Trinity Industries Inc. (TRN, Financial) filed Quarterly Report for the period ended 2012-06-30.
Trinity Industries, Inc. has a market cap of $1.9 billion; its shares were traded at around $26.37 with a P/E ratio of 12 and P/S ratio of 0.6. The dividend yield of Trinity Industries, Inc. stocks is 1.9%. Trinity Industries, Inc. had an annual average earning growth of 21.6% over the past 10 years.
In the three months ended June 30, 2012, railcar shipments included sales to the Leasing Group of $132.3 million compared to $79.5 million in the comparable period in 2011 with a deferred profit of $12.2 million compared to $7.1 million for the same period in 2011. In the six months ended June 30, 2012, railcar shipments included sales to the Leasing Group of $254.9 million compared to $164.9 million in the comparable period in 2011 with a deferred profit of $23.1 million compared to $15.2 million for the same period in 2011. Sales to the Leasing Group and related profits are included in the operating results of the Rail Group but are eliminated in consolidation.
Revenues and operating profit increased for the three and six month periods ended June 30, 2012 compared to the same periods in the prior year due to higher volumes of hopper and tank barges and a change in the mix of barge types. Hopper barge volume primarily increased, when compared to the prior year, due to the recovery from the 2011 flood at our Missouri manufacturing facility. Operating profit for the six months ended June 30, 2012 includes a $3.4 million net gain from sales of barges previously included in property, plant, and equipment which were under lease to third-party customers. Operating profit for the three months ended June 30, 2011, included additional costs of $4.4 million, net of insurance recoveries, related to floods occurring at two of our manufacturing facilities in 2010 and 2011.
Revenues for the three and six month periods ended June 30, 2012 increased compared to the same periods in 2011 as a result of higher demand for tank containers and other products offsetting lower structural wind tower shipments. Operating profit for the three month period ended June 30, 2012 increased compared to the same quarter last year as the manufacturing challenges which negatively impacted the 2011 results moderated. Operating profit for the six month period ended June 30, 2012 decreased when compared to the same period in 2011 due to transition issues arising from changes in product mix in the structural wind towers business as well as competitive pricing on structural wind towers, partially offset by increased operating profit in other product lines. As of June 30, 2012, the backlog for structural wind towers was approximately $817.4 million compared to approximately $916.5 million as of June 30, 2011. Approximately $412.5 million of this backlog is subject to litigation with a structural wind tower customer for the customers breach of a long-term supply contract for the manufacture of towers.
Investing Activities. Net cash required by investing activities for the six months ended June 30, 2012 was $154.7 million compared to $58.3 million for the six months ended June 30, 2011. Capital expenditures for the six months ended June 30, 2012 were $209.3 million, of which $172.5 million were for additions to the lease fleet. This compares to $176.5 million of capital expenditures for the same period last year, of which $151.9 million were for additions to the lease fleet. Capital expenditures for 2012 are projected to be approximately $390.0 to $440.0 million, including $260.0 to $290.0 million in net lease fleet additions. Proceeds from the sale of property, plant, and equipment and other assets totaled $54.6 million for the six months ended June 30, 2012 composed primarily of railcar sales from the lease fleet owned more than one year at the time of sale totaling $34.1 million. This compares to $17.5 million for the same period in 2011 composed primarily of railcar sales from the lease fleet owned more than one year at the time of sale totaling $12.2 million. Investments in short-term marketable securities decreased by $116.0 million during the six months ended June 30, 2011.
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Trinity Industries, Inc. has a market cap of $1.9 billion; its shares were traded at around $26.37 with a P/E ratio of 12 and P/S ratio of 0.6. The dividend yield of Trinity Industries, Inc. stocks is 1.9%. Trinity Industries, Inc. had an annual average earning growth of 21.6% over the past 10 years.
Highlight of Business Operations:
The Companys revenues for the three and six month periods ended June 30, 2012 were $1,028.4 million and $1,953.7 million, respectively, representing an increase of $320.1 million and $611.2 million, respectively, or 45% and 46%, respectively, over the same periods in 2011. Operating profit for the three and six month periods ended June 30, 2012 totaled $154.9 million and $277.3 million, respectively, compared with $95.4 million and $180.9 million, respectively, for the same periods in 2011. While all of our business segments reported increases in revenues for the six month period ended June 30, 2012 when compared to the prior year, the largest contributors to the increase were our Rail, Inland Barge, and Leasing Groups. The increase in revenues in our Rail and Inland Barge Groups was primarily due to higher shipment volumes while the increase in revenues in our Leasing Group was due to higher railcar sales from the lease fleet, higher rental revenues from lease fleet additions, and an increase in rental rates. Operating profit and margin grew for the six month period ended June 30, 2012 when compared with the prior year, primarily due to higher shipment levels in our Rail and Inland Barge Groups and from revenue growth in our Leasing Group. Our Energy Equipment and Construction Products Groups experienced declines in operating margin primarily as a result of competitive pricing pressures and, with respect to our Energy Equipment Group, additional costs related to product mix changes. Net income attributable to Trinity Industries, Inc. common stockholders for the three and six month periods ended June 30, 2012 increased $37.8 million and $66.5 million, respectively, or 126% and 123%, respectively, over the same periods in 2011.In the three months ended June 30, 2012, railcar shipments included sales to the Leasing Group of $132.3 million compared to $79.5 million in the comparable period in 2011 with a deferred profit of $12.2 million compared to $7.1 million for the same period in 2011. In the six months ended June 30, 2012, railcar shipments included sales to the Leasing Group of $254.9 million compared to $164.9 million in the comparable period in 2011 with a deferred profit of $23.1 million compared to $15.2 million for the same period in 2011. Sales to the Leasing Group and related profits are included in the operating results of the Rail Group but are eliminated in consolidation.
Revenues and operating profit increased for the three and six month periods ended June 30, 2012 compared to the same periods in the prior year due to higher volumes of hopper and tank barges and a change in the mix of barge types. Hopper barge volume primarily increased, when compared to the prior year, due to the recovery from the 2011 flood at our Missouri manufacturing facility. Operating profit for the six months ended June 30, 2012 includes a $3.4 million net gain from sales of barges previously included in property, plant, and equipment which were under lease to third-party customers. Operating profit for the three months ended June 30, 2011, included additional costs of $4.4 million, net of insurance recoveries, related to floods occurring at two of our manufacturing facilities in 2010 and 2011.
Revenues for the three and six month periods ended June 30, 2012 increased compared to the same periods in 2011 as a result of higher demand for tank containers and other products offsetting lower structural wind tower shipments. Operating profit for the three month period ended June 30, 2012 increased compared to the same quarter last year as the manufacturing challenges which negatively impacted the 2011 results moderated. Operating profit for the six month period ended June 30, 2012 decreased when compared to the same period in 2011 due to transition issues arising from changes in product mix in the structural wind towers business as well as competitive pricing on structural wind towers, partially offset by increased operating profit in other product lines. As of June 30, 2012, the backlog for structural wind towers was approximately $817.4 million compared to approximately $916.5 million as of June 30, 2011. Approximately $412.5 million of this backlog is subject to litigation with a structural wind tower customer for the customers breach of a long-term supply contract for the manufacture of towers.
Investing Activities. Net cash required by investing activities for the six months ended June 30, 2012 was $154.7 million compared to $58.3 million for the six months ended June 30, 2011. Capital expenditures for the six months ended June 30, 2012 were $209.3 million, of which $172.5 million were for additions to the lease fleet. This compares to $176.5 million of capital expenditures for the same period last year, of which $151.9 million were for additions to the lease fleet. Capital expenditures for 2012 are projected to be approximately $390.0 to $440.0 million, including $260.0 to $290.0 million in net lease fleet additions. Proceeds from the sale of property, plant, and equipment and other assets totaled $54.6 million for the six months ended June 30, 2012 composed primarily of railcar sales from the lease fleet owned more than one year at the time of sale totaling $34.1 million. This compares to $17.5 million for the same period in 2011 composed primarily of railcar sales from the lease fleet owned more than one year at the time of sale totaling $12.2 million. Investments in short-term marketable securities decreased by $116.0 million during the six months ended June 30, 2011.
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