Date of Report (Date of Earliest Event Reported): |
(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
NO. | DESCRIPTION | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith). | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Trinity Industries, Inc. | ||||||||
August 1, 2023 | By: | /s/ Eric R. Marchetto | ||||||
Name: Eric R. Marchetto | ||||||||
Title: Executive Vice President and Chief Financial Officer |
NEWS RELEASE | ![]() |
Three Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Year over Year – Comparison | |||||||||||||||
($ in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 722.4 | $ | 416.8 | Higher volume of external deliveries in the Rail Products Group | ||||||||||||
Operating profit | $ | 99.1 | $ | 73.0 | Higher external deliveries in the Rail Products Group and improved lease rates in the Leasing Group, partially offset by increased employee-related and other operating costs | ||||||||||||
Interest expense, net | $ | 66.9 | $ | 49.7 | Higher interest rates associated with variable rate debt and higher overall average debt during Q2 2023 | ||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 19.3 | $ | 11.7 | |||||||||||||
EBITDA (1) | $ | 173.3 | $ | 143.6 | |||||||||||||
Effective tax expense rate | 23.9 | % | 26.0 | % | |||||||||||||
Diluted EPS – GAAP | $ | 0.23 | $ | 0.14 | Primarily improved operating results, partially offset by higher interest expense | ||||||||||||
Diluted EPS – Adjusted (1) | $ | 0.23 | $ | 0.14 | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Year over Year – Comparison | |||||||||||||||
(in millions) | |||||||||||||||||
Net cash provided by (used in) operating activities – continuing operations | $ | 140.3 | $ | (61.3) | Working capital improvements relative to inventory build up in the prior year | ||||||||||||
Adjusted Free Cash Flow (1) | $ | 80.8 | $ | 42.5 | |||||||||||||
Net lease fleet investment | $ | 214.0 | $ | 198.9 | |||||||||||||
Returns of capital to stockholders | $ | 43.3 | $ | 89.6 | 2022 included $50.3 million of share repurchase activity | ||||||||||||
Three Months Ended June 30, | |||||||||||||||||
2023 | 2022 | Year over Year – Comparison | |||||||||||||||
($ in millions) | |||||||||||||||||
Railcar Leasing and Management Services Group | |||||||||||||||||
Leasing and management revenues | $ | 223.2 | $ | 195.3 | Improved lease rates and higher utilization, as well as acquisition-related revenues included in the current year period | ||||||||||||
Leasing and management operating profit | $ | 88.7 | $ | 78.6 | Improved lease rates and higher utilization, partially offset by higher maintenance costs | ||||||||||||
Operating profit on lease portfolio sales | $ | 29.8 | $ | 26.9 | Higher profits on lease fleet portfolio sales | ||||||||||||
Fleet utilization (1) | 97.9 | % | 97.2 | % | |||||||||||||
Future Lease Rate Differential (2) | +29.5 | % | +14.7 | % | Improvement in current market lease rates | ||||||||||||
Owned lease fleet (in units) (1) | 109,060 | 110,560 | Lease fleet portfolio sales partially offset by growth in the lease fleet | ||||||||||||||
Investor-owned lease fleet (in units) | 33,205 | 30,115 | Additional sale to Signal Rail in Q3 2022 | ||||||||||||||
Rail Products Group | |||||||||||||||||
Revenues | $ | 709.0 | $ | 430.6 | Higher volume of deliveries offset by the mix of railcars sold | ||||||||||||
Operating profit | $ | 23.7 | $ | 13.7 | Increased deliveries, partially offset by the mix of railcars sold, foreign currency fluctuations, and operational and labor inefficiencies | ||||||||||||
Operating profit margin | 3.3 | % | 3.2 | % | |||||||||||||
Revenues eliminations – Lease subsidiary | $ | (209.6) | $ | (208.9) | |||||||||||||
Operating profit eliminations – Lease subsidiary | $ | (13.1) | $ | (20.3) | |||||||||||||
New railcars: | |||||||||||||||||
Deliveries (in units) | 4,985 | 2,510 | |||||||||||||||
Orders (in units) | 4,770 | 4,335 | |||||||||||||||
Order value | $ | 528.3 | $ | 524.4 | |||||||||||||
Backlog value | $ | 3,605.4 | $ | 2,194.7 | |||||||||||||
Sustainable railcar conversions: | |||||||||||||||||
Deliveries (in units) | 45 | 485 | |||||||||||||||
Backlog (in units) | 2,160 | 2,350 | |||||||||||||||
Backlog value | $ | 179.9 | $ | 188.6 | |||||||||||||
Corporate and other | |||||||||||||||||
Selling, engineering, and administrative expenses | $ | 31.6 | $ | 25.4 | Higher employee-related costs and $2.0 million from the change in estimated fair value of additional contingent consideration associated with an acquisition | ||||||||||||
Gains on dispositions of property | $ | — | $ | (0.3) | |||||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||||||||
Loan-to-value ratio | |||||||||||||||||
Wholly-owned subsidiaries, excluding corporate revolving credit facility | 65.1 | % | 65.7 | % |
Investor Contact: | ||
Leigh Anne Mann | ||
Vice President, Investor Relations | ||
Trinity Industries, Inc. | ||
(Investors) 214/631-4420 | ||
Media Contact: | ||
Jack L. Todd | ||
Vice President, Public Affairs | ||
Trinity Industries, Inc. | ||
(Media Line) 214/589-8909 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | $ | 722.4 | $ | 416.8 | $ | 1,364.1 | $ | 889.5 | |||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of revenues | 601.2 | 325.6 | 1,139.7 | 724.1 | |||||||||||||||||||
Selling, engineering, and administrative expenses | 54.3 | 45.0 | 104.2 | 89.7 | |||||||||||||||||||
Gains on dispositions of property: | |||||||||||||||||||||||
Lease portfolio sales | 29.8 | 26.9 | 43.3 | 38.7 | |||||||||||||||||||
Other | 0.6 | 0.9 | 2.4 | 14.4 | |||||||||||||||||||
Restructuring activities, net | (1.8) | 1.0 | (2.2) | 1.0 | |||||||||||||||||||
623.3 | 343.8 | 1,196.0 | 761.7 | ||||||||||||||||||||
Operating profit | 99.1 | 73.0 | 168.1 | 127.8 | |||||||||||||||||||
Interest expense, net | 66.9 | 49.7 | 129.0 | 93.2 | |||||||||||||||||||
Loss on extinguishment of debt | — | 1.5 | — | 1.5 | |||||||||||||||||||
Other, net | 1.3 | (0.5) | 2.9 | (2.1) | |||||||||||||||||||
Income from continuing operations before income taxes | 30.9 | 22.3 | 36.2 | 35.2 | |||||||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||||
Current | 3.1 | 2.0 | 4.0 | 3.8 | |||||||||||||||||||
Deferred | 4.3 | 3.8 | (8.1) | 5.0 | |||||||||||||||||||
7.4 | 5.8 | (4.1) | 8.8 | ||||||||||||||||||||
Income from continuing operations | 23.5 | 16.5 | 40.3 | 26.4 | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | (2.3) | (3.4) | (5.4) | (10.3) | |||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | (4.6) | — | (5.7) | |||||||||||||||||||
Net income | 21.2 | 8.5 | 34.9 | 10.4 | |||||||||||||||||||
Net income attributable to noncontrolling interest | 4.2 | 4.8 | 13.5 | 7.4 | |||||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 17.0 | $ | 3.7 | $ | 21.4 | $ | 3.0 | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.24 | $ | 0.14 | $ | 0.33 | $ | 0.23 | |||||||||||||||
Loss from discontinued operations | (0.03) | (0.10) | (0.07) | (0.19) | |||||||||||||||||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.21 | $ | 0.04 | $ | 0.26 | $ | 0.04 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.23 | $ | 0.14 | $ | 0.32 | $ | 0.23 | |||||||||||||||
Loss from discontinued operations | (0.03) | (0.10) | (0.06) | (0.19) | |||||||||||||||||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.20 | $ | 0.04 | $ | 0.26 | $ | 0.04 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 81.2 | 82.4 | 81.0 | 82.7 | |||||||||||||||||||
Diluted | 83.4 | 84.4 | 83.5 | 84.9 |
June 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 91.7 | $ | 79.6 | |||||||
Receivables, net of allowance | 415.6 | 323.5 | |||||||||
Income tax receivable | 15.3 | 7.8 | |||||||||
Inventories | 622.2 | 629.4 | |||||||||
Restricted cash | 204.9 | 214.7 | |||||||||
Property, plant, and equipment, net: | |||||||||||
Manufacturing/Corporate | 347.0 | 340.7 | |||||||||
Leasing: | |||||||||||
Wholly-owned subsidiaries | 5,945.2 | 5,788.1 | |||||||||
Partially-owned subsidiaries | 1,500.8 | 1,521.3 | |||||||||
Deferred profit on railcars sold to the Leasing Group | (763.8) | (763.3) | |||||||||
7,029.2 | 6,886.8 | ||||||||||
Goodwill | 222.1 | 195.9 | |||||||||
Other assets | 421.0 | 386.6 | |||||||||
Total assets | $ | 9,022.0 | $ | 8,724.3 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 330.8 | $ | 287.5 | |||||||
Accrued liabilities | 310.6 | 261.0 | |||||||||
Debt: | |||||||||||
Recourse | 793.9 | 624.1 | |||||||||
Non-recourse: | |||||||||||
Wholly-owned subsidiaries | 3,870.8 | 3,800.7 | |||||||||
Partially-owned subsidiaries | 1,167.9 | 1,182.8 | |||||||||
5,832.6 | 5,607.6 | ||||||||||
Deferred income taxes | 1,138.6 | 1,134.7 | |||||||||
Other liabilities | 160.4 | 163.9 | |||||||||
Stockholders' equity: | |||||||||||
Trinity Industries, Inc. | 994.6 | 1,012.4 | |||||||||
Noncontrolling interest | 254.4 | 257.2 | |||||||||
1,249.0 | 1,269.6 | ||||||||||
Total liabilities and stockholders' equity | $ | 9,022.0 | $ | 8,724.3 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net cash provided by (used in) operating activities – continuing operations | $ | 140.3 | $ | (61.3) | |||||||
Net cash used in operating activities – discontinued operations | (5.4) | (12.0) | |||||||||
Net cash provided by (used in) operating activities | 134.9 | (73.3) | |||||||||
Investing activities: | |||||||||||
Proceeds from lease portfolio sales | 185.7 | 215.2 | |||||||||
Proceeds from dispositions of property and other assets | 8.4 | 23.8 | |||||||||
Capital expenditures – leasing | (399.7) | (414.1) | |||||||||
Capital expenditures – manufacturing and other | (20.8) | (18.8) | |||||||||
Acquisitions, net of cash acquired | (65.8) | (9.4) | |||||||||
Proceeds from insurance recoveries | 1.2 | 4.8 | |||||||||
Other | (1.1) | — | |||||||||
Net cash used in investing activities – continuing operations | (292.1) | (198.5) | |||||||||
Payments related to sale of discontinued operations | — | (2.7) | |||||||||
Net cash used in investing activities | (292.1) | (201.2) | |||||||||
Financing activities: | |||||||||||
Net proceeds from (repayments of) debt | 218.6 | 360.8 | |||||||||
Shares repurchased | — | (22.4) | |||||||||
Dividends paid to common shareholders | (43.3) | (39.3) | |||||||||
Other | (15.8) | (20.5) | |||||||||
Net cash provided by financing activities | 159.5 | 278.6 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 2.3 | 4.1 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 294.3 | 302.4 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 296.6 | $ | 306.5 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||
GAAP | Selling, engineering, and administrative expenses (1) | Restructuring activities, net | Interest expense, net (2) | Adjusted | |||||||||||||||||||||||||
Operating profit | $ | 99.1 | $ | 2.0 | $ | (1.8) | $ | — | $ | 99.3 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 30.9 | $ | 2.0 | $ | (1.8) | $ | (0.3) | $ | 30.8 | |||||||||||||||||||
Provision (benefit) for income taxes | $ | 7.4 | $ | 0.5 | $ | (0.5) | $ | (0.1) | $ | 7.3 | |||||||||||||||||||
Income from continuing operations | $ | 23.5 | $ | 1.5 | $ | (1.3) | $ | (0.2) | $ | 23.5 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 19.3 | $ | 1.5 | $ | (1.3) | $ | (0.2) | $ | 19.3 | |||||||||||||||||||
Diluted weighted average shares outstanding | 83.4 | 83.4 | |||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.23 | $ | 0.23 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||
GAAP | Selling, engineering, and administrative expenses (1) | Gains on dispositions of property – other (3) | Restructuring activities, net | Interest expense, net (2) | Adjusted | ||||||||||||||||||||||||||||||
Operating profit | $ | 168.1 | $ | 2.0 | $ | (1.2) | $ | (2.2) | $ | — | $ | 166.7 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 36.2 | $ | 2.0 | $ | (1.2) | $ | (2.2) | $ | (0.7) | $ | 34.1 | |||||||||||||||||||||||
Provision (benefit) for income taxes | $ | (4.1) | $ | 0.5 | $ | (0.4) | $ | (0.6) | $ | (0.2) | $ | (4.8) | |||||||||||||||||||||||
Income from continuing operations | $ | 40.3 | $ | 1.5 | $ | (0.8) | $ | (1.6) | $ | (0.5) | $ | 38.9 | |||||||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 26.8 | $ | 1.5 | $ | (0.8) | $ | (1.6) | $ | (0.5) | $ | 25.4 | |||||||||||||||||||||||
Diluted weighted average shares outstanding | 83.5 | 83.5 | |||||||||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.32 | $ | 0.30 |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||
GAAP | Restructuring activities, net | Interest expense, net (2) | Adjusted | ||||||||||||||||||||
Operating profit | $ | 73.0 | $ | 1.0 | $ | — | $ | 74.0 | |||||||||||||||
Income from continuing operations before income taxes | $ | 22.3 | $ | 1.0 | $ | (0.4) | $ | 22.9 | |||||||||||||||
Provision (benefit) for income taxes | $ | 5.8 | $ | 0.3 | $ | (0.1) | $ | 6.0 | |||||||||||||||
Income from continuing operations | $ | 16.5 | $ | 0.7 | $ | (0.3) | $ | 16.9 | |||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 11.7 | $ | 0.7 | $ | (0.3) | $ | 12.1 | |||||||||||||||
Diluted weighted average shares outstanding | 84.4 | 84.4 | |||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.14 | $ | 0.14 |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
GAAP | Gains on dispositions of property – other (3) | Restructuring activities, net | Interest expense, net (2) | Adjusted | |||||||||||||||||||||||||
Operating profit | $ | 127.8 | $ | (6.4) | $ | 1.0 | $ | — | $ | 122.4 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 35.2 | $ | (6.4) | $ | 1.0 | $ | (0.7) | $ | 29.1 | |||||||||||||||||||
Provision (benefit) for income taxes | $ | 8.8 | $ | (1.6) | $ | 0.3 | $ | (0.2) | $ | 7.3 | |||||||||||||||||||
Income from continuing operations | $ | 26.4 | $ | (4.8) | $ | 0.7 | $ | (0.5) | $ | 21.8 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 19.0 | $ | (4.8) | $ | 0.7 | $ | (0.5) | $ | 14.4 | |||||||||||||||||||
Diluted weighted average shares outstanding | 84.9 | 84.9 | |||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.23 | $ | 0.17 |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by (used in) operating activities – continuing operations | $ | 140.3 | $ | (61.3) | |||||||
Proceeds from lease portfolio sales | 185.7 | 215.2 | |||||||||
Capital expenditures – manufacturing and other | (20.8) | (18.8) | |||||||||
Dividends paid to common stockholders | (43.3) | (39.3) | |||||||||
Equity CapEx for leased railcars | (181.1) | (53.3) | |||||||||
Adjusted Free Cash Flow After Investments and Dividends | $ | 80.8 | $ | 42.5 | |||||||
Capital expenditures – leasing | $ | 399.7 | $ | 414.1 | |||||||
Less: | |||||||||||
Payments to retire debt | (1,035.3) | (833.3) | |||||||||
Proceeds from issuance of debt | 1,253.9 | 1,194.1 | |||||||||
Net proceeds from (repayments of) debt | 218.6 | 360.8 | |||||||||
Equity CapEx for leased railcars | $ | 181.1 | $ | 53.3 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 21.2 | $ | 8.5 | $ | 34.9 | $ | 10.4 | |||||||||||||||
Less: Loss from discontinued operations, net of income taxes | (2.3) | (3.4) | (5.4) | (10.3) | |||||||||||||||||||
Less: Loss on sale of discontinued operations, net of income taxes | — | (4.6) | — | (5.7) | |||||||||||||||||||
Income from continuing operations | $ | 23.5 | $ | 16.5 | $ | 40.3 | $ | 26.4 | |||||||||||||||
Interest expense | 69.6 | 52.0 | 134.4 | 96.1 | |||||||||||||||||||
Provision (benefit) for income taxes | 7.4 | 5.8 | (4.1) | 8.8 | |||||||||||||||||||
Depreciation and amortization expense | 72.8 | 69.3 | 146.8 | 136.2 | |||||||||||||||||||
EBITDA | $ | 173.3 | $ | 143.6 | $ | 317.4 | $ | 267.5 | |||||||||||||||
Selling, engineering, and administrative expenses | 2.0 | — | 2.0 | — | |||||||||||||||||||
Gains on dispositions of property – other | — | — | (1.2) | (6.4) | |||||||||||||||||||
Restructuring activities, net | (1.8) | 1.0 | (2.2) | 1.0 | |||||||||||||||||||
Interest income | (0.3) | (0.4) | (0.7) | (0.7) | |||||||||||||||||||
Adjusted EBITDA | $ | 173.2 | $ | 144.2 | $ | 315.3 | $ | 261.4 |
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