Trinity Industries, Inc., headquartered in Dallas, Texas, announced strong earnings results for the fourth quarter and year ended December 31, 2019. The companiy is one of the leading providers of rail transportation products and services in North America.
Full year total company revenues of $3,005.1 million, reflected growth of 19.8% compared to 2018.
Reported Earnings Per Share of $1.09, an increase of 56% compared to 2018
Adjusted EPS increased 64% to $1.26 and excludes $0.17 of one-time charges occurring in the fourth quarter
Total net additions of 4,490 railcars to the wholly-owned and partially-owned lease fleet during 2019, an increase of 4.5% from 2018 Rail Products Group delivered 21,960 railcars in 2019, an increase of 9.2% from 2018 Repurchases of approximately 13.7 million shares at a cost of $294.7 million, which includes 2.6 million shares at a cost of $70.0 million representing the final settlement of the ASR Program funded in 2018 Quarterly total company revenues of $850.7 million, reflecting growth of 15.7% year over year Quarterly earnings from continuing operations per common diluted share ("EPS") of $0.18, a decrease of 5% year over year
Trinity made meaningful progress in 2019 on the Company’s strategic and financial priorities in our first year as a rail-focused company,” said Melendy E. Lovett, Senior Vice President and Chief Financial Officer. “While railcar industry fundamentals declined throughout the year as a result of uncertainty in trade policy and the North American industrial economy, Trinity’s team delivered strong results in a very challenging market. Continued growth of our leased railcar portfolio, an emphasis on improving our lease rates while maintaining high utilization, and higher manufacturing railcar deliveries with a favorable product mix resulted in a 32% increase in full year operating profit year over year. Our senior leaders have made significant strides in improving operating performance and reducing our corporate costs by 28% during 2019.”
Ms. Lovett continued, “We are progressing well in the execution of our key financial priorities including lowering our cost of capital, deploying capital to return-accretive investments, and returning meaningful and steady amounts of capital to shareholders. Trinity’s Pre-Tax ROE significantly improved to 9.0% in 2019 as a result of improved profitability and substantial progress in optimizing the Company’s balance sheet. During the year, Trinity returned $376.8 million of capital to shareholders, approximately 14% of our market cap, reflecting the strength and synergies of Trinity’s rail platform and our commitment to improving shareholder value.”