | 8,885.9 | ||||
Accounts payable | $ | 221.2 | $ | 216.8 | |||
Accrued liabilities | 459.3 | 529.6 | |||||
Debt, net of unamortized discount of $35.8 and $44.2 | 3,129.6 | 3,195.4 | |||||
Deferred income | 25.0 | 27.1 | |||||
Deferred income taxes | 902.8 | 752.2 | |||||
Other liabilities | 120.2 | 116.1 | |||||
Stockholders' equity: | |||||||
Trinity Industries, Inc. | 3,783.1 | 3,653.9 | |||||
Noncontrolling interest | 394.2 | 394.8 | |||||
4,177.3 | 4,048.7 | ||||||
$ | 9,035.4 | $ | 8,885.9 |
June 30, 2016 | December 31, 2015 | ||||||
Property, Plant, and Equipment | |||||||
Corporate/Manufacturing: | |||||||
Property, plant, and equipment | $ | 1,911.0 | $ | 1,861.5 | |||
Accumulated depreciation | (942.3 | ) | (905.4 | ) | |||
968.7 | 956.1 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Machinery and other | 10.7 | 10.7 | |||||
Equipment on lease | 4,162.3 | 3,763.5 | |||||
Accumulated depreciation | (697.7 | ) | (647.9 | ) | |||
3,475.3 | 3,126.3 | ||||||
Partially-owned subsidiaries: | |||||||
Equipment on lease | 2,308.5 | 2,307.7 | |||||
Accumulated depreciation | (400.4 | ) | (369.1 | ) | |||
1,908.1 | 1,938.6 | ||||||
Net deferred profit on railcars sold to the Leasing Group | (745.5 | ) | (673.0 | ) | |||
$ | 5,606.6 | $ | 5,348.0 |
June 30, 2016 | December 31, 2015 | ||||||
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 $35.4 and $43.8 | 414.0 | 405.6 | |||||
Other | 0.5 | 0.5 | |||||
814.1 | 805.7 | ||||||
Less: unamortized debt issuance costs | (4.2 | ) | (4.7 | ) | |||
809.9 | 801.0 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Recourse: | |||||||
Capital lease obligations, net of unamortized debt issuance costs of $0.1 and $0.1 | 34.0 | 35.7 | |||||
34.0 | 35.7 | ||||||
Non-recourse: | |||||||
Secured railcar equipment notes | 665.1 | 679.5 | |||||
Warehouse facility | 240.5 | 264.3 | |||||
905.6 | 943.8 | ||||||
Less: unamortized debt issuance costs | (13.2 | ) | (15.1 | ) | |||
892.4 | 928.7 | ||||||
Partially-owned subsidiaries - Non-recourse: | |||||||
Secured railcar equipment notes | 1,409.2 | 1,446.9 | |||||
Less: unamortized debt issuance costs | (15.9 | ) | (16.9 | ) | |||
1,393.3 | 1,430.0 | ||||||
$ | 3,129.6 | $ | 3,195.4 |
June 30, 2016 | December 31, 2015 | ||||||
Leasing Debt Summary | |||||||
Total Recourse Debt | $ | 34.0 | $ | 35.7 | |||
Total Non-Recourse Debt | 2,285.7 | 2,358.7 | |||||
$ | 2,319.7 | $ | 2,394.4 | ||||
Total Leasing Debt | |||||||
Wholly-owned subsidiaries | $ | 926.4 | $ | 964.4 | |||
Partially-owned subsidiaries | 1,393.3 | 1,430.0 | |||||
$ | 2,319.7 | $ | 2,394.4 | ||||
Equipment on Lease(1) | |||||||
Wholly-owned subsidiaries | $ | 3,475.3 | $ | 3,126.3 | |||
Partially-owned subsidiaries | 1,908.1 | 1,938.6 | |||||
$ | 5,383.4 | $ | 5,064.9 | ||||
Total Leasing Debt as a % of Equipment on Lease | |||||||
Wholly-owned subsidiaries | 26.7 | % | 30.8 | % | |||
Partially-owned subsidiaries | 73.0 | % | 73.8 | % | |||
Combined | 43.1 | % | 47.3 | % |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 200.9 | $ | 409.8 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 139.9 | 130.4 | |||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (13.5 | ) | (45.0 | ) | |||
Other | 161.2 | 19.3 | |||||
Changes in assets and liabilities: | |||||||
(Increase) decrease in receivables | (43.4 | ) | (128.8 | ) | |||
(Increase) decrease in inventories | 60.5 | 81.7 | |||||
Increase (decrease) in accounts payable and accrued liabilities | (43.4 | ) | (172.7 | ) | |||
Other | 24.2 | (12.7 | ) | ||||
Net cash provided by operating activities | 486.4 | 282.0 | |||||
Investing activities: | |||||||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 37.7 | 167.4 | |||||
Proceeds from dispositions of property | 4.1 | 4.8 | |||||
Capital expenditures - leasing, net of sold lease fleet railcars owned one year or less with a net cost of $92.0 and $96.0 | (346.0 | ) | (419.4 | ) | |||
Capital expenditures - manufacturing and other | (79.8 | ) | (100.7 | ) | |||
(Increase) decrease in short-term marketable securities | (115.1 | ) | 75.0 | ||||
Acquisitions | — | (46.2 | ) | ||||
Divestitures | — | 51.3 | |||||
Other | 2.3 | 5.2 | |||||
Net cash required by investing activities | (496.8 | ) | (262.6 | ) | |||
Financing activities: | |||||||
Payments to retire debt | (77.6 | ) | (471.0 | ) | |||
Proceeds from issuance of debt | — | 242.4 | |||||
Shares repurchased | (34.7 | ) | (75.0 | ) | |||
Dividends paid to common shareholders | (33.4 | ) | (31.1 | ) | |||
Purchase of shares to satisfy employee tax on vested stock | (16.1 | ) | (27.2 | ) | |||
Distributions to noncontrolling interest | (10.9 | ) | (19.9 | ) | |||
Decrease in restricted cash | 12.5 | 46.8 | |||||
Other | (1.4 | ) | 11.5 | ||||
Net cash required by financing activities | (161.6 | ) | (323.5 | ) | |||
Net decrease in cash and cash equivalents | (172.0 | ) | (304.1 | ) | |||
Cash and cash equivalents at beginning of period | 786.0 | 887.9 | |||||
Cash and cash equivalents at end of period | $ | 614.0 | $ | 583.8 |
Three Months Ended June 30, 2016 | Three Months Ended June 30, 2015 | ||||||||||||||||||||
Income | Average Shares | EPS | Income | Average Shares | EPS | ||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 94.6 | $ | 212.0 | |||||||||||||||||
Unvested restricted share participation | (2.9 | ) | (6.5 | ) | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - basic | 91.7 | 147.8 | $ | 0.62 | 205.5 | 150.7 | $ | 1.36 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Convertible subordinated notes | — | — | 0.1 | 3.5 | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - diluted | $ | 91.7 | 147.8 | $ | 0.62 | $ | 205.6 | 154.2 | $ | 1.33 |
Six Months Ended June 30, 2016 | Six Months Ended June 30, 2015 | ||||||||||||||||||||
Income | Average Shares | EPS | Income | Average Shares | EPS | ||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 191.8 | $ | 392.2 | |||||||||||||||||
Unvested restricted share participation | (5.7 | ) | (12.2 | ) | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - basic | 186.1 | 148.7 | $ | 1.25 | 380.0 | 151.0 | $ | 2.52 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Convertible subordinated notes | — | — | 0.2 | 3.3 | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - diluted | $ | 186.1 | 148.7 | $ | 1.25 | $ | 380.2 | 154.3 | $ | 2.46 |
Three Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Net income | $ | 98.8 | $ | 220.8 | |||
Add: | |||||||
Interest expense | 45.6 | 50.6 | |||||
Provision for income taxes | 53.4 | 112.7 | |||||
Depreciation and amortization expense | 70.5 | 66.4 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 268.3 | $ | 450.5 |
Six Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Net income | $ | 200.9 | $ | 409.8 | |||
Add: | |||||||
Interest expense | 91.4 | 102.1 | |||||
Provision for income taxes | 110.8 | 208.1 | |||||
Depreciation and amortization expense | 139.9 | 130.4 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 543.0 | $ | 850.4 |
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