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Rail News: Financials

The Andersons, Trinity and Portec Rail report earnings

Three more rail industry suppliers released second-quarter financial results yesterday.

The Andersons Inc. Rail Group — which leases and repairs freight cars — reported revenue of $42 million and operating income of $6.9 million, up 50 percent and 26 percent, respectively, compared with second-quarter 2006. The group's car fleet increased by about 16 percent, but utilization rate decreased slightly.

Trinity Industries Inc. reported revenue increased 5 percent year over year to $892.6 million — the car builder’s highest-ever quarterly revenue. However, net income decreased 5 percent to $68.7 million. Subsidiary TrinityRail shipped 6,980 rail cars and obtained orders for 3,080 cars during the second quarter. As of June 30, the subsidiary’s backlog totaled 33,880 cars valued at $2.8 billion compared with a 29,320-car backlog on June 30, 2006. Also, Trinity Industries Leasing Co.’s fleet as of June 30 totaled 34,670 cars vs. 27,200 cars a year earlier.

Portec Rail Products Inc. reported unaudited net income of $1.9 million, a 24 percent increase compared with second-quarter 2006. Net sales rose slightly to $29.1 million. The company — which supplies rail joints, anchors, spikes, railway friction-management products, and wayside data collection, data management and load securement systems — recently noted issues affecting the “useful life and performance” of a portion of its insulated rail joint products, according to a prepared statement. The firm has “identified the scope of the deficiencies” and managers are developing a replacement program with customers, Portec Rail said.

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More News from 8/2/2007