Trinity Industries, Inc. (Form: 8-K)

Investor Contact:
James E. Perry
Vice President, Finance and Treasurer
Trinity Industries, Inc.
214/589-8412

DALLAS – April 29, 2009 – Trinity Industries, Inc. (NYSE:TRN) today reported net income of $33.9 million, or $0.43 per common diluted share for the first quarter ended March 31, 2009. The earnings included $0.15 per common diluted share resulting from the sale at the end of the first quarter of $132.1 million of railcars by its railcar leasing business, Trinity Industries Leasing Company (“TILC”), to TRIP Rail Leasing LLC (“TRIP”). Net income for the same quarter of 2008 was $63.8 million, or $0.78 per common diluted share. The earnings for the first quarter of 2008 included $0.05 per common diluted share resulting from the sale during the first quarter of $37.9 million of railcars by TILC to TRIP.

Revenues for the first quarter of 2009 were $793.5 million compared with revenues of $898.9 million for the same quarter of 2008.

“Given the challenging economic environment, our results were good,” said Timothy R. Wallace, Trinity’s Chairman, CEO, and President. “We are focused on rapidly adapting to the lower product volumes that have resulted from the current economic environment. Our employees have responded well to this difficult task. While certain of our businesses did well, the first quarter was challenging for several of our other businesses. Our customers continue to be cautious as they try to get a better sense of the economy’s direction.”

During the first quarter of 2009, TrinityRail^® shipped approximately 3,050 railcars and received orders for 995 railcars. As of March 31, 2009, TrinityRail’s order backlog totaled approximately $550 million, representing approximately 6,210 railcars.

TILC had approximately 47,650 railcars in its fleet as of March 31, 2009. This compares to TILC’s fleet of approximately 38,030 railcars as of March 31, 2008. The lease fleet was 98.4% utilized by third party lessees as of March 31, 2009.

During the first quarter, Trinity sold $170.1 million of railcars to TRIP including $132.1 million of railcars from TILC. Since its inception in June 2007, through March 31, 2009, TRIP has purchased $1.16 billion of railcars, including new railcar purchases from Trinity’s railcar manufacturing subsidiaries and purchases from TILC.

Revenues for the Inland Barge Group grew 14% in the first quarter of 2009 to $157.0 million, as compared to the same quarter of 2008. Operating profit increased 47% during the first quarter over the same quarter of 2008 to $38.9 million, a new quarterly record. The Inland Barge Group’s backlog totaled approximately $402 million as of March 31, 2009. “In addition to maximizing efficiencies, our Inland Barge Group employees have done a great job reducing costs,” Wallace said. “The success of this business is evidence of the benefits Trinity is now reaping from our diversification efforts during the past few years.”

The Energy Equipment Group recorded revenues of $128.5 million in the first quarter of 2009, as compared to $129.5 million in the same quarter of 2008. These businesses produced operating profit of $18.3 million in the first quarter of 2009 as compared to $18.2 million in the same quarter of 2008. The order backlog for structural wind towers as of March 31, 2009 totaled approximately $1.3 billion.

Revenues in the Construction Products Group totaled $123.5 million in the first quarter of 2009, a decline of 27% from the same quarter in 2008. These businesses recorded an operating loss of $1.9 million in the first quarter of 2009, compared to a profit of $12.2 million in the first quarter of 2008. The first quarter of 2009 included a $1.7 million charge for the write down of certain inventory. “We were not pleased with the financial performance of the Construction Products Group in the first quarter,” Wallace said. “The economic slowdown has severely impacted this business. We experienced lower sales volumes and margin compression due to the sale of higher-priced inventory into a highly competitive marketplace. We are focused on returning this group to profitability.”

In the preparation of the 2008 income tax returns, the Company expects the ultimate income tax refund will be $91.7 million. This has been adjusted from the previous expectation of $98.7 million.

Second Quarter 2009 Earnings Outlook
The Company estimates earnings of between $0.20 and $0.30 per common diluted share for the second quarter of 2009. The Company attributes the wide range in its guidance to ongoing uncertainty concerning the overall economy and volatility within the markets that Trinity serves.

Conference Call
Trinity will hold a conference call at 11:00 a.m. Eastern on April 30, 2009 to discuss its first quarter results. To listen to the call, please visit the Investor Relations section of the Trinity Industries website, www.trin.net. An audio replay may be accessed through the Company’s website or by dialing (402) 220-0398 until 11:59 p.m. Eastern on May 7, 2009.

Trinity Industries, Inc., headquartered in Dallas, Texas, is a multi-industry company that owns a variety of market-leading businesses which provide products and services to the industrial, energy, transportation, and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment 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. 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 or 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 Statements
(in millions, except per share amounts)
(unaudited)


	Three Months Ended March 31,
	2009			2008
				(adjusted)
Revenues	$	793.5		$	898.9
Operating profit	$	83.3		$	126.2
Interest expense, net		28.7			20.9
Other (income) expense, net		(0.6	)		(1.1	)

Income from continuing operations before income taxes		55.2			106.4
Provision for income taxes		21.2			42.3

Income from continuing operations		34.0			64.1
Discontinued operations:
Loss from discontinued operations, net of benefit for income taxes of $- and $0.1		(0.1	)		(0.3	)

Net income	$	33.9		$	63.8

Net income per common share:
Basic:
Continuing operations	$	0.43		$	0.79
Discontinued operations		—			—

	$	0.43		$	0.79

Diluted:
Continuing operations	$	0.43		$	0.78
Discontinued operations		—			—

	$	0.43		$	0.78

Weighted average number of shares outstanding:
Basic		76.6			78.9
Diluted		76.6			79.3

See our March 31, 2009 Quarterly Report on Form 10-Q for a discussion of the adjusted 2008 financial information resulting from the adoption of new accounting pronouncements.

Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)


	Three Months Ended March 31,
Revenues:	2009			2008
Rail Group	$	283.9		$	567.8
Construction Products Group		123.5			169.3
Inland Barge Group		157.0			137.8
Energy Equipment Group		128.5			129.5
Railcar Leasing and Management Services Group		222.4			119.8
All Other		14.4			18.2
Eliminations – lease subsidiary		(116.5	)		(216.7	)
Eliminations – other		(19.7	)		(26.8	)

Consolidated Total	$	793.5		$	898.9


Operating profit (loss):	Three Months Ended March 31,
	2009			2008
Rail Group	$	(5.8	)	$	77.2
Construction Products Group		(1.9	)		12.2
Inland Barge Group		38.9			26.5
Energy Equipment Group		18.3			18.2
Railcar Leasing and Management Services Group		52.7			34.1
All Other		(1.4	)		(0.3	)
Corporate		(7.6	)		(5.4	)
Eliminations – lease subsidiary		(8.9	)		(31.2	)
Eliminations – other		(1.0	)		(5.1	)

Consolidated Total	$	83.3		$	126.2

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


	March 31,		December 31,
	2009		2008
			(adjusted)
Assets
Cash and cash equivalents	$	170.4	$	161.8
Receivables, net of allowance		205.8		251.3
Income tax receivable		91.7		98.7
Inventories		559.1		611.8
Net property, plant, and equipment		2,947.7		2,990.6
Other assets		794.9		797.9

	$	4,769.6	$	4,912.1

Liabilities and Stockholders’ Equity
Accounts payable and accrued liabilities	$	529.0	$	699.4
Debt, net of unamortized discount on convertible subordinated notes of $128.8 and 131.2, respectively		1,716.0		1,774.7
Deferred income		77.9		71.8
Deferred income taxes		414.5		388.3
Other liabilities		66.3		65.6
Stockholders’ equity		1,965.9		1,912.3

	$	4,769.6	$	4,912.1

Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)


	March 31,			December 31,
	2009			2008
				(adjusted)
Property, Plant, and Equipment
Corporate/Manufacturing:
Property, plant, and equipment	$	1,209.3		$	1,175.6
Accumulated depreciation		(654.4	)		(620.2	)

		554.9			555.4

Leasing:
Machinery and other		37.6			37.0
Equipment on lease		2,929.6			2,973.2
Accumulated depreciation		(245.9	)		(232.7	)

		2,721.3			2,777.5

Deferred profit on railcars sold to the Leasing Group		(328.5	)		(342.3	)

	$	2,947.7		$	2,990.6

Debt
Corporate/Manufacturing – Recourse:
Revolving credit facility	$	—		$	—
Convertible subordinated notes		450.0			450.0
Less: unamortized discount		(128.8	)		(131.2	)

		321.2			318.8
Senior notes		201.5			201.5
Other		2.7			2.7

		525.4			523.0

Leasing – Recourse:
Equipment trust certificates		—			61.4
Other		12.9			—

Total recourse		538.3			584.4

Leasing – Non-recourse:
Secured railcar equipment notes		316.4			320.0
Warehouse facility		310.2			312.7
Promissory notes		551.1			557.6

		1,177.7			1,190.3

	$	1,716.0		$	1,774.7

Trinity Industries, Inc.
Reconciliation of EBITDA
(in millions)
(unaudited)

“EBITDA” is defined as net income (loss) plus interest expense, income taxes, and depreciation and amortization. EBITDA is not a calculation based on generally accepted accounting principles. The amounts included in the EBITDA calculation, however, are derived from amounts included in the historical statements of operations data. In addition, EBITDA should not be considered as an alternative to net income or operating income as an indicator of our operating performance, or as an alternative to operating cash flows as a measure of liquidity. We have reported EBITDA because we regularly review EBITDA as a measure of our ability to incur and service debt. In addition, we believe our debt holders utilize and analyze our EBITDA for similar purposes. We also believe EBITDA assists investors in comparing a company’s performance on a consistent basis without regard to depreciation and amortization, which can vary significantly depending upon many factors. However, the EBITDA measure presented in this press release may not always be comparable to similarly titled measures by other companies due to differences in the components of the calculation.


	Three Months Ended March 31,
	2009		2008
			(adjusted)
Income from continuing operations	$	34.0	$	64.1
Add:
Interest expense		29.0		23.2
Provision for income taxes		21.2		42.3
Depreciation and amortization expense		40.3		31.8

Earnings from continuing operations before interest expense, income taxes, and depreciation and amortization expense	$	124.5	$	161.4

First Quarter 2009 Results Conference Call
James E. Perry, Vice President, Finance and Treasurer
April 30, 2009

Thank you, Sarah.
Good morning from Dallas, Texas and welcome to the Trinity Industries First Quarter 2009 Results Conference Call. I’m James Perry, Vice President, Finance and Treasurer for Trinity. Thank you for being with us today.

• Tim Wallace, Chairman, Chief Executive Officer and President
• Steve Menzies, Senior Vice President and Group President of the Rail Group; and
• Bill McWhirter, Senior Vice President and Chief Financial Officer

A replay of this conference call will be available starting one hour after the conference call ends today through midnight on Thursday, May 7th. The replay number is (402) 220-0398. Replay of this broadcast will also be available on our website located at www.trin.net.

“Today’s conference call contains forward looking statements as defined by the Private Securities Litigation Reform Act of 1995 and includes statements as to estimates, expectations, intentions, and predictions of future financial performance. Statements that are not historical facts are forward looking. Participants are directed to Trinity’s Form 10-K and other SEC filings for a description of certain of the business issues and risks, a change in any of which could cause actual results or outcomes to differ materially from those expressed in the forward looking statements.”

On March 31st, 2009, we had total borrowings of 1.84 billion dollars. Our borrowings at the corporate level were the 450 million dollars of convertible subordinated notes, 201.5 million dollars of senior notes and 2.7 million dollars of other indebtedness.

This is the first quarter in which we reflect the adoption of APB 14-1 as it applies to our 450 million dollars of convertible subordinated debt. As a result of this, 321.2 million dollars is shown as debt on the balance sheet, with 128.8 million dollars shown as a discount. This discount will be amortized as non-cash interest expense through 2018. An entry for 92.8 million dollars to equity was also booked as a result of the adoption of this pronouncement.

The Leasing Company’s debt included 551.1 million dollars of Promissory Notes, 316.4 million dollars of Secured Railcar Equipment Notes, 310.2 million dollars outstanding under our railcar leasing warehouse facility, and 12.9 million dollars of capital leases that were completed in the first quarter, for total leasing company debt of 1.2 billion dollars at March 31, 2009. This compares to a net book value for total leasing equipment of 2.7 billion dollars.

In today’s call, you will hear us refer to the non-GAAP term EBITDA. A reconciliation of EBITDA was provided in our press release yesterday. For the first quarter, EBITDA was 124.5 million dollars.

During the first quarter, we had several key financing accomplishments that strengthened the balance sheet.

In February, we made the final 61.4 million dollar payment on our equipment trust certificates, retiring that piece of debt. This was our highest interest rate debt and the payoff released a significant number of railcars that we can use for future financings.

In the first quarter, we entered into two sale-leaseback transactions for railcars. These provided 34.8 million dollars of cash to the company and are attractive pieces of financing. We closed another sale-leaseback financing for 11.1 million dollars early in the second quarter, so have now generated 46 million dollars of cash from these transactions. We will continue to seek similar opportunities in the capital markets.

During the first quarter, we sold 170.1 million dollars of railcars to TRIP. Of particular significance is that we sold 132.1 million dollars of railcars to TRIP, primarily at the end of the quarter, from our lease fleet. TRIP has been a very successful transaction for us and the first quarter’s activities continue to prove its value. Through March 31st, we have sold 1.16 billion dollars of railcars to TRIP from our manufacturing companies and from our lease fleet.

During the first quarter, we purchased 813 thousand and 28 of our shares for 6.3 million dollars. Our cumulative purchases to date total 3 million 532 thousand 728 shares for 67.5 million dollars.

After all of these activities and the cash flows from our businesses, our cash position increased during the quarter to 170.4 million dollars from 161.8 million dollars at year-end.

In addition to our cash, at March 31^st, we had 333.8 million dollars available under our 425 million dollar revolving credit facility which matures in October of 2012. The portion of the facility that is unavailable for borrowing is due to our usage of letters of credit. There were no cash borrowings under the facility at March 31st. At quarter-end, we were well within all of the covenant requirements under this facility.

At March 31^st, we had 289.8 million dollars available under our leasing warehouse facility that matures in August of 2009. We are making good progress on the renewal and expect to close the facility during the second quarter. With the lower demand for railcars in the marketplace, we will renew the facility at a lower commitment amount than the current 600 million dollars due to a lower need for such financing. This will save Trinity the financing expenses associated with a larger facility that we would not intend to fully utilize.

In summary, we have had success with our financing activities and have had EBITDA totaling approximately 667 million dollars over the last four quarters. We are positioned well with a strong balance sheet and cash flows. We have worked deliberately to build and maintain our strong positions in these areas so that we may capitalize on business opportunities as they arise.

Thanks, Bill. Now our operator will prepare us for the Q & A session.
Q & A Session

Thank you, Sarah. This concludes today’s conference call.
Remember, a replay of this call will be available starting one hour after this call ends today through midnight, Thursday, May 7th. The access number is (402) 220-0398. Also, this replay will be available on our website located at www.trin.net.

We look forward to visiting with you again on our next conference call. Thank you for joining us this morning.

Trinity Industries, Inc.
Earnings Release Conference Call
Comments of Tim Wallace, Chairman, CEO and President
April 30, 2009

The first quarter was challenging for our company. Our overall financial results were good considering the difficulties associated with the economic environment. Most of our customers have reduced their capital spending programs until they get a better sense of the economy’s direction. Our businesses with small order backlogs decreased their shipments in the first quarter. Our railcar manufacturing and construction products businesses fit into this category.

Our Rail Group’s revenues decreased 50% over last year’s first quarter. As a result, our railcar manufacturing businesses continued to reduce and consolidate their operations. Our Rail Group continues to reduce their shipments as they work off their order backlogs and align their production with lower market demand levels.

I was not pleased with our Construction Products Group’s financial performance during the first quarter. It was affected by the economic slowdown and some abnormally high material costs that this group carried over from last fall. We worked off the higher material costs in our first quarter shipments and this should not be a factor in the future. We are hopeful our highway products related businesses will benefit from the infrastructure portion of the economic stimulus bill. Until that occurs or the economy improves, we expect these businesses to have lower than normal business activity and profitability.

Our businesses with large backlogs were able to maintain their momentum. This applies to our barge and structural wind towers businesses. The diversification created by our barge, structural wind towers and leasing businesses helped compensate for the decrease in earnings in our Rail and Construction Products segments.

Our barge group produced record operating profits and performed very well during the first quarter. We had a great deal of positive momentum in this business during 2008 that continued into the lst quarter. The size of our barge backlog is allowing our barge business to operate at a high level of productivity. We continue to pursue customers for orders that will extend our production continuity into 2010. We expect our level of profitability to decrease in the barge business as we progress through the year. Bill will provide our margin projections during his comments.

Our energy equipment segment generated profit comparable to the first quarter of 2008. Our large order backlog for structural wind towers allowed us to maintain stable production. The demand for wind towers has tracked with the economic decline. We expect orders for structural wind towers to improve when the North American wind energy industry begins its next stage of growth. It is difficult to precisely determine when the demand for wind towers will return. We are taking a conservative position in our planning for this business. We are assuming the recovery will not occur until the first half of 2010. In the short term we remain highly focused on productivity and cost reduction initiatives as we produce towers from our large backlog of orders.

Our railcar leasing company also generated very solid earnings for the quarter. The downturn in the economy coupled with a surplus of idled railcars, has caused us to remain very fluid in respect to the growth of our lease fleet. We will respond appropriately as the market changes. Steve will provide more information on TrinityRail during his comments.

At this point, Trinity as a whole is weathering the economic downturn better than we did during the last down cycle in 2001. The strategic investments we made during the past few years have proven sound. Our multi-industry portfolio of businesses is more diversified, our liquidity is stronger and we are able to leverage our cost-effective, manufacturing platforms. We are hopeful that the government’s stimulus initiatives will begin to positively impact the infrastructure related industries we compete in.

For the duration of the downturn, our goal is to maintain as much of the momentum as possible that we established during the last few years as we focus on initiatives to enhance our balance sheet and aggressively pursue orders. We are continually searching for ways to build strength during the down cycle. We are identifying opportunities to improve our businesses’ competitive positions by utilizing the resources we have as a company. We will continue to monitor and review a variety of growth opportunities. We are very experienced at successfully navigating through an economic downturn. The diversification of our multi-industry platform and our liquidity are providing us with time to plan. We have launched a variety of initiatives to strengthen our financial position. James mentioned a few of these initiatives in his report and we still have several on the horizon.

In addition, we are taking action to reduce our costs. This includes idling some factories, reducing staffing throughout our company and other normal cost reduction initiatives. As we right-size our businesses, we know we are making decisions that affect the lives of our employees and their families, and we don’t take it lightly.

Our performance during the first quarter reflects the talents and hard work of our people; the diversification of our businesses; our emphasis on highly efficient manufacturing; and the strength of our market leadership positions.

In a rapidly changing business climate like the one we are experiencing today, it is extremely difficult to establish firm forecasts. In light of this, we are evaluating business conditions daily and making decisions on a month to month basis. We are a very flexible company and will continue to shift and direct our resources with the demands of our markets. We have proven our ability to strengthen our company’s competitive position regardless of where we are in the business cycle. I expect this trend to continue.

Trinity Industries, Inc.
Analysts Conference Call
April 30, 2009
Comments by Steve Menzies

Operating results for TrinityRail during the 1^st quarter of 2009 reflected the impact of the rapid decline in railcar market conditions which began in the second half of 2008. We shipped approximately 3,050 railcars during the quarter and maintained high lease fleet utilization at 98.4%. However, our manufacturing operating margin dropped from 6.3% in the fourth quarter of 2008 to a 2% loss during the first quarter. Operating results during the quarter were adversely affected by lower railcar production volumes, plant closing costs and employee severance expense. We expect our operating margins to remain in this range during 2009 as a result of a highly competitive market environment and significantly reduced production levels. Going forward, the weak economic environment may also place pressure on lease rates and adversely impact lease fleet utilization.

During the 1^st quarter, we continued to execute our plan to reduce our railcar production footprint to align with forecasted near-term demand. Our production facilities still in operation are capable of producing a substantial portion of our broad product line. Our operating flexibility positions us to meet shifting customer demand as well as quickly ramp up production when market conditions improve. We will continue to monitor the market and make further adjustments to staffing levels as necessary.

During the 1^st quarter, TrinityRail shipped approximately 3,050 railcars, 49% less than the 6,010 railcars shipped in the 1^st quarter of 2008. We expect shipments of approximately 2,500 — 3,000 railcars during the 2^nd quarter of 2009 and significantly lower production levels in the 2^nd half of the year as we work off our order backlog and align car production with weak market demand. Some of these shipments may come from our finished goods inventory of railcars built in advance of customers’ needs.

Orders for new railcars continued to weaken during the 1^st quarter. Industry orders for new railcars totaled approximately 2,370 railcars. We continued to experience weak demand in new railcar order inquiries across most major railcar types. This is because of significantly lower railcar loadings, improved railcar cycle times due to railroad system fluidity and a large overhang of idle railcars in the rail system. In addition, fewer inquiries became orders as customers continue to defer railcar purchasing decisions to preserve liquidity and until they gain greater clarity about on-going demand for their products.

During the 1^st quarter, TrinityRail received 995 new railcar orders. Specifically, we received orders to build covered hoppers, coal cars, mill gondolas and tank cars. The diversity of our orders reflects the breadth of TrinityRail’s product line, customer base and existing production lines. At the end of the 1^st quarter, TrinityRail’s order backlog was approximately 6,210 railcars; a 25 % decrease from the 4^th quarter of 2008. We expect approximately 5,000 of those railcars to be delivered during the balance of 2009.

During the 1^st quarter, TrinityRail shipped approximately 1,450 new railcars to customers of our leasing company. This represented about 48% of TrinityRail’s 1st quarter new railcar shipments. We also sold approximately 1,650 railcars from our lease fleet primarily to TRIP. As a result, our lease fleet totaled 47,650 railcars at the end of the 1^st quarter of 2009, 25% higher than the approximately 38,030 railcars in our lease fleet at the end of 1^st quarter 2008.

Our committed lease backlog as of the end of the 1^st quarter was approximately 2,850 railcars or 46% of our total production backlog. We continue to see a long term trend for railroads and industrial producers to use their capital resources to acquire assets that are core to their businesses while relying on leasing for operating assets such as railcars.

Our lease fleet utilization was 98.4% at the end of the 1^st quarter compared to 98.6% at the end of the 4^th quarter. Lease renewals, and successful remarketing of railcars available from leases not renewed and railcars returned by lessees in bankruptcy have helped maintain our high fleet utilization. Lease rates for renewals and assignments are highly competitive. The average age of the railcars in our lease fleet is 4.8 years and the average remaining lease term is approximately 4.3 years.

In summary, rapidly declining market conditions, excess industry production capacity and an overhang of idle railcars is creating a very challenging environment for our rail business. We are focused on operating our railcar production as efficiently as possible at reduced volume levels and maintaining high lease fleet utilization. TrinityRail is positioned to achieve these results in the current market environment as a result of the initiatives and investments we have implemented during the past several years. Our broad customer base, operating flexibility and diverse product line combined with our leasing capabilities give us the flexibility to meet customer demand throughout the business cycle.

Trinity Industries, Inc.
Earnings Release Conference Call
Comments of William McWhirter,
Senior Vice President and Chief Financial Officer
April 30, 2009

My comments relate primarily to the first quarter of 2009. We will file our Form 10-Q this morning.

For the first quarter of 2009, we reported earnings of $0.43 per diluted share. This compares with $0.78 per share in the same quarter of 2008. Revenues for the first quarter of 2009 were $794 million.
Earnings were above the upper end of the guidance by 13 cents per share. This was primarily due to a higher level of car sales to TRIP that closed near quarter-end, increasing earnings by 15 cents.

Rail Group
Moving to our Rail Group.
Revenues for this group decreased on a quarter-over-quarter basis by 50% to $284 million. Rail Group sales to Trinity’s Leasing and Management Services Group totaled $117 million in the first quarter of 2009 with profits of $8.9 million, or approximately 7 cents per diluted share. This compares with sales to our Leasing Group in the first quarter of 2008 of $217 million with profits of $31.2 million or 25 cents per diluted share. These inter-company sales and profits are eliminated in consolidation.

Looking forward, we anticipate that the Rail Group will report an operating margin loss of between 1% and 3% for the second quarter of 2009. This projection reflects the lower pricing environment, the number of cars to be shipped during the period and cost related to rightsizing the business.

The Rail Group backlog as of March 31, 2009 consisted of approximately 6,210 railcars, with an estimated sales value of $545 million. Our railcar backlog is broken down approximately as follows:

The Inland Barge Group’s first quarter performance was very strong, posting revenues of $157 million and operating profit of $38.9 million, for a margin of 24.8%. This group’s backlog, as of March 31, 2009, totaled approximately $402 million.

We anticipate Inland Barge revenues of between $135 and $145 million in the second quarter. Operating profit margins for this group are expected to range between 16% and 18% for the same period.

During the first quarter, this group’s revenues were flat quarter-over-quarter at $129 million. Operating profits were $18.3 million with an operating profit margin of 14.2%. We look for wind tower revenue to total approximately $370 million in 2009. Backlog for the wind tower business remained healthy at $1.3 billion as of March 31, 2009.

Construction Products Group
Revenues for our Construction Products Group declined 27% compared to the same quarter of the previous year due to the overall slowdown in infrastructure spending during the first quarter. This group experienced margin compression resulting from the reduced volumes coupled with the sale of higher priced inventory into a highly competitive, lower-priced market. We also had a $1.7 million write down of inventory. The end result was an operating loss of $1.9 million for the quarter. We anticipate a pickup in this business beginning in the second quarter and a return to profitability.

Leasing and Management Services Group
Our Railcar Leasing and Management Services Group reported revenues of $222 million compared with $120 million in the same quarter of 2008. Operating profit for the first quarter was $53 million with $17 million resulting from railcar sales. Of the increase in 1st quarter sales, $87 million is due to cars sold from the fleet, while the remaining $15 million is attributable to increases in our fleet size during the past year.

For 2009, we anticipate approximately $275 — $325 million in net fleet additions to our lease fleet. As a form of clarity, net fleet additions are the fair market value of cars added to our fleet less the proceeds of cars sold from the fleet. This level of investment compares with $940 million in net fleet additions during 2008.

For 2009, we expect non-leasing capital expenditures of between $60 and $70 million. This compares to $132 million of non-leasing capital expenditures in 2008.

During the second quarter, we expect to eliminate approximately $150 million in revenue and between $11 and $13 million in operating profits as we grow our leasing business and sell cars to TRIP.
We anticipate earnings per share for the company to range between 20 and 30 cents per diluted share in the second quarter.

While the current economic climate is challenging, I am encouraged by our financial position, liquidity and the overall strength of our business platform. Our organic growth investments in railcar leasing and wind energy have proven to be earnings enhancements. The accomplishments of our finance staff in tapping the capital markets as a seasoned issuer continue to provide our company strength during these economic times.

At this time I will turn the presentation back to James for the question and answer session.


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

2525 Stemmons Freeway, Dallas, Texas		75207-2401
_________________________________ (Address of principal executive offices)		___________ (Zip Code)


	Trinity Industries, Inc.

April 30, 2009	By:	William A. McWhirter II

		Name: William A. McWhirter II
		Title: Senior Vice President and Chief Financial Officer


Exhibit No.		Description

99.1		News Release dated April 29, 2009 with respect to the operating results for the three month period ended March 31, 2009.
99.2		Conference call script of April 30, 2009 for James E. Perry, Vice President, Finance and Treasurer
99.3		Conference call script of April 30, 2009 for Timothy R. Wallace, Chairman, Chief Executive Officer, and President
99.4		Conference call script of April 30, 2009 for D. Stephen Menzies, Senior Vice President and Group President of the Rail Group
99.5		Conference call script of April 30, 2009 for William A. McWhirter II, Senior Vice President and Chief Financial Officer


Date of Report (Date of Earliest Event Reported):		April 29, 2009


Registrant’s telephone number, including area code:		214-631-4420


Backlog to our Leasing Company Backlog to TRIP Backlog to third parties		$260 million, $85 million and $200 million