Financial Performance - Revenues for the three months ended March 31, 2025, were $585.4 million, a decrease of 27.7% compared to $809.6 million for the same period in 2024[120]. - Operating profit for the three months ended March 31, 2025, was $99.8 million, a decrease of 13.4% from $115.2 million for the same period in 2024[120]. - Revenues for the three months ended March 31, 2025, were $585.4 million, a decrease of $224.2 million, or 27.7%, compared to the prior year period due to lower external deliveries in the Rail Products Group[127]. - Operating profit for the three months ended March 31, 2025, totaled $99.8 million, a decrease of $15.4 million, or 13.4%, from the prior year period[131]. - The Rail Products Group's revenues were $420.5 million for the three months ended March 31, 2025, a decrease of 37.0% compared to the same period in 2024[124]. - The Rail Products Group experienced a 37.0% decrease in total revenues, from $667.4 million in 2024 to $420.5 million in 2025, primarily due to lower deliveries[142]. Cost and Expenses - The cost of revenues for the three months ended March 31, 2025, was $443.2 million, down from $644.9 million in the same period of 2024[123]. - Cost of revenues for the same period was $443.2 million, representing a decrease of $201.7 million, or 31.3%, primarily due to lower external deliveries in the Rail Products Group[128]. - Operating costs for selling, engineering, and administrative expenses decreased by 7.9% to $24.4 million in Q1 2025 compared to $26.5 million in Q1 2024[146]. Leasing and Fleet Utilization - The Leasing Group's lease fleet utilization was 96.8% as of March 31, 2025, down from 97.5% on March 31, 2024[120]. - The Railcar Leasing and Services Group generated revenues of $287.4 million for the three months ended March 31, 2025, reflecting a 0.8% increase from the previous year[124]. - Operating profit margin for the Railcar Leasing and Services Group improved to 36.4% in 2025 from 35.2% in 2024[137]. Orders and Deliveries - The Rail Products Group received orders for 695 railcars and delivered 3,060 railcars in the three months ended March 31, 2025, compared to orders for 1,880 railcars and deliveries of 4,695 railcars in the same period of 2024[120]. - Revenues from new railcars decreased to $113.8 million in Q1 2025 from $135.2 million in Q1 2024, a decline of 15.5%[145]. Cash Flow and Investments - Net cash provided by operating activities from continuing operations increased to $78.4 million in Q1 2025 from $56.5 million in Q1 2024, a growth of 38.5%[150]. - Net cash used in investing activities decreased to $91.6 million in Q1 2025 from $124.0 million in Q1 2024, a reduction of 26.2%[151]. - Net cash used in financing activities was $124.2 million in Q1 2025, compared to a net cash provided of $71.8 million in Q1 2024[152]. - The company anticipates a net fleet investment of between $300 million and $400 million for the full year 2025[153]. Debt and Liquidity - Total committed liquidity as of March 31, 2025, was $920.2 million, including $94.9 million in unrestricted cash[149]. - As of March 31, 2025, the company had total debt repayments of $77.3 million related to normal amortization activity[156]. - The company maintained compliance with all financial covenants, with a maximum leverage ratio of 1.36 against a covenant of no greater than 3.75 to 1.00[152]. Interest and Tax - Interest expense, net, for the three months ended March 31, 2025, was $66.1 million, compared to $69.1 million for the same period in 2024[123]. - Interest expense, net for the three months ended March 31, 2025, was $66.1 million, down from $69.1 million in the prior year, due to lower average debt and interest rates[132]. - The effective tax rate from continuing operations for the three months ended March 31, 2025, was 20.3%, compared to 25.8% in the prior year[134][135]. Gains and Backlog - Gains on dispositions of property increased by $4.8 million for the three months ended March 31, 2025, primarily due to higher gains on lease portfolio sales[130]. - The total value of the new railcar backlog at March 31, 2025, was $1.9 billion, compared to $2.9 billion at March 31, 2024[120]. - The average selling price in the ending backlog for the Rail Products Group increased by 8.6% from $127,363 in 2024 to $138,314 in 2025[144].

Financial Performance - Quarterly total revenues of $585 million, down from $809.6 million year-over-year[5] - Earnings per diluted share (EPS) of $0.29, compared to $0.33 in the same quarter last year[5] - Revenues for Q1 2025 were $585.4 million, a decrease of 27.7% compared to $809.6 million in Q1 2024[15] - Operating profit for Q1 2025 was $99.8 million, down 13.1% from $115.2 million in Q1 2024[15] - Net income attributable to Trinity Industries, Inc. for Q1 2025 was $22.1 million, a decline of 6.7% from $23.7 million in Q1 2024[15] - Net income for Q1 2025 was $27.1 million, a slight decrease from $27.4 million in Q1 2024[26] - Income from continuing operations decreased to $29.0 million in Q1 2025 from $31.7 million in Q1 2024[26] - EBITDA for Q1 2025 was $179.5 million, down from $188.2 million in Q1 2024[26] - Adjusted EBITDA for Q1 2025 was $179.5 million, compared to $187.8 million in Q1 2024[26] Cash Flow and Liquidity - Cash flow from continuing operations of $78 million, an increase from $56.5 million year-over-year[5] - Cash flow from operations with net gains on lease portfolio sales was $84.3 million in Q1 2025, compared to $58.6 million in Q1 2024, representing an increase of 43.8%[24] - Total committed liquidity of $920 million as of March 31, 2025[6] - Cash and cash equivalents decreased to $94.9 million in Q1 2025 from $228.2 million in Q1 2024[17] Operational Metrics - Lease fleet utilization at 96.8% with a Future Lease Rate Differential (FLRD) of positive 17.9%[4] - Delivered 3,060 railcars in the quarter, with a backlog value of $1.9 billion[2] - New railcar orders totaled 695, down from 1,880 in the previous year[7] - Operating profit margin for Railcar Leasing and Services Group at 36.4%[7] - Net fleet investment projected between $300 million to $400 million for the year[4] Shareholder Returns - Last twelve months (LTM) Return on Equity (ROE) of 13.0% and Adjusted ROE of 14.2%[4] - Adjusted Return on Equity for the twelve months ended March 31, 2025, was 14.2%, compared to 13.0% for the same period in 2024[22] Expenses - Interest expense decreased to $68.8 million in Q1 2025 from $72.1 million in Q1 2024[26] - Depreciation and amortization expense increased to $74.3 million in Q1 2025 from $73.4 million in Q1 2024[26] - Provision for income taxes was $7.4 million in Q1 2025, down from $11.0 million in Q1 2024[26] Capital Expenditures - Capital expenditures for the lease fleet were $120.2 million in Q1 2025, down from $147.5 million in Q1 2024[18] Share Statistics - The company reported a basic earnings per share of $0.27 for Q1 2025, compared to $0.29 for Q1 2024[15] - The weighted average number of diluted shares outstanding increased slightly to 83.8 million in Q1 2025 from 83.5 million in Q1 2024[15] Discontinued Operations - Loss from discontinued operations improved to $(1.9) million in Q1 2025 from $(4.3) million in Q1 2024[26]

Financial Data and Key Metrics Changes - In Q1 2025, GAAP earnings per share (EPS) for Trinity Industries was $0.29 on revenues of $585 million, reflecting a 12% decline in EPS despite a 38% decrease in external deliveries year over year, indicating resilience in the company's platform [6][17] - The adjusted return on equity for the last twelve months was 14.2%, demonstrating efficient capital deployment [7] - Quarterly cash from continuing operations was $78 million, with net gains on lease portfolio sales amounting to $6 million [18] Business Line Data and Key Metrics Changes - The railcar leasing and services segment performed well, with renewal lease rates 29.5% above expiring rates and fleet utilization at nearly 97% [12] - In the Rail Products Group, 3,060 new railcars were delivered, with orders for 695 railcars, leading to a decline in quarterly revenue and an operating margin of 6.2% [14][20] Market Data and Key Metrics Changes - Inquiry levels at the beginning of 2025 were the highest in several years, but customers are taking longer to make capital decisions, impacting order conversions [8][41] - The North American railcar fleet contracted for the first time in two years, with attrition outpacing deliveries in Q1 [10] Company Strategy and Development Direction - The company aims to be opportunistic as a railcar lessor, disciplined as a railcar builder, and innovative with customers, focusing on long-term investments in its fleet [8][15] - The guidance for industry railcar deliveries was lowered to approximately 28,000 to 33,000 railcars for the year, reflecting current market conditions [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the macroeconomic environment for 2025 but expressed confidence in the long-term fundamentals of the business [5][61] - The company expects production, deliveries, and earnings to improve in the latter half of the year, despite anticipating a low point in Q2 [20][33] Other Important Information - The company completed $34 million in lease portfolio sales during the quarter, achieving gains of $6 million [13] - The company has $920 million in liquidity, with a loan-to-value ratio of 66.2% on its wholly owned fleet [19] Q&A Session Summary Question: FLRD measure changes and differences - The FLRD measure has decreased from previous quarters due to the mix of car types coming up for renewal, but overall remains positive [25][27] Question: Expectations for Q2 performance - Q2 is expected to be the weakest in terms of deliveries, margins, and overall earnings, with improvements anticipated in the latter part of the year [31][33] Question: Customer inquiries and order conversions - Inquiry levels are high, and several orders worth approximately $100 million are being finalized, indicating potential for conversion to orders [41] Question: Internal fleet deliveries - Approximately 29% of deliveries in Q1 went to the internal fleet, with expectations for over 30% for the full year [46] Question: Share repurchases - The company remains opportunistic regarding share repurchases, having bought back shares in Q1 [51][59]

Trinity Industries (TRN) Q1 2025 Earnings Call May 01, 2025 08:00 AM ET Company Participants Leigh Anne Mann - VP, IRJean Savage - President & CEOEric Marchetto - Executive VP & CFOAndrzej Tomczyk - Vice President Conference Call Participants Bascome Majors - Senior Equity Research Analyst Operator Good morning, and welcome to the Trinity Industries, Inc. First Quarter twenty twenty five Earnings Call. All participants will be in listen only mode. After today's presentation, there will be an opportunity to ...

Exhibit 99.3 Q1 2025 Investor Presentation May 1, 2025 – based on financial results as of March 31, 2025 Forward Looking Statements Some statements in this presentation, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements, includi ...

Financial Performance - Total revenues for 2024 reached $3,079.2 million, a 3.2% increase from $2,983.3 million in 2023[260]. - Manufacturing revenues slightly decreased to $1,938.4 million in 2024 from $1,943.9 million in 2023, while Leasing & Services revenues increased to $1,140.8 million from $1,039.4 million, representing a 9.7% growth[260]. - Operating profit for 2024 was $491.5 million, up 17.8% from $417.0 million in 2023[260]. - Net income attributable to Trinity Industries, Inc. increased to $138.4 million in 2024, a 30.5% rise from $106.0 million in 2023[260]. - Basic earnings per share from continuing operations rose to $1.86 in 2024, compared to $1.47 in 2023, reflecting a 26.5% increase[260]. - Comprehensive income attributable to Trinity Industries, Inc. was $123.2 million in 2024, up from $97.3 million in 2023[261]. - Net income for 2024 increased to $157.1 million, up 24.1% from $126.6 million in 2023[264]. - Segment operating profit for the Railcar Leasing and Services Group was $464.0 million in 2024, up from $437.5 million in 2023, reflecting a year-over-year increase of 6.0%[338]. - The Rail Products Group reported an operating profit of $189.4 million in 2024, compared to $112.6 million in 2023, indicating a significant increase of 68.3%[338]. Cash Flow and Liquidity - Cash and cash equivalents increased significantly to $228.2 million in 2024 from $105.7 million in 2023[263]. - Net cash provided by operating activities for continuing operations reached $588.1 million, a significant increase from $309.0 million in 2023[264]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $374.4 million, up from $235.1 million in 2023[264]. - The company reported a net increase in cash of $139.3 million, contrasting with a decrease of $59.2 million in 2023[264]. - Payments to retire debt increased to $2,050.5 million, compared to $1,518.9 million in 2023, marking a 35% rise[264]. - Net cash used in investing activities for continuing operations was $214.6 million, down from $363.0 million in 2023[264]. Debt and Financing - The company’s total debt as of December 31, 2024, was $5,690.9 million, compared to $5,754.2 million in 2023[363]. - The company issued $200.0 million of additional 7.75% senior notes due July 2028 in June 2024, increasing the total from $400.0 million to $600.0 million[368]. - The revolving credit facility has a total borrowing capacity of $600.0 million, with $591.3 million available for borrowing as of December 31, 2024[365]. - The company redeemed $400.0 million of 4.55% senior notes due 2024 in June 2024, recognizing a loss on extinguishment of debt of $0.1 million[370]. - Total borrowings under the TILC warehouse loan facility for the year ended December 31, 2024, were $1,064.6 million, with total repayments of $1,009.3 million[371]. Taxation - The provision for income taxes from continuing operations for the year ended December 31, 2024, was $50.4 million, resulting in an effective tax rate of 22.7%[392]. - Total deferred tax assets increased to $209.3 million in 2024 from $180.0 million in 2023, resulting in net deferred tax liabilities of $1,074.0 million[396]. - The company had $19.0 million of tax-effected state loss carryforwards and $11.7 million of net federal and state credits remaining as of December 31, 2024[396]. - The total amount of unrecognized tax benefits, including interest and penalties, was $2.6 million for both 2024 and 2023[399]. Shareholder Actions - The board of directors has discretion over future dividend payments and share repurchases, which may vary from historical practices[111]. - Dividends paid to common shareholders rose to $93.2 million, compared to $86.0 million in 2023, reflecting an increase of 8.1%[264]. - The company repurchased 0.6 million shares at a cost of approximately $21.0 million during the year ended December 31, 2024, leaving a remaining authorization of $229.0 million[410]. Legal Matters - Multiple class action lawsuits have been filed against Norfolk Southern and its subsidiary TILC, with claims including negligence and strict liability related to the East Palestine train derailment[429]. - On April 9, 2024, a settlement in principle was announced between plaintiffs and Norfolk Southern, while third-party claims against TILC were preserved[429]. - The court granted a dismissal of all claims against TILC on June 3, 2024, including negligence and contribution claims[429]. - A new lawsuit was filed on December 8, 2023, against TILC and other defendants, asserting claims for negligence and public nuisance[430]. Organizational Changes - The company modified its organizational structure effective January 1, 2024, resulting in two reportable segments: Railcar Leasing and Services Group, and Rail Products Group[267]. - The company modified its organizational structure effective January 1, 2024, aligning maintenance services with the leasing business to enhance performance assessment[331]. Risk Management - The company uses derivative instruments to manage interest rate and foreign currency exchange rate risks[240][241]. - The company has foreign currency hedges with a notional amount of $131.1 million, resulting in an asset liability of $(9.5) million as of December 31, 2024[324]. - The company incurred a fee of $3.1 million related to the execution of back-to-back interest rate caps associated with the new TILC warehouse loan facility[325]. Asset Management - Total assets decreased slightly to $8,832.2 million in 2024 from $8,906.5 million in 2023[263]. - The carrying value of investments in affiliates totaled $133.0 million as of December 31, 2024[304]. - The net book value of finite-lived intangible assets was $87.8 million as of December 31, 2024, down from $95.5 million in 2023[301].

Financial Data and Key Metrics Changes - The company reported an adjusted EPS of $1.82, representing a 32% year-over-year increase driven by higher lease rates and improved margin performance [7][28] - Adjusted ROE for the year was 14.6%, within the target range, and cash flow from operations increased by 65% to $645 million [8][34] - Full-year consolidated revenues were $3.1 billion, showing slight improvement over 2023 [27] Business Line Data and Key Metrics Changes - The leasing and services segment generated revenues of $287 million in Q4, with an operating profit of $121 million and a margin of 42% [16] - For the full year, leasing segment revenue was $1.1 billion, an increase of $102 million year-over-year [17] - The company achieved a lease fleet utilization rate of 97% and a future lease rate differential of 24.3% [18] Market Data and Key Metrics Changes - The industry delivered just under 43,000 railcars in 2024, with orders for 25,000 railcars [11] - The industry backlog stands at approximately 34,000 railcars, with Trinity's backlog comprising about 47% of the total [12] - The company expects industry deliveries to decrease to approximately 35,000 railcars in 2025, about 20% lower than 2024 [38] Company Strategy and Development Direction - The company aims to optimize returns through a less volatile operating environment and reduced cyclicality of its platform [8] - There is a focus on maintaining the utilization and returns of the lease fleet while managing production activity [42] - The company is committed to enhancing returns from its lease fleet and has plans for net lease fleet investment of $300 million to $400 million in 2025 [40] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing pressures on manufacturing due to macroeconomic forces but remains confident in the strength of the leasing business [10] - The company anticipates an acceleration in orders as policy changes become clearer, despite current uncertainties surrounding tariffs [13][24] - Management expects 2025 to be a year of continued strength for the leasing and services business [42] Other Important Information - The company returned $114 million to shareholders in 2024, including $93 million in dividends and $21 million in share repurchases [30] - The effective tax rate for the full year was 22.7% [28] Q&A Session Summary Question: Can you talk about the backlog coverage for the year? - Management expects industry deliveries for 2025 to be down about 20% and believes the second half will be better than the first half due to clarity on tariffs [47][50] Question: Have you adjusted terms of new purchase contracts due to tariff uncertainty? - Most contracts have escalation clauses to pass tariffs on, and the company is working to mitigate tariff impacts [53] Question: What is the contribution of incentive compensation to the SG&A decline? - More than half of the $40 million cost savings comes from other cost reductions, with less than half from incentive compensation [60] Question: What weighed down leasing and services margins in the quarter? - Increased maintenance costs due to compliance intervals are expected to persist into 2025 [66] Question: How do you expect Trinity's deliveries to trend relative to the industry? - Trinity expects to be in its normal range of 30% to 40% of deliveries during the same timeframe as the industry [74] Question: What is the outlook for the parts business? - The parts business has shown improvement, with strong performance in both internal and external sales [88]

Exhibit 99.3 Q4 2024 Investor Presentation February 20, 2025 – based on financial results as of December 31, 2024 Forward Looking Statements Some statements in this presentation, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements ...

Financial Performance - Full year adjusted EPS of $1.82 represents a 32% increase over 2023, driven by higher lease rates and improved margin performance [3] - Full year total revenues increased to $3.1 billion, up from $2.98 billion in 2023 [4] - Quarterly total revenues were $629 million, with quarterly adjusted EPS of $0.39 [4] - Operating profit for the year ended December 31, 2024, was $491.5 million, up 17.8% from $417.0 million in 2023 [13] - Net income attributable to Trinity Industries, Inc. for Q4 2024 was $28.9 million, down 54.9% from $62.8 million in Q4 2023 [13] - Net income for Q4 2024 was $37.8 million, a decrease from $68.1 million in Q4 2023 [26] - Income from continuing operations decreased to $40.8 million in Q4 2024 from $73.4 million in Q4 2023 [26] - Net cash provided by operating activities for continuing operations was $588.1 million for the year ended December 31, 2024, compared to $309.0 million in 2023 [15] - EBITDA for the year ended December 31, 2024, increased to $804.1 million, compared to $720.1 million for the year ended December 31, 2023 [26] Cash Flow and Liquidity - Full year operating cash flow was $588 million, with net gains on lease portfolio sales of $57 million [3] - Total committed liquidity as of December 31, 2024, was $987 million [6] - Cash and cash equivalents increased to $228.2 million as of December 31, 2024, compared to $105.7 million in 2023 [14] Lease and Fleet Performance - Lease fleet utilization was 97.0% with a Future Lease Rate Differential (FLRD) of positive 24.3% at quarter-end [3] - The Railcar Leasing and Services Group reported a 10% year-over-year revenue increase [3] - The backlog value at year-end was $2.1 billion, down from $3.2 billion [5] - The company expects industry deliveries of approximately 35,000 railcars in 2025, a 20% decrease from 2024 [3] Guidance and Future Outlook - 2025 EPS guidance is set at $1.50 to $1.80, reflecting continued leasing revenue improvement and consistent operating margins [3] - Trinity Industries plans to continue focusing on operational efficiency and market expansion in the upcoming fiscal year [13] Expenses and Costs - Capital expenditures for the lease fleet were $541.9 million in 2024, a decrease from $668.8 million in 2023 [15] - Interest expense for the year ended December 31, 2024, was $288.5 million, compared to $277.9 million in 2023 [26] - Selling, engineering, and administrative expenses were recorded at $2.0 million for Q4 2024 [26] Income and Taxation - Income from continuing operations before income taxes for the year ended December 31, 2024, was $221.8 million, slightly up from $149.0 million in 2023, reflecting a growth of 48.7% [21] - The provision for income taxes for the year ended December 31, 2024, was $50.4 million, consistent with the previous year, indicating stable tax management [21] - Provision for income taxes increased to $50.4 million for the year ended December 31, 2024, from $9.0 million in 2023 [26] Shareholder Metrics - Diluted income from continuing operations per common share for the year ended December 31, 2024, was $1.81, compared to $1.43 for 2023, indicating a growth of 26.6% [21] - The diluted weighted average shares outstanding remained stable at 84.2 million for the year ended December 31, 2024, compared to 83.4 million in 2023 [21] Asset Management - Total assets decreased to $8,832.2 million as of December 31, 2024, from $8,906.5 million in 2023 [14] - The company had a total debt of $5,690.9 million as of December 31, 2024, compared to $5,754.2 million in 2023 [14] Other Financial Metrics - Adjusted Return on Equity for the year ended December 31, 2024, was 14.6%, compared to 11.2% in 2023, showing an improvement of 3.4 percentage points [21] - The company reported gains on dispositions of property of $2.1 million for the year ended December 31, 2024, compared to $4.7 million in 2023, indicating a decrease in asset sales [21] - The net gains on lease portfolio sales for the year ended December 31, 2024, were $57.3 million, down from $82.8 million in 2023, reflecting a decline in lease portfolio performance [24] Restructuring and Discontinued Operations - Loss from discontinued operations for Q4 2024 was $3.0 million, compared to $5.3 million in Q4 2023 [26] - Restructuring activities resulted in a net gain of $4.3 million for the year ended December 31, 2024 [26]

Group 1 - Trinity Industries (NYSE: TRN) is a company with a long-standing following and investment history, being one of the first five companies to receive shares [1] - The focus of Crude Value Insights is on cash flow and companies that generate it, highlighting value and growth prospects in the oil and natural gas sector [1] Group 2 - Subscribers to Crude Value Insights benefit from a 50+ stock model account, detailed cash flow analyses of exploration and production firms, and live chat discussions about the sector [2] - A two-week free trial is available for new subscribers, promoting engagement with the oil and gas industry [3]