Date of Report (Date of Earliest Event Reported): | April 24, 2019 |
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. | ||
April 25, 2019 | By: | /s/ Melendy E. Lovett |
Name: Melendy E. Lovett | ||
Title: Senior Vice President and Chief Financial Officer |
NEWS RELEASE | ![]() |
• | Reported quarterly earnings from continuing operations per common diluted share ("EPS") of $0.24, an increase of 167% year over year |
• | Reported quarterly revenues from leasing and management services of $187.1 million with a 41.2% operating profit margin |
• | Leasing Group grew the wholly-owned and partially-owned lease fleet to 101,005 units, bringing the total net book value of the lease fleet (before deferred profit) to $7.2 billion |
• | Leasing Group reported lease fleet utilization of 98.4% |
• | Reported Rail Products Group quarterly revenues of $603.6 million and an 8.4% operating profit margin |
• | Rail Products Group reported total railcar backlog of $3.3 billion |
• | Rail Products Group reported quarterly railcar orders and deliveries of 3,000 and 4,505, respectively |
• | Repurchased approximately 3.5 million shares at a cost of $89.0 million, including the completion of the Company's previously announced $350 million accelerated share repurchase program |
• | Put a new $350 million share repurchase authorization in place for 2019-2020 |
• | Increased quarterly dividend to $0.17 per common share, an increase of 31% |
• | Successfully executed a $528.3 million secured railcar financing transaction subsequent to quarter-end |
Investor & Media Contact: |
Jessica Greiner |
Vice President, Investor Relations and Communications |
Trinity Industries, Inc. |
(Investors) 214/631-4420 |
(Media Line) 214/589-8909 |
Three Months Ended March 31, | ||||||||
2019 | 2018 | |||||||
Revenues | $ | 604.8 | $ | 533.2 | ||||
Operating costs: | ||||||||
Cost of revenues | 463.4 | 399.9 | ||||||
Selling, engineering, and administrative expenses | 59.6 | 73.4 | ||||||
(Gains) Losses on dispositions of property: | ||||||||
Net gains on lease fleet sales | (7.9 | ) | (2.1 | ) | ||||
Other | (2.1 | ) | (0.1 | ) | ||||
513.0 | 471.1 | |||||||
Operating profit | 91.8 | 62.1 | ||||||
Interest expense, net | 51.4 | 42.4 | 42.4 | |||||
Other, net | 0.3 | (1.2 | ) | |||||
Income from continuing operations before income taxes | 40.1 | 20.9 | ||||||
Provision for income taxes | 8.9 | 5.7 | ||||||
Net income from continuing operations | 31.2 | 15.2 | ||||||
Income (loss) from discontinued operations, net of tax | (1.1 | ) | 26.4 | |||||
Net income | 30.1 | 41.6 | ||||||
Net income (loss) attributable to noncontrolling interest | (0.5 | ) | 1.4 | |||||
Net income attributable to Trinity Industries, Inc. | $ | 30.6 | $ | 40.2 | ||||
Net income attributable to Trinity Industries, Inc. per common share: | ||||||||
Continuing operations | $ | 0.24 | $ | 0.09 | ||||
Discontinued operations | (0.01 | ) | 0.18 | |||||
Basic | $ | 0.23 | $ | 0.27 | ||||
Continuing operations | $ | 0.24 | $ | 0.09 | ||||
Discontinued operations | (0.01 | ) | 0.17 | |||||
Diluted | $ | 0.23 | $ | 0.26 | ||||
Weighted average number of shares outstanding: | ||||||||
Basic | 130.4 | 147.4 | ||||||
Diluted | 132.2 | 153.7 |
Three Months Ended March 31, | |||||||
Revenues: | 2019 | 2018 | |||||
Railcar Leasing and Management Services Group | $ | 200.4 | $ | 174.6 | |||
Rail Products Group | 603.6 | 588.1 | |||||
All Other | 86.4 | 77.3 | |||||
Segment Totals before Eliminations | 890.4 | 840.0 | |||||
Eliminations - Lease subsidiary | (270.1 | ) | (296.1 | ) | |||
Eliminations - Other | (15.5 | ) | (10.7 | ) | |||
Consolidated Total | $ | 604.8 | $ | 533.2 | |||
Three Months Ended March 31, | |||||||
Operating profit (loss): | 2019 | 2018 | |||||
Railcar Leasing and Management Services Group | $ | 85.8 | $ | 71.1 | |||
Rail Products Group | 50.6 | 51.5 | |||||
All Other | 6.6 | 5.8 | |||||
Segment Totals before Eliminations and Corporate Expenses | 143.0 | 128.4 | |||||
Corporate | (23.6 | ) | (37.7 | ) | |||
Eliminations - Lease subsidiary | (27.2 | ) | (28.7 | ) | |||
Eliminations - Other | (0.4 | ) | 0.1 | ||||
Consolidated Total | $ | 91.8 | $ | 62.1 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
($ in millions) | |||||||
Revenues: | |||||||
Leasing and management | $ | 187.1 | $ | 174.6 | |||
Sales of railcars owned one year or less at the time of sale(1) | 13.3 | — | |||||
Total revenues | $ | 200.4 | $ | 174.6 | |||
Operating profit: | |||||||
Leasing and management | $ | 77.1 | $ | 69.0 | |||
Railcar sales(1): | |||||||
Railcars owned one year or less at the time of sale | 0.8 | — | |||||
Railcars owned more than one year at the time of sale | 7.9 | 2.1 | |||||
Total operating profit | $ | 85.8 | $ | 71.1 | |||
Operating profit margin: | |||||||
Leasing and management | 41.2 | % | 39.5 | % | |||
Railcar sales | * | * | |||||
Total operating profit margin | 42.8 | % | 40.7 | % | |||
Selected expense information(2): | |||||||
Depreciation | $ | 54.4 | $ | 45.1 | |||
Maintenance and compliance | $ | 27.8 | $ | 26.4 | |||
Rent | $ | 5.5 | $ | 10.1 | |||
Selling, engineering, and administrative expenses | $ | 12.8 | $ | 12.2 | |||
Interest | $ | 46.0 | $ | 31.5 |
March 31, 2019 | March 31, 2018 | ||||
Leasing portfolio information: | |||||
Portfolio size (number of railcars): | |||||
Wholly-owned | 76,365 | 67,935 | |||
Partially-owned | 24,640 | 24,660 | |||
101,005 | 92,595 | ||||
Managed (third-party owned) | 21,725 | 26,430 | |||
122,730 | 119,025 | ||||
Portfolio utilization (Company-owned railcars) | 98.4 | % | 96.1 | % |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions) | |||||||
Proceeds from sales of leased railcars: | |||||||
Leasing Group: | |||||||
Railcars owned one year or less at the time of sale | $ | 13.3 | $ | — | |||
Railcars owned more than one year at the time of sale | 29.4 | 15.5 | |||||
$ | 42.7 | $ | 15.5 |
March 31, 2019 | December 31, 2018 | ||||||
Cash and cash equivalents | $ | 73.9 | $ | 179.2 | |||
Receivables, net of allowance | 370.0 | 276.6 | |||||
Income tax receivable | 16.1 | 40.4 | |||||
Inventories | 618.4 | 524.7 | |||||
Restricted cash | 114.2 | 171.6 | |||||
Net property, plant, and equipment | 6,746.8 | 6,334.4 | |||||
Goodwill | 208.8 | 208.8 | |||||
Other assets | 265.7 | 253.5 | |||||
$ | 8,413.9 | $ | 7,989.2 | ||||
Accounts payable | $ | 197.3 | $ | 212.1 | |||
Accrued liabilities | 336.3 | 368.3 | |||||
Debt | 4,466.4 | 4,029.2 | |||||
Deferred income | — | 17.7 | |||||
Deferred income taxes | 752.7 | 743.1 | |||||
Other liabilities | 96.1 | 56.8 | |||||
Stockholders' equity: | |||||||
Trinity Industries, Inc. | 2,214.5 | 2,210.8 | |||||
Noncontrolling interest | 350.6 | 351.2 | |||||
2,565.1 | 2,562.0 | ||||||
$ | 8,413.9 | $ | 7,989.2 |
March 31, 2019 | December 31, 2018 | ||||||
Property, Plant, and Equipment | |||||||
Manufacturing/Corporate: | |||||||
Property, plant, and equipment | $ | 972.7 | $ | 963.2 | |||
Accumulated depreciation | (602.9 | ) | (592.3 | ) | |||
369.8 | 370.9 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Machinery and other | 13.8 | 13.5 | |||||
Equipment on lease | 6,401.6 | 5,934.8 | |||||
Accumulated depreciation | (1,009.2 | ) | (971.8 | ) | |||
5,406.2 | 4,976.5 | ||||||
Partially-owned subsidiaries: | |||||||
Equipment on lease | 2,384.0 | 2,371.9 | |||||
Accumulated depreciation | (573.7 | ) | (557.2 | ) | |||
1,810.3 | 1,814.7 | ||||||
Deferred profit on railcars sold to the Leasing Group | (1,048.9 | ) | (1,030.0 | ) | |||
Accumulated amortization | 209.4 | 202.3 | |||||
(839.5 | ) | (827.7 | ) | ||||
$ | 6,746.8 | $ | 6,334.4 |
March 31, 2019 | December 31, 2018 | ||||||
Debt | |||||||
Corporate - Recourse: | |||||||
Revolving credit facility | $ | 250.0 | $ | — | |||
Senior notes, net of unamortized discount of $0.3 and $0.3 | 399.7 | 399.7 | |||||
649.7 | 399.7 | ||||||
Less: unamortized debt issuance costs | (2.2 | ) | (2.3 | ) | |||
647.5 | 397.4 | ||||||
Leasing: | |||||||
Wholly-owned subsidiaries: | |||||||
Non-recourse: | |||||||
Secured railcar equipment notes | 1,279.9 | 1,301.3 | |||||
TILC warehouse facility | 600.5 | 374.8 | |||||
Promissory notes | 651.9 | 660.2 | |||||
2,532.3 | 2,336.3 | ||||||
Less: unamortized debt issuance costs | (18.6 | ) | (19.7 | ) | |||
2,513.7 | 2,316.6 | ||||||
Partially-owned subsidiaries - non-recourse: | |||||||
Secured railcar equipment notes | 1,317.4 | 1,327.9 | |||||
Less: unamortized debt issuance costs | (12.2 | ) | (12.7 | ) | |||
1,305.2 | 1,315.2 | ||||||
$ | 4,466.4 | $ | 4,029.2 |
March 31, 2019 | December 31, 2018 | ||||||
Leasing Debt Summary | |||||||
Total Recourse Debt | $ | — | $ | — | |||
Total Non-Recourse Debt | 3,818.9 | 3,631.8 | |||||
$ | 3,818.9 | $ | 3,631.8 | ||||
Total Leasing Debt | |||||||
Wholly-owned subsidiaries | $ | 2,513.7 | $ | 2,316.6 | |||
Partially-owned subsidiaries | 1,305.2 | 1,315.2 | |||||
$ | 3,818.9 | $ | 3,631.8 | ||||
Equipment on Lease(1) | |||||||
Wholly-owned subsidiaries | $ | 5,406.2 | $ | 4,976.5 | |||
Partially-owned subsidiaries | 1,810.3 | 1,814.7 | |||||
$ | 7,216.5 | $ | 6,791.2 | ||||
Total Leasing Debt as a % of Equipment on Lease | |||||||
Wholly-owned subsidiaries | 46.5 | % | 46.6 | % | |||
Partially-owned subsidiaries | 72.1 | % | 72.5 | % | |||
Combined | 52.9 | % | 53.5 | % |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Operating activities: | |||||||
Net income | $ | 30.1 | $ | 41.6 | |||
(Income) loss from discontinued operations, net of income taxes | 1.1 | (26.4 | ) | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||
Depreciation and amortization | 67.5 | 58.2 | |||||
Provision for deferred income taxes | 9.7 | 4.9 | |||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (7.9 | ) | (2.1 | ) | |||
Other | 5.9 | 14.6 | |||||
Changes in operating assets and liabilities: | |||||||
(Increase) decrease in receivables | (69.1 | ) | 13.9 | ||||
(Increase) decrease in inventories | (93.7 | ) | (2.2 | ) | |||
Increase (decrease) in accounts payable and accrued liabilities | (67.6 | ) | (26.2 | ) | |||
Other | (1.9 | ) | (2.5 | ) | |||
Net cash (used in) provided by operating activities - continuing operations | (125.9 | ) | 73.8 | ||||
Net cash provided by operating activities - discontinued operations | — | 99.9 | |||||
Net cash (used in) provided by operating activities | (125.9 | ) | 173.7 | ||||
Investing activities: | |||||||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 29.4 | 15.5 | |||||
Proceeds from disposition of property and other assets | 7.3 | 1.9 | |||||
Capital expenditures - leasing, net of sold lease fleet railcars owned one year or less with a net cost of $12.5 and $0 | (465.0 | ) | (318.2 | ) | |||
Capital expenditures - manufacturing and other | (11.5 | ) | (8.2 | ) | |||
(Increase) decrease in short-term marketable securities | — | 98.7 | |||||
Other | 1.3 | 0.8 | |||||
Net cash used in investing activities - continuing operations | (438.5 | ) | (209.5 | ) | |||
Net cash used in investing activities - discontinued operations | — | (32.0 | ) | ||||
Net cash used in investing activities | (438.5 | ) | (241.5 | ) | |||
Financing activities: | |||||||
Payments to retire debt | (214.8 | ) | (26.5 | ) | |||
Proceeds from issuance of debt | 649.7 | 0.9 | |||||
Shares repurchased | (15.0 | ) | (49.3 | ) | |||
Dividends paid to common shareholders | (17.3 | ) | (19.5 | ) | |||
Purchase of shares to satisfy employee tax on vested stock | (0.5 | ) | (0.1 | ) | |||
Distributions to noncontrolling interest | (0.4 | ) | (5.8 | ) | |||
Other | — | (3.0 | ) | ||||
Net cash provided by (used in) financing activities | 401.7 | (103.3 | ) | ||||
Net decrease in cash, cash equivalents, and restricted cash | (162.7 | ) | (171.1 | ) | |||
Cash, cash equivalents, and restricted cash at beginning of period | 350.8 | 973.8 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 188.1 | $ | 802.7 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in millions, except per share amounts) | |||||||
Income from continuing operations | $ | 31.2 | $ | 15.2 | |||
Less: Net (income) loss attributable to noncontrolling interest | 0.5 | (1.4 | ) | ||||
Unvested restricted share participation - continuing operations | (0.5 | ) | (0.4 | ) | |||
Net income from continuing operations attributable to Trinity Industries, Inc. | 31.2 | 13.4 | |||||
Net income (loss) from discontinued operations, net of income taxes | (1.1 | ) | 26.4 | ||||
Unvested restricted share participation - discontinued operations | — | (0.3 | ) | ||||
Net income (loss) from discontinued operations attributable to Trinity Industries, Inc. | (1.1 | ) | 26.1 | ||||
Net income attributable to Trinity Industries, Inc. | $ | 30.1 | $ | 39.5 | |||
Basic weighted average shares outstanding | 130.4 | 147.4 | |||||
Effect of dilutive securities: | |||||||
Nonparticipating unvested restricted shares and stock options | 1.8 | 0.9 | |||||
Convertible subordinated notes | — | 5.4 | |||||
Diluted weighted average shares outstanding | 132.2 | 153.7 | |||||
Basic earnings per common share: | |||||||
Income from continuing operations | $ | 0.24 | $ | 0.09 | |||
Income (loss) from discontinued operations | (0.01 | ) | 0.18 | ||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.23 | $ | 0.27 | |||
Diluted earnings per common share: | |||||||
Income from continuing operations | $ | 0.24 | $ | 0.09 | |||
Income (loss) from discontinued operations | (0.01 | ) | 0.17 | ||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.23 | $ | 0.26 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income | $ | 30.1 | $ | 41.6 | |||
Add: | |||||||
Interest expense | 52.7 | 46.3 | |||||
Provision for income taxes | 8.9 | 5.7 | |||||
Depreciation and amortization expense | 67.5 | 58.2 | |||||
Earnings before interest expense, income taxes, and depreciation and amortization expense | $ | 159.2 | $ | 151.8 |
Total Company: | |
Total earnings per share(1) | $1.15 - $1.35 per share |
Corporate expense | $110 - $120 million |
Interest expense, net | $220 - $230 million |
Estimated tax rate | 26.0% |
Railcar Leasing and Management Services Group: | |
Leasing and Management revenues(2) | $775 - $790 million |
Leasing and Management operating profit(3) | $320 - $330 million |
Proceeds from sales of leased railcars to RIV partners and secondary market(4) | $350 million |
Rail Products Group: | |
Revenue | $3.1 - $3.3 billion |
Operating margin | 9.0% - 9.5% |
Railcar deliveries | 23,500 to 25,500 railcars |
Revenue elimination from sales to Leasing Group(5) | $1.5 billion |
Operating profit elimination from sales to Leasing Group(5) | $175 million |
All Other Group Operating Profit (6) | $18 - $22 million |
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