Reports Q4 revenue $798M, consensus $759.6M. “Trinity Industries ended the year with revenue up 51% over 2022, a backlog of $3.2 billion, and adjusted EPS of $1.38, up 47% year over year,” stated Trinity’s Chief Executive Officer and President, Jean Savage. “In our Railcar Leasing and Management Services Group, we maintained an impressive Future Lease Rate Differential through the year, and rising lease rates drove our revenue up 13% over 2022. Fleet utilization remains favorable at 97.5%,” Ms. Savage continued. “The Rail Products Group faced challenges in the fourth quarter with the border closure and related congestion impacting deliveries and margins in the segment. Despite unexpected headwinds through the year, this segment reported operating profit up 119% over 2022. In 2024, we expect to see continued improvement in our business. We are introducing 2024 EPS annual guidance of $1.30 to $1.50, which reflects improving margins in both our segments. This is offset by significantly lower planned railcar sales, higher elimination of profit from intercompany railcar sales, and a normalized tax provision as compared to 2023.” Savage concluded, “We view ourselves as a leasing company that is enabled by our manufacturing and services businesses. As a result, we are re-aligning our segments starting in 2024 and moving our maintenance business into the Railcar Leasing & Services segment. This allows us to better leverage our maintenance capabilities to support lease fleet optimization and growth in our services business.”
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