Trinity Industries Reports Mixed Q2 Results

  • Trinity Industries Inc TRN reported a second-quarter revenue decline of 27% year-over-year to $371.5 million, missing the consensus of $440.62 million.
  • Adjusted EPS of $0.15 beats the estimate of $0.09.
  • The company's revenue decline is due to lower deliveries in the rail products group.
  • Rail Products Group revenue fell 35% to $261.8 million, with deliveries declining to 1,765 units.
  • Railcar Leasing and Management Services Group revenues were $185.1 million (+1.7% Y/Y), and fleet utilization was 94.3% compared to 94.7% a year ago.
  • Rail Products Group Backlog was at $1.18 billion compared to $1.34 billion a year ago. New railcar orders totaled 4,570.
  • Adjusted EBITDA increased by 4% Y/Y to $136.1 million, and margin expanded by 1,096 bps to 36.6%.
  • Adjusted operating profit margin improved by around 570 bps to 18%.
  • Net cash generated by operating activities continuing operations was $335.1 million, compared to $327.8 million a year ago. Free Cash Flow was $358.9 million.
  • The company repurchased ~10.5 million shares at the cost of $291 million during the quarter.
  • Trinity Industries had liquidity of $918 million as of June 30, 2021.
  • Price action: TRN shares are trading higher by 0.34% at $26.58 on the last check Thursday.
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