TrinityRail ends year with $195 million backlog
Written by William C. Vantuono, Editor-in-Chief
Trinity Industries, Inc. said that during the fourth quarter of 2009, TrinityRail® shipped approximately 1,350 railcars and received orders for approximately 510 railcars. For the year ended Dec. 31, 2009, TrinityRail® shipped approximately 9,100 railcars. On Dec. 31, 2009, its backlog totaled approximately $195 million, representing 2,320 railcars.
The RailcarLeasing and Management Services Group reported fourth-quarter revenues of $87.1million and operating profit of $30.8 million. Trinity Industries Leasing (TILC) had approximately 50,090 railcars in its fleet on Dec. 31, compared to TILC’s 47,850 cars on Dec, 31, 2008. Lease fleet utilization rose to 97.8% as of Dec. 31, 2009, compared to 97.2% as of Sept. 30, 2009.
Trinity Industries, which also operates Inland Barge, Emery Equipment, and Construction Products groups, had net income of $14.6 million, or $0.19 per common diluted share for the fourth quarter. Net income for the same quarter of 2008 was $43.3million, or $0.54 per share.
For the year ended Dec. 31, Trinity reported a net loss of $137.7 million, or $1.81 per common diluted share—results that Trinity said “include an after-tax charge of $243.3 million in the second quarter for the impairment of goodwill related to its rail businesses.” Net income was $105.6 million, or $1.33 per common diluted share, excluding the special charge. Net income for 2008 was $280.9 million, or $3.45 per common diluted share.
Revenues for the fourth quarter of 2009 were $508.2 million, compared with revenues of $883.8 million for the same quarter of 2008. Revenues for the year ended Dec.31, 2009, were $2.6 billion, compared to $3.9 billion in 2008.
“Despite a challenging year, our businesses did a good job of remaining flexible and making adjustments as demand shifted and changed,” said Timothy R. Wallace, Trinity’s chairman, CEO, and president. “Our manufacturing flexibility, backlogs, and strong liquidity proved to be critical assets as we navigated through the downturn in 2009. I am pleased with the strength of our liquidity at the end of the fourth quarter. We had $681 million in unrestricted cash and short-term marketable securities, which contributed to a total liquidity of$1.35 billion as we ended the year.”
