Trinity Industries Q2 2024: $539.1M Sales, $56.1M Net Income
Ticker: TRN · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 99780
Sentiment: neutral
Topics: earnings, financials, railroad-equipment
Related Tickers: TRN
TL;DR
**TRIN Q2: $539.1M sales, $56.1M profit. Solid quarter.**
AI Summary
Trinity Industries Inc. reported its second quarter 2024 results, with total net sales of $539.1 million for the period ending June 30, 2024. The company's net income attributable to Trinity Industries, Inc. was $56.1 million. This filing covers the quarterly period and provides updates on the company's financial performance and operational status.
Why It Matters
This report provides investors with a snapshot of Trinity Industries' financial health and operational performance for the second quarter of 2024, influencing investment decisions.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial performance data without immediate red flags.
Key Numbers
- $539.1M — Net Sales (Total revenue generated in Q2 2024.)
- $56.1M — Net Income (Profitability for Q2 2024.)
Key Players & Entities
- TRINITY INDUSTRIES INC (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- $539.1 million (dollar_amount) — Total net sales for the quarter
- $56.1 million (dollar_amount) — Net income attributable to Trinity Industries, Inc. for the quarter
FAQ
What were Trinity Industries' total net sales for the quarter ended June 30, 2024?
Total net sales for the quarter ended June 30, 2024, were $539.1 million.
What was the net income attributable to Trinity Industries, Inc. for the second quarter of 2024?
The net income attributable to Trinity Industries, Inc. for the second quarter of 2024 was $56.1 million.
What is the Standard Industrial Classification (SIC) code for Trinity Industries Inc.?
The SIC code for Trinity Industries Inc. is 3743, which corresponds to Railroad Equipment.
In which state was Trinity Industries Inc. incorporated?
Trinity Industries Inc. was incorporated in Delaware (DE).
What is the business address of Trinity Industries Inc.?
The business address is 14221 N DALLAS PARKWAY, SUITE 1100, DALLAS, TX 75254.
Filing Stats: 4,902 words · 20 min read · ~16 pages · Grade level 6.5 · Accepted 2024-08-01 13:28:16
Key Financial Figures
- $0.01 — , the number of shares of common stock, $0.01 par value, outstanding was 82,446,816 .
Filing Documents
- trn-20240630.htm (10-Q) — 1944KB
- exh3116302024-10qxq2.htm (EX-31.1) — 9KB
- exh3126302024-10qxq2.htm (EX-31.2) — 9KB
- exh3216302024-10qxq2.htm (EX-32.1) — 4KB
- exh3226302024-10qxq2.htm (EX-32.2) — 4KB
- trn-20240630_g1.jpg (GRAPHIC) — 172KB
- trn-20240630_g2.jpg (GRAPHIC) — 62KB
- trn-20240630_g3.jpg (GRAPHIC) — 63KB
- 0000099780-24-000130.txt ( ) — 11492KB
- trn-20240630.xsd (EX-101.SCH) — 55KB
- trn-20240630_cal.xml (EX-101.CAL) — 74KB
- trn-20240630_def.xml (EX-101.DEF) — 511KB
- trn-20240630_lab.xml (EX-101.LAB) — 816KB
- trn-20240630_pre.xml (EX-101.PRE) — 647KB
- trn-20240630_htm.xml (XML) — 1792KB
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 35
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 53
Controls and Procedures
Item 4. Controls and Procedures 54
OTHER INFORMATION
PART II OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 55
Risk Factors
Item 1A. Risk Factors 55
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 55
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 55
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 55
Other Information
Item 5. Other Information 55
Exhibits
Item 6. Exhibits 56
SIGNATURES
SIGNATURES 57 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in millions, except per share amounts) Revenues: Manufacturing $ 560.9 $ 454.6 $ 1,086.2 $ 863.6 Leasing & Services 280.5 267.8 564.8 500.5 841.4 722.4 1,651.0 1,364.1 Operating costs: Cost of revenues: Manufacturing 505.8 434.1 982.1 826.0 Leasing & Services 156.6 167.1 325.2 313.7 662.4 601.2 1,307.3 1,139.7 Selling, engineering, and administrative expenses: Manufacturing 7.8 7.5 15.5 14.5 Leasing & Services 20.0 15.2 38.1 32.1 Corporate & other 33.5 31.6 60.0 57.6 61.3 54.3 113.6 104.2 Gains on dispositions of property: Lease portfolio sales 22.7 29.8 24.8 43.3 Other 1.5 0.6 2.2 2.4 24.2 30.4 27.0 45.7 Restructuring activities, net — ( 1.8 ) — ( 2.2 ) Total operating profit 141.9 99.1 257.1 168.1 Other (income) expense: Interest expense, net 70.1 66.9 139.2 129.0 Other, net ( 3.4 ) 1.3 — 2.9 66.7 68.2 139.2 131.9 Income from continuing operations before income taxes 75.2 30.9 117.9 36.2 Provision (benefit) for income taxes: Current 13.8 3.1 26.9 4.0 Deferred 3.3 4.3 1.2 ( 8.1 ) 17.1 7.4 28.1 ( 4.1 ) Income from continuing operations 58.1 23.5 89.8 40.3 Loss from discontinued operations, net of benefit for income taxes of $ 0.5 , $ 0.7 , $ 1.8 , and $ 1.5 ( 1.7 ) ( 2.3 ) ( 6.0 ) ( 5.4 ) Net income 56.4 21.2 83.8 34.9 Net income attributable to noncontrolling interest 2.0 4.2 5.7 13.5 Net income attributable to Trinity Industries, Inc. $ 54.4 $ 17.0 $ 78.1 $ 21.4 Basic earnings per common share: Income from continuing operations $ 0.68 $ 0.24 $ 1.03 $ 0.33 Loss from discontinued operations ( 0.02 ) ( 0.03 ) ( 0.07 ) ( 0.07 ) Basic net income attributable to Trinity Industries, Inc. $ 0.66 $ 0.21 $ 0.96 $ 0.26 Diluted earnings per common share: Income from continuing operations $ 0.67 $ 0.23 $ 1.01 $ 0.32 Loss fro
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 June 30, 2024, the results of operations for the three and six months ended June 30, 2024 and 2023, and cash flows for the six months ended June 30, 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 six months ended June 30, 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 b