Trinity Industries issued a report late Wednesday describing its first-quarter results as “positive,” with net income of $33.9 million, or 43 cents per common diluted share, compared with net income of $63.8 million or 78 cents per share in the first quarter of 2008. Trinity said first-quarter earnings included 15 cents per share from the sale at the end of the quarter of $132.1 million worth of railcars by Trinity Industries Leasing Company to TRIP Rail Leasing LLC. First-quarter earnings in 2008 included five cents per share from the sale of $37.8 million worth of cars by Trinity Leasing to TRIP Leasing.
First quarter revenues were $703.5 million vs. $898.9 million for the first quarter of 2008.
During the first quarter TrinityRail® shipped 3,050 cars and received orders for 995. On March 31, the Trinity railcar backlog totaled 6,210 cars valued at $555 million.