Trinity Industries Shares Gain Post Q2 Results

  • Trinity Industries Inc TRN reported second-quarter FY22 revenue growth of 42.1% year-over-year to $416.8 million.
  • Adjusted EPS improved to $0.14 from $0.08 in 2Q21, below the consensus of $0.15.
  • Trinity reported Lease fleet utilization of 97.2% and Future Lease Rate Differential (FLRD) of positive 14.7% at quarter end.
  • New railcar orders of 4,335 (-5.1% Y/Y) and railcar deliveries of 2,510 (+42.2% Y/Y); a book-to-bill ratio of 1.7x, and a backlog of $2.2 billion at quarter-end.
  • Cash flow from continuing operations year-to-date was a net use of $(61) million, and total free cash flow after investments and dividends was $43 million.
  • Operating profit increased 26.3% Y/Y to $73 million, and margin contracted by 220 bps to 17.5%.
  • Adjusted EBITDA increased 15.7% Y/Y to $144.2 million, and margin fell by 790 bps to 34.6%.
  • Trinity Industries had total committed liquidity of $420 million as of June 30, 2022. It held cash and equivalents of $306.5 million.
  • "We continue to feel confident about the second half of the year and expect to see strengthening results across our business," said CEO Jean Savage.
  • FY22 Outlook: Trinity Industries expects EPS of $0.90 - $1.10 (prior expectations $0.85 - $1.05), versus the consensus of $0.99.
  • It expects Industry deliveries of 40,000 - 50,000 railcars, Net investment in the lease fleet of $425 million - $475 million, down from $450 million - $550 million.
  • Price Action: TRN shares are trading higher by 3.58% at $24.90 on the last check Wednesday.
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