EX-99.1

DALLAS – August 3, 2005 – Trinity Industries, Inc. (NYSE:TRN) today reported financial results for the three and six months ended June 30, 2005. Revenues increased 33 percent during the second quarter over the same period in 2004. Revenues for the first six months of 2005 were up 37 percent over the first six months of 2004.

For the quarter ended June 30, 2005 the Company reported earnings of $21.8 million, 43 cents per common diluted share, and revenues of $731.3 million. This compares with a net income of $3.6 million, 6 cents per common diluted share, and revenues of $548.7 million in the same quarter of 2004. The second quarter of 2005 included a write-off of goodwill associated with the railcar operations in Europe of $2.3 million (4 cents per common diluted share). The second quarter of 2004 included an after-tax loss provision of $3.1 million (7 cents per common diluted share) due to the effect of cost increases in steel and components containing steel on certain rail and barge contracts.

For the six months ended June 30, 2005 the Company reported earnings of $27.8 million, 55 cents per common diluted share, and revenues of $1,378.2 million. This compares with a net loss of $7.2 million, 19 cents per common diluted share, and revenues of $1,003.6 million in the same period of 2004. The six months ended June 30, 2005, included an after-tax provision of approximately $2.1 million (4 cents per common diluted share) related to the settlement of two lawsuits and two other unrelated warranty issues in the Company’s Inland Barge Group and the previously mentioned write-off of the goodwill associated with the European operations. The six months ended June 30, 2004 included an after-tax loss provision for $7.9 million (17 cents per common diluted share) due to the effect of cost increases in steel and components containing steel on certain rail and barge contracts and an after-tax charge of $769,000 (2 cents per common diluted share) related to the early retirement of debt.

“All of our North American business segments were profitable during the second quarter, building on the momentum we established during the first quarter,” said Timothy R. Wallace, Trinity’s Chairman, President and CEO. “Productivity improvements implemented in our North American railcar businesses are reflected in their increased earnings and our North American railcar backlog increased slightly to approximately 17,500 units. Our Construction Products Group had strong results, in part because of consistent demand and improved pricing.”

Trinity’s Inland Barge Group also returned to profitability during the second quarter. “The performance of our Inland Barge Group demonstrates the ability of this group to be a strong contributor to the bottom line,” Wallace continued. “Market demand has increased and we see growth opportunities in this segment.”

Trinity Industries, Inc., with headquarters in Dallas, Texas, is one of the nation’s leading diversified industrial companies. Trinity reports five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Industrial Products Group. Trinity’s web site may be accessed at http://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. Trinity uses the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” and similar expressions to identify these forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience of our present expectations. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward looking statements, see “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the most recent fiscal year.

Trinity Industries, Inc.
Condensed Consolidated Income Statement
(in millions, except per share amounts)


	Three Months Ended June 30,
	2005			2004
Revenues	$	731.3		$	548.7
Operating profit	$	43.5		$	14.3
Other expense		7.7			8.8

Income before income taxes		35.8			5.5
Provision for income taxes		14.0			1.9

Net income		21.8			3.6
Dividends on Series B preferred stock		(0.8	)		(0.7	)

Net income applicable to common shareholders	$	21.0		$	2.9

Net income applicable to common shareholders per common share:
Basic	$	0.45		$	0.06

Diluted	$	0.43		$	0.06

Weighted average number of shares outstanding:
Basic		47.0			46.4
Diluted		50.4			47.4

Trinity Industries, Inc.
Condensed Consolidated Income Statement
(in millions, except per share amounts)


	Six Months Ended June 30,
	2005			2004
Revenues	$	1,378.2		$	1,003.6
Operating profit	$	61.4		$	7.8
Other expense		16.0			18.8

Income (loss) before income taxes		45.4			(11.0	)
Provision (benefit) for income taxes		17.6			(3.8	)

Net income (loss)		27.8			(7.2	)
Dividends on Series B preferred stock		(1.6	)		(1.5	)

Net income (loss) applicable to common shareholders	$	26.2		$	(8.7	)

Net income (loss) applicable to common shareholders per common share:
Basic	$	0.56		$	(0.19	)

Diluted	$	0.55		$	(0.19	)

Weighted average number of shares outstanding:
Basic		47.0			46.3
Diluted		47.8			46.3


	Three Months Ended June 30,
Revenues:	2005			2004
Rail Group	$	495.0		$	273.6
Construction Products Group		180.6			153.7
Inland Barge Group		63.8			64.1
Industrial Products Group		37.5			35.4
Railcar Leasing and Management Services Group		48.6			71.7
All Other		27.0			8.3
Eliminations		(121.2	)		(58.1	)

Total Revenues	$	731.3		$	548.7


Operating profit (loss):	Three Months Ended June 30,
	2005			2004
Rail Group	$	17.2		$	0.9
Construction Products Group		23.0			14.5
Inland Barge Group		5.4			(5.4	)
Industrial Products Group		5.7			3.9
Railcar Leasing and Management Services Group		13.0			14.4
All Other		(0.1	)		(1.6	)
Corporate		(9.1	)		(9.0	)
Eliminations		(11.6	)		(3.4	)

Consolidated	$	43.5		$	14.3


	Six Months Ended June 30,
Revenues:	2005			2004
Rail Group	$	929.4		$	534.5
Construction Products Group		323.7			273.8
Inland Barge Group		108.7			107.4
Industrial Products Group		73.2			67.2
Railcar Leasing and Management Services Group		101.1			106.8
All Other		47.4			15.9
Eliminations		(205.3	)		(102.0	)

Total Revenues	$	1,378.2		$	1,003.6


Operating profit (loss):	Six Months Ended June 30,
	2005			2004
Rail Group	$	26.0		$	(2.7	)
Construction Products Group		29.7			16.5
Inland Barge Group		2.0			(11.1	)
Industrial Products Group		10.3			4.7
Railcar Leasing and Management Services Group		26.6			24.0
All Other		(1.4	)		(0.3	)
Corporate		(15.7	)		(16.6	)
Eliminations		(16.1	)		(6.7	)

Consolidated	$	61.4		$	7.8

Trinity Industries, Inc.
Condensed Consolidated Balance Sheet
(in millions)


	June 30,			December 31,
	2005			2004
Cash and equivalents	$	93.1		$	182.3
Accounts receivable		295.3			214.2
Inventories		424.3			402.3
Net property, plant and equipment, at cost (1)		940.7			810.9
Other assets		601.8			600.5

	$	2,355.2		$	2,210.2

Accounts payable and accrued liabilities	$	528.5		$	511.7
Debt (2)		606.3			518.0
Deferred income		46.4			47.2
Other liabilities		71.0			62.2
Series B preferred stock		58.5			58.2
Stockholders’ equity		1,044.5			1,012.9

	$	2,355.2		$	2,210.2

(1) Property, Plant and Equipment
Corporate/Manufacturing:
Property, plant and equipment	$	882.0		$	885.2
Accumulated depreciation		(604.2	)		(589.6	)

		277.8			295.6

Leasing:
Equipment on lease		791.8			635.7
Accumulated depreciation		(128.9	)		(120.4	)

		662.9			515.3

	$	940.7		$	810.9

(2) Debt
Corporate/Manufacturing — Recourse
Revolving commitment	$	1.7		$	—
Senior notes		300.0			300.0
Other		7.0			5.3

		308.7			305.3

Leasing – Recourse
Equipment trust certificates		130.1			170.0

		130.1			170.0

Leasing – Non-recourse
Warehouse facility		167.5			42.7

		167.5			42.7

	$	606.3		$	518.0