8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 1, 2024

_______________________________________

(Exact name of registrant as specified in its charter)

Delaware	1-6903	75-0225040
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

14221 N. Dallas Parkway, Suite 1100,

Dallas, Texas 75254-2957

(Address of Principal Executive Offices, and Zip Code)

(214) 631-4420

Registrant's Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

______________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	TRN	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Trinity Industries, Inc. ("Trinity") hereby furnishes the information set forth in its News Release, dated May 1, 2024, announcing operating results for the three month period ended March 31, 2024, a copy of which is furnished as Exhibit 99.1 and incorporated herein by reference. On May 1, 2024, Trinity held a conference call and webcast with respect to its financial results for the three month period ended March 31, 2024. The conference call scripts of Leigh Anne Mann, Vice President of Investor Relations; E. Jean Savage, Chief Executive Officer and President; and Eric R. Marchetto, Executive Vice President and Chief Financial Officer; are furnished as Exhibit 99.2, and incorporated herein by reference.

The conference call, News Release, and Supplemental Materials, described below, included references to Adjusted Operating Results and Adjusted Earnings Per Share, Pre-Tax Return on Equity, Adjusted Free Cash Flow, EBITDA and Adjusted EBITDA, which are not calculations based on generally accepted accounting principles (“GAAP”). Reconciliations of each of these non-GAAP measures to the most directly comparable GAAP measures have been included in the News Release and/or the Supplemental Materials. When forward-looking non-GAAP measures are provided, Trinity does not provide quantitative reconciliations of forward-looking non-GAAP measures to the most directly comparable GAAP measures because it cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to shareholders; and the amount and timing of certain other items outside the normal course of our core business operations.

This information and the materials described in Item 7.01 are not "filed" pursuant to the Securities Exchange Act of 1934 and are not incorporated by reference into any Securities Act of 1933 registration statements. Additionally, the submission of the report on Form 8-K is not an admission of the materiality of any information in this report that is required to be disclosed solely by Regulation FD.

Item 7.01 Regulation FD Disclosure.

See "Item 2.02 – Results of Operations and Financial Condition." Additionally, Trinity posted Supplemental Materials to its website to accompany the conference call; a copy of these materials is furnished as Exhibit 99.3 and incorporated herein by reference.

Forward-Looking Statements

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(a) - (c) Not applicable.

(d) Exhibits:

NO.	DESCRIPTION
99.1	News Release dated May 1, 2024 with respect to the operating results for the three month period ended March 31, 2024.
99.2	Conference call script of May 1, 2024.
99.3	Q1 2024 Conference Call – Supplemental Materials
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).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Trinity Industries, Inc.
May 1, 2024	By:	/s/ Eric R. Marchetto
		Name: Eric R. Marchetto
		Title: Executive Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

NEWS RELEASE

FOR IMMEDIATE RELEASE

Trinity Industries, Inc. Announces First Quarter 2024 Results

Reports both quarterly GAAP and adjusted earnings from continuing operations of $0.33 per diluted share

Lease fleet utilization of 97.5% and Future Lease Rate Differential ("FLRD") of positive 34.7% at quarter-end

Generates operating and adjusted free cash flow of $57 million and $12 million, respectively

Delivered 4,695 railcars in the quarter; backlog of $2.9 billion at quarter-end

DALLAS, Texas – May 1, 2024 – Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the first quarter ended March 31, 2024.

Financial and Operational Highlights

•Quarterly total company revenues of $810 million; 26% improvement year over year

•Both quarterly income from continuing operations per common diluted share ("EPS") and adjusted EPS of $0.33; $0.26 improvement in adjusted EPS year over year

•Lease fleet utilization of 97.5% and FLRD of positive 34.7% at quarter-end

•Railcar deliveries of 4,695 and new railcar orders of 1,880

•Year-to-date cash flow from continuing operations and adjusted free cash flow after investments and dividends ("Adjusted Free Cash Flow") were $57 million and $12 million, respectively

2024 Guidance

•Industry deliveries of approximately 40,000 railcars

•Net investment in the lease fleet of $300 million to $400 million

•Operating and administrative capital expenditures of $50 million to $60 million

•EPS of $1.35 to $1.55

◦Excludes items outside of our core business operations

Management Commentary

“We are pleased with the progress exhibited in Trinity Industries’ first quarter results,” said Trinity’s Chief Executive Officer and President, Jean Savage. “Our results show strong performance in both segments of our business, demonstrating the strength of our platform.”

“In our Railcar Leasing and Services segment, our revenue is up 22% year over year, and we expect to continue to see growth as we re-price the lease fleet upward. Furthermore, our FLRD in the first quarter was 34.7%, representing a significant lift in market rates over expiring rates.” Ms. Savage continued, “In the Rail Products Group, we saw revenues up 14% and operating profit up 82% year over year driven by higher deliveries and significantly improved operational and labor efficiencies.”

Ms. Savage concluded, “Our first quarter performance shows the momentum starting to flow through our business, resulting in better operations and stronger financial results. This gives us confidence in our 2024 performance, and we are raising our EPS guidance to a range of $1.35 to $1.55. Furthermore, we look forward to our Investor Day on June 25th, where we will share the evolution of our strategy and update our long term targets."

1

Consolidated Financial Summary

	Three Months Ended March 31,
	2024			2023			Year over Year – Comparison
	($ in millions, except per share amounts)
Revenues	$	809.6		$	641.7		Higher external deliveries in the Rail Products Group, and improved lease rates and a higher volume of external repairs in the Leasing Group
Operating profit	$	115.2		$	69.0		Higher external deliveries in the Rail Products Group and improved lease rates and a higher volume of external repairs in the Leasing Group, partially offset by lower lease portfolio sales volume
Interest expense, net	$	69.1		$	62.1		Higher overall average debt during 2024
Net income from continuing operations attributable to Trinity Industries, Inc.	$	28.0		$	7.5
EBITDA (1)	$	188.2		$	144.1
Effective tax expense (benefit) rate	25.8		%	(217.0)		%	2023 includes benefits related to the release of residual taxes out of AOCI and changes in valuation allowances, offset by the remeasurement of net deferred tax liabilities as a result of acquisition activity
Diluted EPS – GAAP	$	0.33		$	0.09
Diluted EPS – Adjusted (1)	$	0.33		$	0.07
Net cash provided by operating activities – continuing operations	$	56.5		$	102.5		Higher receivables, partially offset by lower inventories associated with railcar deliveries
Adjusted Free Cash Flow (1)	$	11.7		$	36.2
Net lease fleet investment	$	123.3		$	134.8
Returns of capital to stockholders	$	23.0		$	21.1

(1) Non-GAAP financial measure. See the Reconciliations of Non-GAAP Measures section within this Press Release for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors.

Additional Business Items

•Total committed liquidity of $798.8 million as of March 31, 2024.

2

Business Group Summary

	Three Months Ended March 31,
	2024			2023			Year over Year – Comparison
	($ in millions)
Railcar Leasing and Services Group
Revenues	$	285.2		$	232.9		Higher volume of repairs completed for third parties, improved lease rates, and net additions to the lease fleet
Operating profit	$	100.3		$	84.6		Improved lease rates and a higher volume of external repairs, partially offset by lower lease portfolio sales volume. Includes insurance recoveries of $1.2 million in the prior year period.
Lease portfolio sales	$	2.1		$	13.5
Fleet utilization (1)	97.5		%	98.2		%
FLRD (2)	+34.7		%	+44.3		%	Continued strength in current lease rates
Owned lease fleet (in units) (1)	110,205			108,865
Investor-owned lease fleet (in units)	32,995			33,420
Rail Products Group
Revenues	$	667.4		$	587.6		Higher deliveries
Operating profit	$	43.8		$	24.1		Higher deliveries and improved operational and labor efficiencies
Operating profit margin	6.6		%	4.1		%
New railcars:
Deliveries (in units)	4,695			4,045			2024 includes virtually all of the railcars impacted by the Q4 2023 U.S.-Mexico border closure and congestion
Orders (in units)	1,880			2,690
Order value	$	259.5		$	300.8
Backlog value	$	2,938.9		$	3,705.9
Sustainable railcar conversions:
Deliveries (in units)	675			590
Backlog (in units)	445			2,085
Backlog value	$	35.8		$	173.7
Eliminations
Revenues eliminations	$	(143.0)		$	(178.8)
Operating profit eliminations	$	(2.4)		$	(14.1)
Corporate and other
Selling, engineering, and administrative expenses	$	26.5		$	26.0
	March 31, 2024			December 31, 2023
Loan-to-value ratio
Wholly-owned subsidiaries	65.7		%	64.4		%

(1) Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.

(2)FLRD calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates.

3

Conference Call

Trinity will hold a conference call at 8:00 a.m. Eastern on May 1, 2024 to discuss its first quarter results. To listen to the call, please visit the Investor Relations section of the Company's website at www.trin.net and access the Events & Presentations webpage, or the live call can be accessed at 1-888-317-6003 with the conference passcode "1418632". Please call at least 10 minutes in advance to ensure a timely connection. An audio replay may be accessed through the Company’s website or by dialing 1-877-344-7529 with passcode "2896186" until 11:59 p.m. Eastern on May 8, 2024.

Additionally, the Company will provide Supplemental Materials to accompany the earnings conference call. The materials will be accessible both within the webcast and on Trinity's Investor Relations website under the Events and Presentations portion of the site along with the First Quarter Earnings Call event weblink.

Non-GAAP Financial Measures

We have included financial measures compiled in accordance with generally accepted accounting principles ("GAAP") and certain non-GAAP measures in this earnings press release to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, a reconciliation to the most comparable GAAP measure has been included in the accompanying tables. When forward-looking non-GAAP measures are provided, quantitative reconciliations to the most directly comparable GAAP measures are not provided because management cannot, without unreasonable effort, predict the timing and amounts of certain items included in the computations of each of these measures. These factors include, but are not limited to: the product mix of expected railcar deliveries; the timing and amount of significant transactions and investments, such as lease portfolio sales, capital expenditures, and returns of capital to stockholders; and the amount and timing of certain other items outside the normal course of our core business operations.

4

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services; railcar manufacturing; railcar maintenance and modifications; and other railcar logistics products and services. Beginning January 1, 2024, Trinity reports its financial results in two reportable business segments: (1) Railcar Leasing and Services Group, formerly the Railcar Leasing and Management Services Group, and (2) Rail Products Group. For more information, visit: www.trin.net.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K.

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

- TABLES TO FOLLOW -

5

Trinity Industries, Inc.

Condensed Consolidated Statements of Operations

(in millions, except per share amounts)

(unaudited)

	Three Months Ended March 31,
	2024		2023
Revenues	$	809.6	$	641.7
Operating costs:
Cost of revenues	644.9		538.5
Selling, engineering, and administrative expenses	52.3		49.9
Gains on dispositions of property:
Lease portfolio sales	2.1		13.5
Other	0.7		1.8
Restructuring activities, net	—		(0.4)
	694.4		572.7
Operating profit	115.2		69.0
Interest expense, net	69.1		62.1
Other, net	3.4		1.6
Income from continuing operations before income taxes	42.7		5.3
Provision (benefit) for income taxes:
Current	13.1		0.9
Deferred	(2.1)		(12.4)
	11.0		(11.5)
Income from continuing operations	31.7		16.8
Loss from discontinued operations, net of income taxes	(4.3)		(3.1)
Net income	27.4		13.7
Net income attributable to noncontrolling interest	3.7		9.3
Net income attributable to Trinity Industries, Inc.	$	23.7	$	4.4
Basic earnings per common share:
Income from continuing operations	$	0.34	$	0.09
Loss from discontinued operations	(0.05)		(0.04)
Basic net income attributable to Trinity Industries, Inc.	$	0.29	$	0.05
Diluted earnings per common share:
Income from continuing operations	$	0.33	$	0.09
Loss from discontinued operations	(0.05)		(0.04)
Diluted net income attributable to Trinity Industries, Inc.	$	0.28	$	0.05
Weighted average number of shares outstanding:
Basic	81.6		80.8
Diluted	83.5		83.2

Trinity has certain unvested restricted stock awards that participate in dividends on a nonforfeitable basis and are therefore considered to be participating securities. Consequently, diluted net income attributable to Trinity Industries, Inc. per common share is calculated under both the two-class method and the treasury stock method, and the more dilutive of the two calculations is presented.

6

Trinity Industries, Inc.

Condensed Consolidated Balance Sheets

(in millions)

(unaudited)

	March 31, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	118.8	$	105.7
Receivables, net of allowance	484.0		363.5
Income tax receivable	4.9		5.2
Inventories	643.1		684.3
Restricted cash	116.3		129.4
Property, plant, and equipment, net:
Railcars in our lease fleet:
Wholly-owned subsidiaries	6,002.6		5,931.8
Partially-owned subsidiaries	1,458.0		1,473.2
Deferred profit on railcar products sold	(743.1)		(750.2)
Operating and administrative assets	342.1		350.0
	7,059.6		7,004.8
Goodwill	221.5		221.5
Other assets	431.6		392.1
Total assets	$	9,079.8	$	8,906.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	335.9	$	305.3
Accrued liabilities	328.3		302.3
Debt:
Recourse	795.0		794.6
Non-recourse:
Wholly-owned subsidiaries	3,946.0		3,819.2
Partially-owned subsidiaries	1,126.0		1,140.4
	5,867.0		5,754.2
Deferred income taxes	1,104.1		1,103.5
Other liabilities	156.0		165.7
Stockholders' equity:
Trinity Industries, Inc.	1,049.3		1,037.1
Noncontrolling interest	239.2		238.4
	1,288.5		1,275.5
Total liabilities and stockholders' equity	$	9,079.8	$	8,906.5

7

Trinity Industries, Inc.

Condensed Consolidated Statements of Cash Flows

(in millions)

(unaudited)

	Three Months Ended March 31,
	2024		2023
Operating activities:
Net cash provided by operating activities – continuing operations	$	56.5	$	102.5
Net cash used in operating activities – discontinued operations	(4.3)		(3.1)
Net cash provided by operating activities	52.2		99.4
Investing activities:
Proceeds from lease portfolio sales	24.2		56.7
Capital expenditures – lease fleet	(147.5)		(191.5)
Capital expenditures – operating and administrative	(4.6)		(7.1)
Acquisitions, net of cash acquired	—		(66.2)
Other investing activities	3.9		5.0
Net cash used in investing activities	(124.0)		(203.1)
Financing activities:
Net proceeds from (repayments of) debt	106.1		96.7
Dividends paid to common shareholders	(23.0)		(21.1)
Other financing activities	(11.3)		(3.2)
Net cash provided by financing activities	71.8		72.4
Net increase (decrease) in cash, cash equivalents, and restricted cash	—		(31.3)
Cash, cash equivalents, and restricted cash at beginning of period	235.1		294.3
Cash, cash equivalents, and restricted cash at end of period	$	235.1	$	263.0

8

Trinity Industries, Inc.

Reconciliations of Non-GAAP Measures

(in millions, except per share amounts)

(unaudited)

Adjusted Operating Results

We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain gains on dispositions of other property; restructuring activities, net; interest expense, net; and certain other transactions or events (as applicable), described in the footnotes to the table below. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the tables below. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	Three Months Ended March 31, 2024
	GAAP		Interest expense, net (1)		Adjusted
Operating profit	$	115.2	$	—	$	115.2
Income from continuing operations before income taxes	$	42.7	$	(0.4)	$	42.3
Provision (benefit) for income taxes	$	11.0	$	(0.1)	$	10.9
Income from continuing operations	$	31.7	$	(0.3)	$	31.4
Net income from continuing operations attributable to Trinity Industries, Inc.	$	28.0	$	(0.3)	$	27.7
Diluted weighted average shares outstanding	83.5				83.5
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc.	$	0.33			$	0.33

	Three Months Ended March 31, 2023
	GAAP		Gains on dispositions of property – other (2)		Restructuring activities, net		Interest expense, net (1)		Adjusted
Operating profit	$	69.0	$	(1.2)	$	(0.4)	$	—	$	67.4
Income from continuing operations before income taxes	$	5.3	$	(1.2)	$	(0.4)	$	(0.4)	$	3.3
Provision (benefit) for income taxes	$	(11.5)	$	(0.4)	$	(0.1)	$	(0.1)	$	(12.1)
Income from continuing operations	$	16.8	$	(0.8)	$	(0.3)	$	(0.3)	$	15.4
Net income from continuing operations attributable to Trinity Industries, Inc.	$	7.5	$	(0.8)	$	(0.3)	$	(0.3)	$	6.1
Diluted weighted average shares outstanding	83.2								83.2
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc.	$	0.09							$	0.07

(1) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets.

(2) Represents insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021.

9

Adjusted Free Cash Flow

Adjusted Free Cash Flow After Investments and Dividends ("Adjusted Free Cash Flow") is a non-GAAP financial measure. We believe Adjusted Free Cash Flow is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. Adjusted Free Cash Flow is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the following table. Adjusted Free Cash Flow is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus cash proceeds from lease portfolio sales, less capital expenditures for operating and administrative activities, dividends paid, and Equity CapEx for leased railcars. Equity CapEx for leased railcars is defined as capital expenditures for our lease fleet, adjusted to exclude net proceeds from (repayments of) recourse and non-recourse debt. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	Three Months Ended March 31,
	2024		2023
Net cash provided by operating activities – continuing operations	$	56.5	$	102.5
Proceeds from lease portfolio sales	24.2		56.7
Capital expenditures – operating and administrative	(4.6)		(7.1)
Dividends paid to common shareholders	(23.0)		(21.1)
Equity CapEx for leased railcars	(41.4)		(94.8)
Adjusted Free Cash Flow After Investments and Dividends	$	11.7	$	36.2
Capital expenditures – lease fleet	$	147.5	$	191.5
Less:
Payments to retire debt	(803.8)		(149.6)
Proceeds from issuance of debt	909.9		246.3
Net proceeds from (repayments of) debt	106.1		96.7
Equity CapEx for leased railcars	$	41.4	$	94.8

10

EBITDA and Adjusted EBITDA

“EBITDA” is defined as income from continuing operations plus interest expense, income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA plus certain gains on dispositions of other property; restructuring activities, net; and interest income. EBITDA and Adjusted EBITDA are non-GAAP financial measures; however, the amounts included in these calculations are derived from amounts included in our GAAP financial statements. EBITDA and Adjusted EBITDA are reconciled to net income, the most directly comparable GAAP financial measure, in the following table. This information is provided to assist management and investors in making meaningful comparisons of our operating performance between periods. We believe EBITDA is a useful measure for analyzing the performance of our business. We also believe that EBITDA is commonly reported and widely used by investors and other interested parties as a measure of a company’s operating performance and debt servicing ability because it assists in comparing performance on a consistent basis without regard to capital structure, depreciation or amortization (which can vary significantly depending on many factors). EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as indicators of our operating performance, or as alternatives to operating cash flows as measures of liquidity. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

	Three Months Ended March 31,
	2024		2023
Net income	$	27.4	$	13.7
Less: Loss from discontinued operations, net of income taxes	(4.3)		(3.1)
Income from continuing operations	31.7		16.8
Interest expense	72.1		64.8
Provision (benefit) for income taxes	11.0		(11.5)
Depreciation and amortization expense	73.4		74.0
EBITDA	188.2		144.1
Gains on dispositions of property – other	—		(1.2)
Restructuring activities, net	—		(0.4)
Interest income	(0.4)		(0.4)
Adjusted EBITDA	$	187.8	$	142.1

11

EX-99.2

Exhibit 99.2

Trinity Industries, Inc.

Earnings Release Conference Call – Q1 2024

May 1, 2024

Leigh Anne Mann

Vice President, Investor Relations

Thank you, operator. Good morning everyone. We appreciate you joining us for the Company’s first quarter 2024 financial results conference call.

Our prepared remarks will include comments from Jean Savage, Trinity’s Chief Executive Officer and President, and Eric Marchetto, the Company’s Chief Financial Officer. We will hold a Q&A session following the prepared remarks from our leaders.

During the call today, we will reference certain non-GAAP financial metrics. The reconciliations of the non-GAAP metrics to comparable GAAP measures are provided in the appendix of the supplemental slides, which are accessible on our investor relations website at www.trin.net. These slides are under the Events and Presentations portion of the website, along with the First Quarter Earnings Conference Call event link.

A replay of today’s call will be available after 10:30 a.m. Eastern time through midnight on May 8, 2024. Replay information is available under the Events and Presentations page on our Investor Relations website.

It is now my pleasure to turn the call over to Jean.

E. Jean Savage

Chief Executive Officer and President

Thank you, Leigh Anne, and good morning everyone.

We started 2024 off strong, and I am pleased with Trinity’s progress. Our first quarter revenue was up 26% year over year, and we carried more of that revenue to the bottom line. We continued to re-price more of our fleet upward and had a first quarter Future Lease Rate Differential, or FLRD, of 34.7%, the second-highest mark for the FLRD since Trinity began reporting this metric four years ago. Furthermore, we achieved significant margin improvement in our Rail Products business. In summary, our first quarter GAAP EPS of $0.33 represents momentum starting to flow through our business and demonstrates the strength of our platform. This start to the year gives us confidence to raise our full-

1

year EPS guidance to a range of $1.35 to $1.55, reflecting higher revenue, margin improvement, and consistent performance.

Market Update

Before we talk about our segments and financial results, I’d like to briefly update on what we are seeing in the market. Service levels continue to improve in the industry, allowing shippers to be more efficient in their supply chains. Dwell times are also improving and well below historical averages, allowing quicker turnarounds. We are optimistic that these service metrics will continue in the near term, making rail a more competitive mode of transport. Overall fleet storage rates also remain low.

In terms of end markets, since last quarter, we have seen significant improvement in chemicals. Additionally, despite high levels of inflation and high borrowing costs, automotive demand has remained strong, driven by continued demand for SUVs and the recovery in auto parts supply chain following the supply chain challenges of the past few years.

We continue to view this cycle differently with a more diversified railcar demand. This is encouraging to Trinity as a lessor as stabilized production levels support a balanced lease fleet, allowing for high utilization and competitive lease rates.

Segment Performance

And now let’s talk about our performance at the segment level. As mentioned on our year-end call, effective January 1st, we modified our organizational structure to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services and parts businesses. Today’s results are presented in this new format. As part of this modification, we aligned our maintenance services business, which was previously part of our Rail Products segment, to now be presented within our Leasing and Services segment.

Leasing and Services

The Leasing and Services segment, which includes Leasing and Management, Maintenance Services, and Digital and Logistics Services, had a strong quarter with fleet utilization of 97.5%, renewal rates up 30% over expiring rates, and, as I said at the top of the call, an FLRD of a positive 34.7%. Lease rates are substantially higher across nearly all railcar types. Our revenue and margin, excluding lease portfolio sales, are up year over year in this segment, driven by higher external maintenance work, improved lease rates, and net additions to the lease fleet. Revenue from maintenance services is up 122% year over year. Digital and logistics services revenue is up 25%

2

year over year, benefited by the acquisition of RSI and continued growth in these businesses in support of our lease fleet.

Giving you a few more details about this business, our average lease rates are up $49 compared to a year ago, and we have now re-priced about 41% of our fleet in the last two years, representing when the FLRD turned double digit positive. While our renewal success rate of 65% was lower than usual in the quarter, this was specific to certain end markets and, in some cases, a strategic decision. Put another way, the current supply-driven strength enables us as a lessor to make the optimal lease decision for long-term returns on the asset. We expect our utilization to remain consistent as we continue to renew railcars and assign non-renewing railcars into other services, often at better returns.

Our first quarter net investment in our lease fleet was $123 million, which includes new railcar additions, betterments, and secondary market purchases of $148 million and $24 million in proceeds from lease portfolio sales.

Rail Products

Moving to our Rail Products segment, which includes our manufacturing business and parts and components businesses, we continue to see significant improvement in the operating margin. Higher revenue in the quarter reflects higher deliveries, and our operating margin of 6.6% highlights the improvements we have made in our operational and labor efficiencies. We are seeing improvement in rail service and supply chain, and our team is doing a great job mitigating issues. Our first quarter performance reflects that dedication.

Trinity’s first quarter order volume of 1,880 railcars continues to support our views on replacement-driven demand, and we still expect the industry to deliver about 40,000 railcars in 2024. We have seen an encouraging uptick in order inquiries to further support our view of replacement-level demand. Our railcar deliveries were 4,695 and included virtually all of the railcars that were impacted by the border closure at the end of last year. We also completed 675 railcar conversions in the quarter.

Our new railcar backlog remains healthy at $2.9 billion.

Conclusion

Before I turn the call to Eric, I want to remind you of two important dates. First, our annual shareholder meeting will take place Monday, May 20th at 8:30 am Central time. Second, make sure

3

your calendars are marked for June 25th. We look forward to hosting you in Texas at our 2024 Investor Day and providing a longer-term view of our business. Reach out to Leigh Anne if you have any questions about the event.

I’ll now turn to Eric to discuss the financial statements and update our views on the rest of the year.

Eric R. Marchetto

Executive Vice President and Chief Financial Officer

Thank you, Jean, and good morning everyone.

Income Statement

I’ll start my comments on the income statement. Total revenues of $810 million, up 26% as compared to a year ago, reflect higher external railcar deliveries, improved lease rates, and a higher volume of external repairs. Lease portfolio sales were modest in the quarter, and we recorded a gain of $2.1 million.

Both quarterly GAAP and adjusted EPS were $0.33 in the quarter, with adjusted EPS reflecting a $0.26 improvement from a year ago. First quarter favorable segment margin performance was driven by strong lease rates with higher external deliveries and improved efficiency in rail manufacturing. We are seeing the benefits of our platform and are excited by the progress.

Cash Flow Statement

Moving to the cash flow statement, our cash flow from continuing operations was $57 million, and our adjusted free cash flow after investments and dividends was $12 million. Cash from operations was impacted by higher receivables balances, partially offset by lower inventory balances as we delivered railcars that were placed in storage in the fourth quarter. We returned $23 million to our shareholders in the quarter through our quarterly dividend payment.

Net fleet investment in the quarter was $123 million.

Our last twelve months Pre-Tax ROE was 16.2%, representing the mid-teen goal we set at our 2020 Investor Day.

In March, we entered into a new warehouse loan facility with a total commitment amount of $800 million. This replaces the prior $1.0 billion warehouse loan facility. We right-sized the warehouse

4

facility given our fleet investment expectations. There is more information on our new warehouse in the 10-Q, which we expect to file later today.

Guidance

As we look forward in 2024, we are confident we will deliver strong results. Given a great start to the year and our confidence in the durability of these improved margins, we are raising our full year EPS guidance by five cents to a range of $1.35 to $1.55. We believe this target is attainable and see a lot of momentum in our business to support our elevated guidance.

We expect a full year Rail Products Group operating margin of 6-8%. We were pleased to start the year in this range and expect to continue to improve as the year progresses.

We anticipate a full year net investment in our lease fleet of between $300 and $400 million and expect secondary market railcar activity in the second quarter.

As Jean said, we like the progress we are making as a company and the fundamentals of the operating environment. We continue to believe our leasing business will benefit from the products and services supporting it.

We look forward to discussing our long-term views with you at our Investor Day here in Dallas on June 25th.

Operator, we are now ready to take our first question.

(after Q&A)

E. Jean Savage

Chief Executive Officer and President

Thank you for joining us today. As you hopefully heard in our voices today, we are excited about 2024 and believe Trinity is off to a great start to reach our targets and to continue to improve. We look forward to sharing our progress with you and hope to see a lot of you on June 25th.

5

EX-99.3

DELIVERING GOODS for THE GOOD of ALL TRINITY INDUSTRIES, INC. Investor Contact: TrinityInvestorRelations@trin.net Website: www.trin.net Q1 2024 – Earnings Conference Call Supplemental Materials May 1, 2024 – based on financial results as of March 31, 2024 Exhibit 99.3

DELIVERING GOODS for THE GOOD of ALL /// 2 Some statements in this presentation, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, including, but not limited to, future financial and operating performance, future opportunities and any other statements regarding events or developments that Trinity believes or anticipates will or may occur in the future. Trinity uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “projected,” “outlook,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Trinity expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Trinity’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, except as required by federal securities laws. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to risks and uncertainties regarding economic, competitive, governmental, and technological factors affecting Trinity’s operations, markets, products, services and prices, and such forward-looking statements are not guarantees of future performance. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and “Forward-Looking Statements” in Trinity’s Annual Report on Form 10-K for the most recent fiscal year, as may be revised and updated by Trinity’s Quarterly Reports on Form 10-Q, and Trinity’s Current Reports on Form 8-K. Forward Looking Statements

DELIVERING GOODS for THE GOOD of ALL /// Key Messages from Q1-24 Conference Call 3 Revenue up 26% year over year, reflecting significantly stronger performance Raising full year EPS guidance to a range of $1.35 to $1.55 based on strong Q1 performance * See appendix for reconciliation of non-GAAP measures Adjusted EPS from continuing operations of $0.33*, up $0.26 year over year Continued strength in lease rates; FLRD +34.7%, utilization 97.5%

DELIVERING GOODS for THE GOOD of ALL /// Rail Market Update and Commercial Overview 4 Rail Traffic is Improved YoY (1) Overall Fleet Storage Rates are Low (2) FLRD and Utilization Remain Favorable Order Volume Supports Replacement-Level Demand Fl ee t U ti liz at io n FLR D Fleet Utilization FLRD (3) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 90% 95% 100% —% 25% 50% Orders Deliveries Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 0 2,500 5,000 See appendix for footnotes 2021 2022 2023 2024 Five-Year Average 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 500,000 625,000 750,000 Storage Rate Five-Year Average Jan-20 Sep-20 May-21 Jan-22 Sep-22 May-23 Jan-24 15% 20% 25% 30% 35%

DELIVERING GOODS for THE GOOD of ALL /// Q1-24 Financial Results Summary – Year over Year 5 Q1-24 Revenue $810M Q1-24 Cash Flow, Continuing Ops $57M Q1-24 EPS, Adjusted* $0.33 Q1-24 Adjusted Free Cash Flow* $12M * See appendix for reconciliation of non-GAAP measures +26% $(46)M $(25)M $+0.26

DELIVERING GOODS for THE GOOD of ALL /// Trinity Business Segment Performance Trends 6 Rail Products Segment Revenue Drivers ◦ Quarterly revenue up year over year due to higher deliveries Rail Products Margin Performance Drivers ◦ Operating margin of 6.6% in the quarter reflects year over year and sequential improvement in operational and labor efficiencies Leasing & Services Revenue and Operating Profit Margin (1) Rail Products Segment Revenue and Operating Profit Margin (i n m ill io n s) Leasing & Management Revenue Maintenance Services Revenue Digital & Logistics Services Revenue OP Margin (1) Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 $— $100 $200 $300 20% 30% 40% 50% (i n m ill io n s) Rail Products Revenue Parts & Components Revenue OP Margin Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 $— $250 $500 $750 —% 2% 4% 6% 8% Leasing & Services Segment Revenue Drivers ◦ Fleet utilization of 97.5% ◦ FLRD remains strong at +34.7% ◦ Revenue higher year over year due to a higher volume of repairs completed for third parties, improved lease rates, and net additions to the lease fleet Leasing & Services Margin Performance Drivers ◦ Margin up year over year due to improved lease rates and a higher volume of external repairs in the maintenance services business ▪ Segment margin includes gains from insurance recoveries in Q1 2023, Q3 2023, and Q4 2023 See appendix for footnotes

DELIVERING GOODS for THE GOOD of ALL /// Revenue Improved Year over YearQ1 2024 Financial Summary: Income Statement: • Total revenues of $810M reflect higher external railcar deliveries, improved lease rates, and a higher volume of external repairs • Both GAAP and adjusted earnings per share from continuing operations of $0.33* • Lease portfolio sales proceeds of $24M in the quarter Year-to-Date Cash Flow: • Cash flow from continuing operations of $57M • Adjusted free cash flow of $12M* after investments and dividends • Net lease fleet investment of $123M • Investment of $5M in operating and administrative capex • Shareholder returns of $23M through dividends paid Pre-Tax ROE • LTM Q1-24 Pre-Tax ROE of 16.2%* Strong Performance Trends and Key Highlights 7 Cash Flow From Operations Reflects Higher Deliveries * See appendix for reconciliation of non-GAAP measures (i n m ill io n s) Leasing & Services Rail Products Adj EPS, Cont Ops (Diluted) * Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 $— $450 $900 $— $0.50 $1.00 (i n m ill io n s) Cash Flow from Cont Ops Adjusted Free Cash Flow * Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 $(40) $— $40 $80 $120

DELIVERING GOODS for THE GOOD of ALL /// 8 Unencumbered Railcars $369M • Pledge to warehouse • Additional assets can be sold or financed • LTV of 65.7% for the wholly-owned lease portfolio as of Q1-24 CAPITAL LEVERS Recourse Debt $795M @ ~6.2%(1) Non-recourse Debt $5.1B @ ~4.3%(1) • Favorable average cost of debt • Flexible term structures DEBT STRUCTURE Cash & Equivalents $119M Revolver Availability $582M Warehouse Availability $98M LIQUIDITY Solid Liquidity of $799M(1) Attractive Debt Structures Conservative Capitalization See appendix for footnotes Healthy Balance Sheet Strategically Positioned for Opportunistic Deployment and Value Creation

DELIVERING GOODS for THE GOOD of ALL /// Management Outlook for Business Performance 9 C ap it al A llo ca ti on FY 2024 Summary Detail Industry Deliveries Approximately 40K Does not include sustainable railcar conversions Net Fleet Investment $300M — $400M Deliveries to our lease fleet offset by secondary market sales Operating and Administrative Capital Expenditures $50M — $60M Investments in automation, technology, and modernization of facilities and processes EPS from Continuing Operations $1.35 — $1.55 Excludes items outside of our normal business operations Any forward-looking statements made by the Company speak only as of the date on which they are made. Except as required by federal securities law, the Company is under no obligation to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DELIVERING GOODS for THE GOOD of ALL /// Key Messages from Q1-24 Conference Call 10* See appendix for reconciliation of non-GAAP measures Continued strength in lease rates; FLRD +34.7%, utilization 97.5% Revenue up 26% year over year, reflecting significantly stronger performance Adjusted EPS from continuing operations of $0.33*, up $0.26 year over year Raising full year EPS guidance to a range of $1.35 to $1.55 based on strong Q1 performance

DELIVERING GOODS for THE GOOD of ALL /// Trinity Q1-24 Earnings Conference Call 11 Q&A

DELIVERING GOODS for THE GOOD of ALL /// Reconciliation: Adjusted Operating Results 12 Three Months Ended March 31, 2024 (in millions, except per share amounts) GAAP Interest expense, net (1) Adjusted Operating profit $ 115.2 $ — $ 115.2 Income from continuing operations before income taxes $ 42.7 $ (0.4) $ 42.3 Provision (benefit) for income taxes $ 11.0 $ (0.1) $ 10.9 Income from continuing operations $ 31.7 $ (0.3) $ 31.4 Net income from continuing operations attributable to Trinity Industries, Inc. $ 28.0 $ (0.3) $ 27.7 Diluted weighted average shares outstanding 83.5 83.5 Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. $ 0.33 $ 0.33 (1) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. We have supplemented the presentation of our reported GAAP operating profit, income from continuing operations before income taxes, provision (benefit) for income taxes, income from continuing operations, net income from continuing operations attributable to Trinity Industries, Inc., and diluted income from continuing operations per common share attributable to Trinity Industries, Inc. with non-GAAP measures that adjust the GAAP measures to exclude the impact of certain interest expense, net; and certain other transactions or events (as applicable), described in the footnotes to the table above. These non-GAAP measures are derived from amounts included in our GAAP financial statements and are reconciled to the most directly comparable GAAP financial measures in the table above. Management believes that these measures are useful to both management and investors for analyzing the performance of our business without the impact of certain items that are not indicative of our normal business operations. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

DELIVERING GOODS for THE GOOD of ALL /// Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 (in millions) Net cash provided by operating activities – continuing operations $ 102.5 $ 37.8 $ 75.5 $ 93.2 $ 56.5 Proceeds from lease portfolio sales 56.7 129.0 60.1 136.0 24.2 Capital expenditures – operating and administrative (7.1) (13.7) (8.6) (11.9) (4.6) Dividends paid to common shareholders (21.1) (22.2) (21.4) (21.3) (23.0) Equity CapEx for leased railcars (from table below) (94.8) (86.3) (136.9) (217.0) (41.4) Adjusted Free Cash Flow After Investments and Dividends $ 36.2 $ 44.6 $ (31.3) $ (21.0) $ 11.7 Capital expenditures – lease fleet $ 191.5 $ 208.2 $ 83.6 $ 185.5 $ 147.5 Less: Payments to retire debt (149.6) (885.7) (243.7) (239.9) (803.8) Proceeds from issuance of debt 246.3 1,007.6 190.4 208.4 909.9 Net proceeds from (repayments of) debt 96.7 121.9 (53.3) (31.5) 106.1 Equity CapEx for leased railcars $ 94.8 $ 86.3 $ 136.9 $ 217.0 $ 41.4 Reconciliation: Walking Adjusted FCF Beyond Lease Investment 13 Adjusted Free Cash Flow After Investments and Dividends (“Adjusted Free Cash Flow”) is a non-GAAP financial measure. Adjusted Free Cash Flow is defined as net cash provided by operating activities from continuing operations as computed in accordance with GAAP, plus cash proceeds from lease portfolio sales, less capital expenditures for operating and administrative activities, dividends paid, and Equity CapEx for leased railcars. Equity CapEx for leased railcars is defined as capital expenditures for our lease fleet, adjusted to exclude net proceeds from (repayments of) recourse and non-recourse debt. We believe Adjusted Free Cash Flow is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. Adjusted Free Cash Flow is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the table above. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies.

DELIVERING GOODS for THE GOOD of ALL /// Reconciliation: Total Company Pre-Tax ROE 14 (1) Represents the change in estimated fair value of additional contingent consideration associated with an acquisition. (2) Represents insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. (3) Represents interest income accretion related to a seller-financing agreement associated with the sale of certain non-operating assets. (4) Return on Equity is calculated as income from continuing operations divided by average total stockholders' equity. (5) Pre-Tax Return on Equity is calculated as adjusted profit before tax divided by average adjusted stockholders' equity, each as defined below and reconciled above. Pre-Tax Return on Equity (“Pre-Tax ROE”) is a non-GAAP measure that is derived from amounts included in our GAAP financial statements. We define Pre-Tax ROE as a ratio for which (i) the numerator is calculated as income or loss from continuing operations, adjusted to exclude the effects of the provision or benefit for income taxes, net income or loss attributable to noncontrolling interest, and certain other adjustments, described in the footnotes to the table above, which include certain selling, engineering, and administrative expenses; gains on dispositions of other property; restructuring activities, net; and interest expense, net; and (ii) the denominator is calculated as average stockholders’ equity (which excludes noncontrolling interest), adjusted to exclude accumulated other comprehensive income or loss. In the table above, the numerator and denominator of our Pre-Tax ROE calculation are reconciled to income from continuing operations and total stockholders’ equity, respectively, which are the GAAP financial measures used in the computation of ROE. Management believes that Pre-Tax ROE is a useful measure to both management and investors as it provides an indication of the economic return on the Company’s investments over time. Pre-Tax ROE is used in consideration of the Company’s expected tax position in the near-term. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. LTM March 31, 2024 December 31, 2023 December 31, 2022 ($ in millions) Numerator: Income from continuing operations $ 154.9 $ 140.0 Provision (benefit) for income taxes 31.5 9.0 Income from continuing operations before income taxes 186.4 149.0 Net income attributable to noncontrolling interest (15.0) (20.6) Adjustments: Selling, engineering, and administrative expenses (1) 4.0 4.0 Gains on dispositions of property – other (2) (5.1) (6.3) Restructuring activities, net (1.8) (2.2) Interest expense, net (3) (1.5) (1.5) Adjusted Profit Before Tax $ 167.0 $ 122.4 Denominator: Total stockholders' equity $ 1,288.5 $ 1,275.5 $ 1,269.6 Noncontrolling interest (239.2) (238.4) (257.2) Accumulated other comprehensive income (18.4) (11.0) (19.7) Adjusted Stockholders' Equity $ 1,030.9 $ 1,026.1 $ 992.7 Average total stockholders' equity $ 1,282.0 $ 1,272.6 Return on Equity (4) 12.1 % 11.0 % Average Adjusted Stockholders' Equity $ 1,028.5 $ 1,009.4 Pre-Tax Return on Equity (5) 16.2 % 12.1 %

DELIVERING GOODS for THE GOOD of ALL /// Footnotes and Reconciliations 15 Slide 4 - Rail Market Update and Commercial Overview (1) Association of American Railroads (AAR) Weekly Railcar Loadings (2) AAR Rail Time Indicators – April 1, 2024 (3) Future Lease Rate Differential (FLRD) calculates the implied change in lease rates for railcar leases expiring over the next four quarters. The FLRD assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type. We believe the FLRD is useful to both management and investors as it provides insight into the near-term trend in lease rates. The FLRD is calculated as follows: (New Lease Rates — Expiring Lease Rates) x Expiring Railcar Leases (Expiring Lease Rates x Expiring Railcar Leases) Slide 6 - Trinity Business Segment Performance Trends (1) OP margin is calculated using the Railcar Leasing and Services Group revenues and operating profit, excluding lease portfolio sales. Slide 7 - Strong Performance Trends and Key Highlights Adjusted EPS includes the following adjustments reported by the Company (each per common diluted share): ◦ Reported Q1-23 GAAP EPS was $0.09; Adjusted EPS excludes $0.01 related to the insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021 and $0.01 from interest income accretion related to a seller-financing agreement associated with the sale of certain non- operating assets and restructuring activities. ◦ Reported Q2-23 GAAP EPS was $0.23; Adjusted EPS excludes $0.02 related to the change in estimated fair value of additional contingent consideration associated with an acquisition and $0.02 related to gains associated with restructuring activities. ◦ Reported Q3-23 GAAP EPS was $0.29; Adjusted EPS excludes $0.03 related to the insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. ◦ Reported Q4-23 GAAP EPS was $0.81; Adjusted EPS excludes $0.02 related to the change in estimated fair value of additional contingent consideration associated with an acquisition and $0.01 related to the insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. ◦ Reported Q1-24 GAAP EPS and Adjusted EPS were both $0.33. Slide 8 - Healthy Balance Sheet Strategically Positioned for Opportunistic Deployment and Value Creation (1) Balances and blended average interest rate as of March 31, 2024

XML

Document and Entity Information Document	May 01, 2024
Cover [Abstract]
Title of 12(b) Security	Common Stock
Document Type	8-K
Entity Incorporation, State or Country Code	DE
Entity File Number	1-6903
Entity Tax Identification Number	75-0225040
Entity Address, Address Line One	14221 N. Dallas Parkway, Suite 1100,
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254-2957
City Area Code	214
Local Phone Number	631-4420
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Registrant Name	TRINITY INDUSTRIES INC
Entity Central Index Key	0000099780
Amendment Flag	false
Trading Symbol	TRN
Security Exchange Name	NYSE
Document Period End Date	May 01, 2024