Trinity Industries Inc. Files 10-Q for Q1 2024

TL;DR

<b>Trinity Industries Inc. filed its Q1 2024 10-Q report on May 1, 2024, detailing financial performance for the quarter ending March 31, 2024.</b>

AI Summary

TRINITY INDUSTRIES INC (TRN) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Trinity Industries Inc. reported financial results for the first quarter ending March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Trinity Industries Inc. is classified under SIC code 3743 (Railroad Equipment). The filing was submitted on May 1, 2024.

Why It Matters

For investors and stakeholders tracking TRINITY INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data and operational updates for Trinity Industries Inc. for the first quarter of 2024. Understanding the company's performance in Q1 2024 is crucial for assessing its current financial health, market position, and future outlook in the railroad equipment sector.

Risk Assessment

Risk Level: low — TRINITY INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine financial reporting.

Analyst Insight

Monitor Trinity Industries Inc.'s subsequent filings for detailed financial performance, segment results, and any emerging trends or risks.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-01 — Filing Date (Filed as of Date)
• 12/31 — Fiscal Year End (Fiscal Year End)
• 3743 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• TRINITY INDUSTRIES INC (company) — Filer name
• 0000099780 (company) — Central Index Key
• 3743 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 750225040 (company) — IRS Number
• 14221 N DALLAS PARKWAY SUITE 1100 (company) — Business Address
• DALLAS (company) — Business Address City
• TX (company) — Business Address State

FAQ

Industry Context

Trinity Industries Inc. operates in the railroad equipment manufacturing and leasing sector.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze segment performance within Trinity Industries Inc.'s operations.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, following the full-year 2023 report.

Key Financial Figures

• $0.01 — , the number of shares of common stock, $0.01 par value, outstanding was 81,835,835 .

Filing Documents

• trn-20240331.htm (10-Q) — 1526KB
• exh221listofguarantorsubsi.htm (EX-22.1) — 2KB
• exh3113312024-10qxq1.htm (EX-31.1) — 9KB
• exh3123312024-10qxq1.htm (EX-31.2) — 9KB
• exh3213312024-10qxq1.htm (EX-32.1) — 4KB
• exh3223312024-10qxq1.htm (EX-32.2) — 4KB
• trn-20240331_g1.jpg (GRAPHIC) — 172KB
• trn-20240331_g2.jpg (GRAPHIC) — 57KB
• 0000099780-24-000055.txt (&nbsp;) — 9826KB
• trn-20240331.xsd (EX-101.SCH) — 55KB
• trn-20240331_cal.xml (EX-101.CAL) — 73KB
• trn-20240331_def.xml (EX-101.DEF) — 494KB
• trn-20240331_lab.xml (EX-101.LAB) — 773KB
• trn-20240331_pre.xml (EX-101.PRE) — 621KB
• trn-20240331_htm.xml (XML) — 1397KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 52

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52

Other Information

Item 5. Other Information 52

Exhibits

Item 6. Exhibits 53

SIGNATURES

SIGNATURES 54 2 Table of Contents PART I

Financial Statements

Item 1. Financial Statements Trinity Industries, Inc. and Subsidiaries Consolidated Statements of Operations (unaudited) Three Months Ended March 31, 2024 2023 (in millions, except per share amounts) Revenues: Manufacturing $ 525.3 $ 409.0 Leasing & Services 284.3 232.7 809.6 641.7 Operating costs: Cost of revenues: Manufacturing 476.3 391.9 Leasing & Services 168.6 146.6 644.9 538.5 Selling, engineering, and administrative expenses: Manufacturing 7.7 7.0 Leasing & Services 18.1 16.9 Corporate & other 26.5 26.0 52.3 49.9 Gains on dispositions of property: Lease portfolio sales 2.1 13.5 Other 0.7 1.8 2.8 15.3 Restructuring activities, net — ( 0.4 ) Total operating profit 115.2 69.0 Other (income) expense: Interest expense, net 69.1 62.1 Other, net 3.4 1.6 72.5 63.7 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 benefit for income taxes of $ 1.3 and $ 0.8 ( 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 See accompanying notes to Consolidated Financial Statements. 3 Table of Contents Trinity Industries, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (Loss) (unaudited) Three Months En

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1. Summary of Significant Accounting Policies Basis of Presentation The foregoing Consolidated Financial Statements are unaudited and have been prepared from the books and records of Trinity Industries, Inc. and Subsidiaries ("Trinity," "Company," "we," "our," or "us"), including the accounts of our wholly-owned subsidiaries and partially-owned subsidiaries, TRIP Rail Holdings LLC ("TRIP Holdings"), RIV 2013 Rail Holdings LLC ("RIV 2013"), and Trinity Global Ventures Limited ("Trinity Global Ventures"), in which we have a controlling interest. In our opinion, all normal and recurring adjustments necessary for a fair presentation of our financial position as of March 31, 2024 and the results of operations and cash flows for the three months ended March 31, 2024 and 2023 have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2024 presentation. Due to seasonal and other factors, the results of operations for the three months ended March 31, 2024 may not be indicative of expected results of operations for the year ending December 31, 2024. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2023. Our Reportable Segments Effective January 1, 2024, the Company modified its organizational structure to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services and parts businesses. The new structure resulted in a change to our reportable segments beginning in 2024. In connection with this organizational update, we aligned the maintenance services business, which was previously reported in the Rai

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