Date of Report (Date of Earliest Event Reported): | October 26, 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. | ||
October 27, 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 October 26, 2016 with respect to the operating results for the three month period ended September 30, 2016. | |
99.2 | Conference call script of October 27, 2016 of Gail M. Peck, Vice President, Finance and Treasurer. | |
99.3 | Conference call script of October 27, 2016 of S. Theis Rice, Senior Vice President and Chief Legal Officer. | |
99.4 | Conference call script of October 27, 2016 of Timothy R. Wallace, Chairman, Chief Executive Officer, and President. | |
99.5 | Conference call script of October 27, 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 October 27, 2016 of D. Stephen Menzies, Senior Vice President and Group President of the Rail and Railcar Leasing Groups. | |
99.7 | Conference call script of October 27, 2016 of James E. Perry, Senior Vice President and Chief Financial Officer. |
NEWS RELEASE | ![]() |
• | Quarterly revenues and net income of $1.1 billion and $84.2 million, respectively, compared to $1.5 billion and $204.3 million, respectively, last year |
• | Quarterly earnings per common diluted share of $0.55 compared to $1.31 per share last year |
• | Quarterly orders totaling 1,260 railcars in the Rail Group |
• | An investment of $209.2 million in the Company's wholly-owned lease fleet during the quarter |
• | No sales of leased railcars during the quarter compared to sales that generated $0.39 of earnings per common diluted share last year |
• | Available liquidity of $2.1 billion as of September 30, 2016 |
• | Full year anticipated 2016 earnings of between $2.10 and $2.20 per common diluted share compared to previous guidance of between $2.00 and $2.30 per share |
• | First half anticipated 2017 earnings of between $0.45 and $0.60 per common diluted share compared to $1.25 per share in the first half of 2016 |
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 September 30, | |||||||
2016 | 2015 | ||||||
Revenues | $ | 1,111.7 | $ | 1,542.2 | |||
Operating costs: | |||||||
Cost of revenues | 827.3 | 1,109.4 | |||||
Selling, engineering, and administrative expenses | 102.3 | 126.6 | |||||
Losses (gains) on dispositions of property: | |||||||
Net gains on lease fleet sales | — | (57.8 | ) | ||||
Other | (1.5 | ) | (0.9 | ) | |||
928.1 | 1,177.3 | ||||||
Operating profit | 183.6 | 364.9 | |||||
Interest expense, net | 43.9 | 46.1 | |||||
Other, net | 0.2 | (1.0 | ) | ||||
Income before income taxes | 139.5 | 319.8 | |||||
Provision for income taxes | 49.9 | 107.6 | |||||
Net income | 89.6 | 212.2 | |||||
Net income attributable to noncontrolling interest | 5.4 | 7.9 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 84.2 | $ | 204.3 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | $ | 0.55 | $ | 1.32 | |||
Diluted | $ | 0.55 | $ | 1.31 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 148.7 | 150.0 | |||||
Diluted | 148.7 | 150.9 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Revenues | $ | 3,484.5 | $ | 4,845.7 | |||
Operating costs: | |||||||
Cost of revenues | 2,614.9 | 3,540.1 | |||||
Selling, engineering, and administrative expenses | 305.5 | 339.3 | |||||
Losses (gains) on dispositions of property: | |||||||
Net gains on lease fleet sales | (13.5 | ) | (102.8 | ) | |||
Other | (1.0 | ) | (11.8 | ) | |||
2,905.9 | 3,764.8 | ||||||
Operating profit | 578.6 | 1,080.9 | |||||
Interest expense, net | 132.8 | 147.2 | |||||
Other, net | (5.4 | ) | (4.0 | ) | |||
Income before income taxes | 451.2 | 937.7 | |||||
Provision for income taxes | 160.7 | 315.7 | |||||
Net income | 290.5 | 622.0 | |||||
Net income attributable to noncontrolling interest | 14.5 | 25.5 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 276.0 | $ | 596.5 | |||
Net income attributable to Trinity Industries, Inc. per common share: | |||||||
Basic | $ | 1.81 | $ | 3.84 | |||
Diluted | $ | 1.81 | $ | 3.78 | |||
Weighted average number of shares outstanding: | |||||||
Basic | 148.3 | 150.6 | |||||
Diluted | 148.3 | 153.1 |
Three Months Ended September 30, | |||||||
Revenues: | 2016 | 2015 | |||||
Rail Group | $ | 720.8 | $ | 1,073.4 | |||
Construction Products Group | 139.8 | 154.8 | |||||
Inland Barge Group | 98.9 | 164.8 | |||||
Energy Equipment Group | 241.7 | 289.5 | |||||
Railcar Leasing and Management Services Group | 173.7 | 249.2 | |||||
All Other | 26.7 | 29.1 | |||||
Segment Totals before Eliminations | 1,401.6 | 1,960.8 | |||||
Eliminations - lease subsidiary | (206.7 | ) | (308.4 | ) | |||
Eliminations - other | (83.2 | ) | (110.2 | ) | |||
Consolidated Total | $ | 1,111.7 | $ | 1,542.2 | |||
Three Months Ended September 30, | |||||||
Operating profit (loss): | 2016 | 2015 | |||||
Rail Group | $ | 103.6 | $ | 223.3 | |||
Construction Products Group | 23.8 | 19.9 | |||||
Inland Barge Group | 11.7 | 28.1 | |||||
Energy Equipment Group | 31.2 | 44.8 | |||||
Railcar Leasing and Management Services Group | 80.5 | 158.2 | |||||
All Other | (3.5 | ) | (3.0 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 247.3 | 471.3 | |||||
Corporate | (35.6 | ) | (39.7 | ) | |||
Eliminations - lease subsidiary | (27.7 | ) | (65.6 | ) | |||
Eliminations - other | (0.4 | ) | (1.1 | ) | |||
Consolidated Total | $ | 183.6 | $ | 364.9 |
Nine Months Ended September 30, | |||||||
Revenues: | 2016 | 2015 | |||||
Rail Group | $ | 2,260.9 | $ | 3,328.2 | |||
Construction Products Group | 410.5 | 418.9 | |||||
Inland Barge Group | 328.0 | 505.7 | |||||
Energy Equipment Group | 755.7 | 871.5 | |||||
Railcar Leasing and Management Services Group | 648.8 | 732.1 | |||||
All Other | 68.3 | 84.0 | |||||
Segment Totals before Eliminations | 4,472.2 | 5,940.4 | |||||
Eliminations - lease subsidiary | (742.1 | ) | (782.9 | ) | |||
Eliminations - other | (245.6 | ) | (311.8 | ) | |||
Consolidated Total | $ | 3,484.5 | $ | 4,845.7 | |||
Nine Months Ended September 30, | |||||||
Operating profit (loss): | 2016 | 2015 | |||||
Rail Group | $ | 349.6 | $ | 663.7 | |||
Construction Products Group | 61.2 | 49.5 | |||||
Inland Barge Group | 38.6 | 96.3 | |||||
Energy Equipment Group | 103.5 | 118.3 | |||||
Railcar Leasing and Management Services Group | 272.4 | 418.7 | |||||
All Other | (13.8 | ) | (4.6 | ) | |||
Segment Totals before Eliminations and Corporate Expenses | 811.5 | 1,341.9 | |||||
Corporate | (95.0 | ) | (98.7 | ) | |||
Eliminations - lease subsidiary | (139.1 | ) | (163.8 | ) | |||
Eliminations - other | 1.2 | 1.5 | |||||
Consolidated Total | $ | 578.6 | $ | 1,080.9 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
($ in millions) | |||||||||||||||
Revenues: | |||||||||||||||
Leasing and management | $ | 173.7 | $ | 176.6 | $ | 522.7 | $ | 520.9 | |||||||
Sales of railcars owned one year or less at the time of sale(1) | — | 72.6 | 126.1 | 211.2 | |||||||||||
Total revenues | $ | 173.7 | $ | 249.2 | $ | 648.8 | $ | 732.1 | |||||||
Operating profit: | |||||||||||||||
Leasing and management | $ | 80.5 | $ | 81.8 | $ | 224.8 | $ | 254.7 | |||||||
Railcar sales(1): | |||||||||||||||
Railcars owned one year or less at the time of sale | — | 18.6 | 34.1 | 61.2 | |||||||||||
Railcars owned more than one year at the time of sale | — | 57.8 | 13.5 | 102.8 | |||||||||||
Total operating profit | $ | 80.5 | $ | 158.2 | $ | 272.4 | $ | 418.7 | |||||||
Operating profit margin: | |||||||||||||||
Leasing and management | 46.3 | % | 46.3 | % | 43.0 | % | 48.9 | % | |||||||
Railcar sales | * | * | * | * | |||||||||||
Total operating profit margin | 46.3 | % | 63.5 | % | 42.0 | % | 57.2 | % | |||||||
Selected expense information(2): | |||||||||||||||
Depreciation | $ | 39.4 | $ | 35.9 | $ | 115.5 | $ | 105.8 | |||||||
Maintenance and compliance | $ | 21.3 | $ | 24.6 | $ | 84.7 | $ | 65.9 | |||||||
Rent | $ | 9.9 | $ | 9.9 | $ | 29.3 | $ | 31.3 | |||||||
Interest | $ | 31.2 | $ | 32.5 | $ | 94.4 | $ | 106.8 |
September 30, 2016 | December 31, 2015 | ||||
Leasing portfolio information: | |||||
Portfolio size (number of railcars) | 82,540 | 76,765 | |||
Portfolio utilization | 97.1 | % | 97.7 | % |
Nine Months Ended September 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 | $ | 211.2 | |||
Railcars owned more than one year at the time of sale | 37.7 | 313.4 | |||||
Rail Group | 8.1 | 175.8 | |||||
$ | 171.9 | $ | 700.4 |
September 30, 2016 | December 31, 2015 | ||||||
Cash and cash equivalents | $ | 557.8 | $ | 786.0 | |||
Short-term marketable securities | 284.7 | 84.9 | |||||
Receivables, net of allowance | 372.2 | 369.9 | |||||
Income tax receivable | 54.9 | 94.9 | |||||
Inventories | 869.6 | 943.1 | |||||
Restricted cash | 183.9 | 195.8 | |||||
Net property, plant, and equipment | 5,763.2 | 5,348.0 | |||||
Goodwill | 754.5 | 753.8 | |||||
Other assets | 294.8 | 309.5 | |||||
$ | 9,135.6 | $ | 8,885.9 | ||||
Accounts payable | $ | 211.0 | $ | 216.8 | |||
Accrued liabilities | 477.7 | 529.6 | |||||
Debt, net of unamortized discount of $31.5 and $44.2 | 3,107.1 | 3,195.4 | |||||
Deferred income | 24.2 | 27.1 | |||||
Deferred income taxes | 936.0 | 752.2 | |||||
Other liabilities | 125.2 | 116.1 | |||||
Stockholders' equity: | |||||||
Trinity Industries, Inc. | 3,861.5 | 3,653.9 | |||||
Noncontrolling interest | 392.9 | 394.8 | |||||
4,254.4 | 4,048.7 | ||||||
$ | 9,135.6 | $ | 8,885.9 |
September 30, 2016 | December 31, 2015 | ||||||
Property, Plant, and Equipment | |||||||
Corporate/Manufacturing: | |||||||
Property, plant, and equipment | $ | 1,909.0 | $ | 1,861.5 | |||
Accumulated depreciation | (950.5 | ) | (905.4 | ) | |||
958.5 | 956.1 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Machinery and other | 10.7 | 10.7 | |||||
Equipment on lease | 4,395.4 | 3,763.5 | |||||
Accumulated depreciation | (729.1 | ) | (647.9 | ) | |||
3,677.0 | 3,126.3 | ||||||
Partially-owned subsidiaries: | |||||||
Equipment on lease | 2,308.4 | 2,307.7 | |||||
Accumulated depreciation | (414.4 | ) | (369.1 | ) | |||
1,894.0 | 1,938.6 | ||||||
Net deferred profit on railcars sold to the Leasing Group | (766.3 | ) | (673.0 | ) | |||
$ | 5,763.2 | $ | 5,348.0 |
September 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 $31.1 and $43.8 | 418.3 | 405.6 | |||||
Other | 0.3 | 0.5 | |||||
818.2 | 805.7 | ||||||
Less: unamortized debt issuance costs | (3.9 | ) | (4.7 | ) | |||
814.3 | 801.0 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Recourse: | |||||||
Capital lease obligations, net of unamortized debt issuance costs of $0.1 and $0.1 | 33.1 | 35.7 | |||||
33.1 | 35.7 | ||||||
Non-recourse: | |||||||
Secured railcar equipment notes | 656.2 | 679.5 | |||||
Warehouse facility | 236.8 | 264.3 | |||||
893.0 | 943.8 | ||||||
Less: unamortized debt issuance costs | (12.3 | ) | (15.1 | ) | |||
880.7 | 928.7 | ||||||
Partially-owned subsidiaries - Non-recourse: | |||||||
Secured railcar equipment notes | 1,394.4 | 1,446.9 | |||||
Less: unamortized debt issuance costs | (15.4 | ) | (16.9 | ) | |||
1,379.0 | 1,430.0 | ||||||
$ | 3,107.1 | $ | 3,195.4 |
September 30, 2016 | December 31, 2015 | ||||||
Leasing Debt Summary | |||||||
Total Recourse Debt | $ | 33.1 | $ | 35.7 | |||
Total Non-Recourse Debt | 2,259.7 | 2,358.7 | |||||
$ | 2,292.8 | $ | 2,394.4 | ||||
Total Leasing Debt | |||||||
Wholly-owned subsidiaries | $ | 913.8 | $ | 964.4 | |||
Partially-owned subsidiaries | 1,379.0 | 1,430.0 | |||||
$ | 2,292.8 | $ | 2,394.4 | ||||
Equipment on Lease(1) | |||||||
Wholly-owned subsidiaries | $ | 3,677.0 | $ | 3,126.3 | |||
Partially-owned subsidiaries | 1,894.0 | 1,938.6 | |||||
$ | 5,571.0 | $ | 5,064.9 | ||||
Total Leasing Debt as a % of Equipment on Lease | |||||||
Wholly-owned subsidiaries | 24.9 | % | 30.8 | % | |||
Partially-owned subsidiaries | 72.8 | % | 73.8 | % | |||
Combined | 41.2 | % | 47.3 | % |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Operating activities: | |||||||
Net income | $ | 290.5 | $ | 622.0 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 210.6 | 197.9 | |||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (13.5 | ) | (102.8 | ) | |||
Other | 207.7 | 57.1 | |||||
Changes in assets and liabilities: | |||||||
(Increase) decrease in receivables | 37.7 | (43.9 | ) | ||||
(Increase) decrease in inventories | 73.5 | 50.7 | |||||
Increase (decrease) in accounts payable and accrued liabilities | (32.2 | ) | (129.5 | ) | |||
Other | 17.8 | (21.2 | ) | ||||
Net cash provided by operating activities | 792.1 | 630.3 | |||||
Investing activities: | |||||||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 37.7 | 313.4 | |||||
Proceeds from dispositions of property | 8.9 | 6.1 | |||||
Capital expenditures - leasing, net of sold lease fleet railcars owned one year or less with a net cost of $92.0 and $150.0 | (555.2 | ) | (642.2 | ) | |||
Capital expenditures - manufacturing and other | (101.1 | ) | (145.1 | ) | |||
(Increase) decrease in short-term marketable securities | (199.8 | ) | 75.0 | ||||
Acquisitions | — | (46.2 | ) | ||||
Divestitures | — | 51.3 | |||||
Other | 4.0 | 4.8 | |||||
Net cash required by investing activities | (805.5 | ) | (382.9 | ) | |||
Financing activities: | |||||||
Payments to retire debt | (106.0 | ) | (530.8 | ) | |||
Proceeds from issuance of debt | — | 242.4 | |||||
Shares repurchased | (34.7 | ) | (107.5 | ) | |||
Dividends paid to common shareholders | (50.0 | ) | (48.0 | ) | |||
Purchase of shares to satisfy employee tax on vested stock | (16.4 | ) | (27.4 | ) | |||
Distributions to noncontrolling interest | (18.4 | ) | (30.4 | ) | |||
Decrease in restricted cash | 11.9 | 32.3 | |||||
Other | (1.2 | ) | 11.9 | ||||
Net cash required by financing activities | (214.8 | ) | (457.5 | ) | |||
Net decrease in cash and cash equivalents | (228.2 | ) | (210.1 | ) | |||
Cash and cash equivalents at beginning of period | 786.0 | 887.9 | |||||
Cash and cash equivalents at end of period | $ | 557.8 | $ | 677.8 |
Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | ||||||||||||||||||||
Income | Average Shares | EPS | Income | Average Shares | EPS | ||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 84.2 | $ | 204.3 | |||||||||||||||||
Unvested restricted share participation | (2.2 | ) | (6.0 | ) | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - basic | 82.0 | 148.7 | $ | 0.55 | 198.3 | 150.0 | $ | 1.32 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Convertible subordinated notes | — | — | — | 0.9 | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - diluted | $ | 82.0 | 148.7 | $ | 0.55 | $ | 198.3 | 150.9 | $ | 1.31 |
Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | ||||||||||||||||||||
Income | Average Shares | EPS | Income | Average Shares | EPS | ||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 276.0 | $ | 596.5 | |||||||||||||||||
Unvested restricted share participation | (7.7 | ) | (18.2 | ) | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - basic | 268.3 | 148.3 | $ | 1.81 | 578.3 | 150.6 | $ | 3.84 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||
Convertible subordinated notes | — | — | 0.3 | 2.5 | |||||||||||||||||
Net income attributable to Trinity Industries, Inc. - diluted | $ | 268.3 | 148.3 | $ | 1.81 | $ | 578.6 | 153.1 | $ | 3.78 |
Three Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Net income | $ | 89.6 | $ | 212.2 | |||
Add: | |||||||
Interest expense | 45.3 | 46.7 | |||||
Provision for income taxes | 49.9 | 107.6 | |||||
Depreciation and amortization expense | 70.7 | 67.5 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 255.5 | $ | 434.0 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
Net income | $ | 290.5 | $ | 622.0 | |||
Add: | |||||||
Interest expense | 136.7 | 148.8 | |||||
Provision for income taxes | 160.7 | 315.7 | |||||
Depreciation and amortization expense | 210.6 | 197.9 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 798.5 | $ | 1,284.4 |
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