Trinity (TRN) Q3 Earnings Meet Estimates, Revenues Beat
Zacks Investment Research | Oct 25, 2019 12:08AM ET
Trinity Industries’ (NYSE:TRN) third-quarter 2019 adjusted earnings of 39 cents per share were in line with the Zacks Consensus Estimate. Moreover, the bottom line was flat year over year. Meanwhile, total revenues came in at $813.6 million, which surpassed the Zacks Consensus Estimate of $809.7 million.
Until third-quarter 2018, Trinity reported through five segments, namely Rail Group, Construction Products Group, Inland Barge Group, Energy Equipment Group and Railcar Leasing and Management Services Group. Post the completion of a spin-off transaction with its infrastructure-related businesses (Acrosa) on Nov 1, 2018, the company primarily reports via the three segments of Railcar Leasing and Management Services Group, Rail Products Group and All Other Group.
The Railcar Leasing and Management Services Group generated revenues of $326.4 million, up 29.9% year over year. This upside was primarily owing to growth in lease fleet, higher volume of railcars sold and favorable average lease rates.
Segmental operating profit summed $115.7 million, up 25.5% from the year-ago quarterly figure owing to factors like higher profits from sale of railcars and lease fleet growth. Moreover, the company’s lease fleet came in at 102,900 units as of Sep 30, 2019. The fleet size grew 7.6% compared with the figure at the end of third-quarter 2018.
Revenues at the Rail Products Group (before eliminations) totaled $723 million, up 45.3% from the prior-year number. Segmental operating profit was $65.4 million compared with $28 million a year ago. Operating profit improved primarily on the back of higher railcar deliveries, favorable railcar pricing and product mix changes. Notably, the group delivered 5,320 railcars and received orders for 2,530 railcars compared with 3,990 and 7,725, respectively, in the year-earlier quarter.
Trinity Industries, Inc. Price, Consensus and EPS Surprise
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