Trinity Industries, Inc. has reported its third quarter 2024 results, revealing a quarterly GAAP earnings from continuing operations of $0.44 per diluted share. Adjusted earnings from continuing operations stood at $0.43 per diluted share, reflecting a $0.17 improvement in adjusted earnings per share year over year.
The company's lease fleet utilization was reported at 96.6%, with a future lease rate differential (FLRD) of positive 28.4% at quarter-end. Trinity Industries, Inc. delivered 4,360 railcars in the quarter, with a backlog of $2.4 billion at quarter-end.
In terms of financial performance, Trinity Industries, Inc. generated year-to-date operating cash flow of $384 million and net gains on lease portfolio sales of $36 million. Notably, the last twelve months ("LTM") return on equity ("ROE") was reported at 16.0%, with an adjusted ROE of 18.3%.
Compared to the same period last year, the company experienced lower total revenues at $798.8 million, a $22.5 million decrease. However, Trinity Industries, Inc. saw an improvement in operating profit, which reached $122.4 million, up from $100.2 million in the same period last year.
The railcar leasing and services group saw a 39.8% operating profit margin, compared to 36.6% in the prior year. Revenues for this group increased by 11% year over year. Meanwhile, the rail products group reported a 8.1% operating profit margin, a significant improvement from 4.7% in the previous year.
Trinity Industries, Inc. also provided guidance for the year, including industry deliveries of approximately 40,000 railcars and net fleet investment estimated at $200 million to $300 million.
In light of the company's strong performance, Trinity Industries, Inc. raised its full year earnings per share (EPS) guidance to a range of $1.70 to $1.80 and anticipates ending the year with continued solid execution and strong financial results.
Today the company's shares have moved 0.1% to a price of $35.76. For more information, read the company's full 8-K submission here.
