Trinity Reports Barge Deliveries Up
Trinity Industries Inc.’s Inland Barge Group reported higher revenues of $42.9 million in the second quarter of 2018, compared with revenues of $33.5 million in the second quarter of 2017. Operating profit for the barge group also improved to $2.9 million, compared with $0.5 million in the comparable 2017 quarter.
The company said the higher revenues and profits were primarily due to higher barge deliveries. The Inland Barge Group received orders of $116.8 million during the quarter and, as of June 30, had a backlog of $198.4 million, compared with a backlog of $124.5 million as of March 31.
Earnings and revenues were also up for Trinity Industries as a whole, a fact it partly attributed to tax cuts. Its second quarter report, released July 25, included these highlights:
• Earnings per common diluted share improved to $0.43 compared with $0.33 in 2017;
• Adjusted earnings per common diluted share of $0.48, excluding $10.4 million, or $0.05 per share, of transaction costs incurred related to the planned spin-off of Arcosa Inc. to Trinity stockholders; and
• A lower effective tax rate of 23.9 percent, compared with 40.9 percent in 2017 due primarily to the Tax Cut and Jobs Act, increasing earnings per common diluted share by $0.10 year-over-year.
Trinity Industries reported net income to Trinity stockholders of $64.1 million, or $0.43 per common diluted share, for the second quarter ended June 30, 2018. Net income for the same quarter of 2017 was $51.1 million, or $0.33 per common diluted share. Revenues for the second quarter of 2018 increased to $942.3 million compared with revenues of $905.5 million for the same quarter of 2017.
“Trinity’s consolidated second quarter financial results exceeded our expectations due to better operational performance,” said Timothy Wallace, Trinity’s chairman, CEO and president. “Overall market fundamentals continue to improve. The level of orders received by our railcar and inland barge manufacturing businesses during the second quarter reflects growing momentum in respect to demand for our products.”