Trinity Industries earnings rise, as does backlog

Trinity Industries, Inc. late Wednesday reported net income of $29.7 million, or 37 cents per common diluted share, for the third quarter, compared with $23.2 million, or $0.29 per common diluted share, in the comparable quarter of 2009. Included in the results for the third quarter of 2010 was a pre-tax gain of $10.2 million, or 8 cents per common diluted share, related to the disposition of insured property, plant, and equipment damaged by a flood at Trinity’s barge manufacturing facility in Tennessee last May.

Revenue of $540.0 million during the third quarter compared with revenue of $557.4 million for the same quarter a year ago.

“I am pleased with our accomplishments during the third quarter, in which we had a number of positive occurrences that contributed to our success,” said Trinity Chairman, CEO, and President Timothy R. Wallace. “We received orders in the quarter that increased our railcar and inland barge backlogs. Our Construction Products businesses experienced consistent levels of demand during the construction season and performed well. Our railcar leasing business finished the quarter with another increase in fleet utilization.

“In addition, we are maintaining a strong liquidity position,” Wallace said. “We ended the third quarter with $371.2 million in unrestricted cash and short-term marketable securities and total liquidity of more than $1.0 billion.”