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Trinity Industries, Inc. Announces Strong Improvement in First Quarter 2019 Results

Nachrichtenquelle: Business Wire (engl.)
24.04.2019, 22:15  |  341   |   |   

Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the first quarter ended March 31, 2019.

Financial and Operational Highlights - First Quarter 2019 (as of March 31, 2019):

  • Reported quarterly earnings from continuing operations per common diluted share ("EPS") of $0.24, an increase of 167% year over year
  • Reported quarterly revenues from leasing and management services of $187.1 million with a 41.2% operating profit margin
  • Leasing Group grew the wholly-owned and partially-owned lease fleet to 101,005 units, bringing the total net book value of the lease fleet (before deferred profit) to $7.2 billion
  • Leasing Group reported lease fleet utilization of 98.4%
  • Reported Rail Products Group quarterly revenues of $603.6 million and an 8.4% operating profit margin
  • Rail Products Group reported total railcar backlog of $3.3 billion
  • Rail Products Group reported quarterly railcar orders and deliveries of 3,000 and 4,505, respectively
  • Repurchased approximately 3.5 million shares at a cost of $89.0 million, including the completion of the Company's previously announced $350 million accelerated share repurchase program
  • Put a new $350 million share repurchase authorization in place for 2019-2020
  • Increased quarterly dividend to $0.17 per common share, an increase of 31%
  • Successfully executed a $528.3 million secured railcar financing transaction subsequent to quarter-end

“Trinity is off to a good start in 2019 with significant improvement in year over year earnings per share and quarterly revenue growth across our business segments,” said Timothy R. Wallace, Trinity’s Chief Executive Officer and President. “We are making great progress in enhancing shareholder value. I am pleased with the level of capital the Company has recently returned to shareholders. This includes a 31% increase in the company’s quarterly dividend announced in March 2019 and the completion of the previously announced $350 million accelerated share repurchase program. In addition, we announced another share repurchase authorization of $350 million that expires in December 2020. Recently during the second week of April, we made further progress in optimizing the balance sheet with a very successful $528 million leased railcar securitization at a coupon rate of 3.82%.”

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