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Rail News: Financials

Trinity Industries improves year-over-year quarterly financial figures, but numbers still add up to a loss

Yesterday, Trinity Industries Inc. reported a first-quarter net loss of $10.8 million on revenue totaling $454.9 million compared with a net loss of $14.5 million on revenue totaling $289.1 million in first-quarter 2003.

The financial results include an after-tax loss of $4.8 million derived from cost increases on steel and steel-containing components tied to certain rail and barge contracts, and an after-tax charge of $769,000 from retiring term debt early.

"Our North American rail-car backlog grew to over 17,000 railcars — or more than double the backlog at this time last year — and year-over-year revenues in the rail group were up $111.8 million, or 75 percent," said Trinity Chairman, President and Chief Executive Officer Timothy Wallace in a prepared statement. "[But] the operating results of the rail group were unfavorably impacted by start-up costs related to reopening plants, sales mix, steel costs and the availability of materials."

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More News from 5/6/2004