Trinity Industries 1Q results termed

Trinity Industries Inc. late Wednesday reported first-quarter net income of $24.2 million, or 30 cents per share, up dramatically from the $2.0 million, or two cents per share, in the first quarter of 2010. The results handily beat Wall Street consensus estimates of 23 center per share.

Trinity revenue for the quarter was $644.2 million, up from $454.0 million in the comparable quarter a year ago, and beating analysts revenue estimates of $586.5 million.

Calling the results “strong,” Steve Barger, director, Industrial Manufacturers, for KeyBanc Capital Markets Inc., noted the company increased its earnings guidance for the second quarter of 35 cents to 40 cents per share, and for full-year 2011 of $1.30 to $1.50 per share.

“We expect to see the high end of both of the aforementioned ranges given the combination of backlog visibility, improving pricing, and increasing production efficiencies,” Barger wrote, adding that, “much like this quarter, TRN routinely exceeds the high end of its own guidance, and we further believe the Street routinely undermodels results.”