Trinity Industries Inc. (TRN, Financial) filed Quarterly Report for the period ended 2012-09-30.
Trinity Industries, Inc. has a market cap of $2.57 billion; its shares were traded at around $30.68 with a P/E ratio of 13.3 and P/S ratio of 0.8. The dividend yield of Trinity Industries, Inc. stocks is 1.4%. Trinity Industries, Inc. had an annual average earning growth of 21.6% over the past 10 years.
Operating profit for the Rail Group increased $17.0 million and $85.4 million for the three and nine months ended September 30, 2012, respectively, compared to the same periods last year. This increase was primarily due to a significantly higher volume of railcars with higher sales prices delivered during the period. For the three and nine months ended September 30, 2012, operating profit included $6.0 million in costs associated with the repositioning of a portion of the Company's production capacity to meet railcar demand. Additionally, the Company incurred capital expenditures of $4.3 million and $4.8 million for the three and nine months ended September 30, 2012, respectively, related to these repositioning efforts.
In the three months ended September 30, 2012, railcar shipments included sales to the Leasing Group of $125.9 million compared to $87.9 million in the comparable period in 2011 with a deferred profit of $14.1 million compared to $8.1 million for the same period in 2011. In the nine months ended September 30, 2012, railcar shipments included sales to the Leasing Group of $380.8 million compared to $252.8 million in the comparable period in 2011, with a deferred profit of $37.2 million compared to $23.3 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 nine months ended September 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 nine months ended September 30, 2012 includes a $3.4 million net gain from sales of barges previously included in property, plant, and equipment that were under lease to third-party customers. Operating profit for the three and nine months ended September 30, 2011, includes a net gain of $3.1 million and net additional costs of $1.3 million, respectively, related to floods that occurred at two of our manufacturing facilities in 2010 and 2011.
Investing Activities. Net cash required by investing activities for the nine months ended September 30, 2012 was $217.6 million compared to $125.6 million for the nine months ended September 30, 2011. Capital expenditures for the nine months ended September 30, 2012 were $333.7 million, of which $266.3 million were for additions to the lease fleet. This compares to $265.7 million of capital expenditures for the same period last year, of which $213.6 million were for additions to the lease fleet. Full-year manufacturing capital expenditures for 2012 are projected to range between $120.0 and $140.0 million. We expect our net investment in the lease fleet to range between $60.0 and $70.0 million for the fourth quarter of 2012 after taking into account the proceeds from railcar sales from the lease fleet. Proceeds from the sale of property, plant, and equipment and other assets totaled $121.0 million for the nine months ended September 30, 2012, composed primarily of railcar sales from the lease fleet owned more than one year at the time of sale totaling $94.9 million. This compares to $24.6 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 $17.8 million. Investments in short-term marketable securities decreased by $158.0 million during the nine months ended September 30, 2011.
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Trinity Industries, Inc. has a market cap of $2.57 billion; its shares were traded at around $30.68 with a P/E ratio of 13.3 and P/S ratio of 0.8. The dividend yield of Trinity Industries, Inc. stocks is 1.4%. Trinity Industries, Inc. had an annual average earning growth of 21.6% over the past 10 years.
Highlight of Business Operations:
The Company s revenues for the three and nine months ended September 30, 2012 were $937.5 million and $2,891.2 million, respectively, representing an increase of 19% and 36%, respectively, over the same periods in 2011. Operating profit for the three and nine months ended September 30, 2012 totaled $141.9 million and $419.2 million, respectively, compared with $105.4 million and $286.3 million, respectively, for the same periods in 2011. While all of our business segments reported increases in revenues for the nine months ended September 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 nine months ended September 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 Construction Products Group experienced a decline in operating margin primarily as a result of competitive pricing pressures. Net income attributable to Trinity Industries, Inc. common stockholders for the three and nine months ended September 30, 2012 increased $31.3 million and $97.8 million, respectively, or 98% and 114%, respectively, over the same periods in 2011.Operating profit for the Rail Group increased $17.0 million and $85.4 million for the three and nine months ended September 30, 2012, respectively, compared to the same periods last year. This increase was primarily due to a significantly higher volume of railcars with higher sales prices delivered during the period. For the three and nine months ended September 30, 2012, operating profit included $6.0 million in costs associated with the repositioning of a portion of the Company's production capacity to meet railcar demand. Additionally, the Company incurred capital expenditures of $4.3 million and $4.8 million for the three and nine months ended September 30, 2012, respectively, related to these repositioning efforts.
In the three months ended September 30, 2012, railcar shipments included sales to the Leasing Group of $125.9 million compared to $87.9 million in the comparable period in 2011 with a deferred profit of $14.1 million compared to $8.1 million for the same period in 2011. In the nine months ended September 30, 2012, railcar shipments included sales to the Leasing Group of $380.8 million compared to $252.8 million in the comparable period in 2011, with a deferred profit of $37.2 million compared to $23.3 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 nine months ended September 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 nine months ended September 30, 2012 includes a $3.4 million net gain from sales of barges previously included in property, plant, and equipment that were under lease to third-party customers. Operating profit for the three and nine months ended September 30, 2011, includes a net gain of $3.1 million and net additional costs of $1.3 million, respectively, related to floods that occurred at two of our manufacturing facilities in 2010 and 2011.
Investing Activities. Net cash required by investing activities for the nine months ended September 30, 2012 was $217.6 million compared to $125.6 million for the nine months ended September 30, 2011. Capital expenditures for the nine months ended September 30, 2012 were $333.7 million, of which $266.3 million were for additions to the lease fleet. This compares to $265.7 million of capital expenditures for the same period last year, of which $213.6 million were for additions to the lease fleet. Full-year manufacturing capital expenditures for 2012 are projected to range between $120.0 and $140.0 million. We expect our net investment in the lease fleet to range between $60.0 and $70.0 million for the fourth quarter of 2012 after taking into account the proceeds from railcar sales from the lease fleet. Proceeds from the sale of property, plant, and equipment and other assets totaled $121.0 million for the nine months ended September 30, 2012, composed primarily of railcar sales from the lease fleet owned more than one year at the time of sale totaling $94.9 million. This compares to $24.6 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 $17.8 million. Investments in short-term marketable securities decreased by $158.0 million during the nine months ended September 30, 2011.
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