Financial Data and Key Metrics Changes - In Q1 2025, the company reported GAAP earnings per share (EPS) of $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 business model [7][19] - The adjusted return on equity for the last twelve months was 14.2%, demonstrating efficient capital deployment [8] - Quarterly cash from continuing operations was $78 million, with net gains on lease portfolio sales amounting to $6 million [20] 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% [14] - The Rail Products Group delivered 3,060 new railcars and received orders for 695 railcars, with operating margin down to 6.2% due to lower deliveries and workforce rationalization costs [16][22] - The leasing segment's operating margin increased year over year due to higher lease rates and gains on lease portfolio sales, despite lower external repair volumes [15] 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 [10] - The North American railcar fleet contracted for the first time in two years, indicating a disciplined approach from builders and lessors [12] - Railcar activity improved in March, with less than 19% of the fleet in storage, reflecting healthy fleet utilization [13] Company Strategy and Development Direction - The company aims to be opportunistic as a railcar lessor, disciplined as a railcar builder, and innovative with customers amidst macroeconomic uncertainties [10] - The focus remains on long-term investments in the fleet and business growth, with expectations for industry railcar deliveries adjusted to 28,000 to 33,000 for the year [11][22] - The company is refining its full-year EPS guidance to a range of $1.4 to $1.6 per share, indicating confidence in future performance [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in 2025 due to macroeconomic challenges but expressed confidence in the long-term fundamentals of the business [6][66] - The company expects production, deliveries, and earnings to improve in the latter half of the year, despite anticipating a low point in Q2 [22] - Management highlighted the importance of industrial production as a predictor of growth, noting that while market sentiment is negative, industrial production remains positive [11] Other Important Information - The company completed $34 million in lease portfolio sales during the quarter, achieving gains of $6 million [15] - The company has $920 million in liquidity, with a loan-to-value ratio of 66.2% on its wholly owned fleet, within the target range [20] Q&A Session Summary Question: FLRD measure changes and differences - Management explained that the FLRD is affected by the mix of car types coming up for renewal, with a current renewal rate of 29.5% [28][30] Question: Expectations for Q2 performance - Management indicated that Q2 is expected to be the weakest in terms of deliveries and margins, with improvements anticipated in the latter part of the year [34][37] Question: Customer inquiries and order conversions - Management noted that inquiry levels are high, with several orders nearing finalization, indicating potential for conversion to orders [44][46] Question: Share repurchase plans - Management confirmed that share repurchases will be opportunistic, with some shares bought back in Q1 [55][63]

Q1 2025 Financial Performance - Quarterly EPS from continuing operations was $0.29[9] - Revenues reached $585 million, a decrease of 28% year-over-year[13] - Cash flow from continuing operations amounted to $78 million, an increase of $22 million year-over-year[17] - The company completed $34 million in lease portfolio sales, resulting in gains of $6 million[31] Leasing & Services Segment - FLRD increased by 17.9%, and utilization was at 96.8%[9] - The owned fleet comprised 110,150 railcars, with a total owned and investor-owned fleet of 144,365 railcars[31] - Renewal success rate for Q1 2025 was 75%[31] Rail Products Segment - 3,060 new railcars were delivered during the quarter[36] - 695 new railcar orders were placed in the quarter[36] - The backlog at quarter-end was $1.9 billion[36] Market Overview and Outlook - The company expects 2025 EPS to be in the range of $1.40 to $1.60[9] - North American railcar fleet contracted slightly in April, with railcars in storage below 19%[22, 23]

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]

Group 1 - Seeking Alpha's Quant system has assigned a Strong Buy rating to Trinity Industries, Inc. (NYSE: TRN) since June 27, 2024, which is a rare occurrence for the system [1]

Financial Performance - Revenues for the nine months ended September 30, 2024, were $2,449.8 million, a 12.1% increase compared to $2,185.5 million for the same period in 2023[126] - Operating profit for the nine months ended September 30, 2024, was $379.5 million, up from $268.3 million in the same period of 2023[126] - Revenues for Q3 2024 were $798.8 million, a decrease of $22.5 million or 2.7% compared to Q3 2023, primarily due to lower external deliveries in the Rail Products Group[141] - Revenues for the nine months ended September 30, 2024, were $2,449.8 million, an increase of $264.4 million or 12.1% compared to the same period in 2023, driven by higher external deliveries in the Rail Products Group[141] - Total operating profit for Q3 2024 was $122.4 million, an increase from $100.2 million in Q3 2023[140] - Income from continuing operations for Q3 2024 was $40.8 million, compared to $26.3 million in Q3 2023[141] Cost and Expenses - Cost of revenues for Q3 2024 was $629.3 million, a decrease of $50.2 million or 7.4% compared to Q3 2023, mainly due to lower external deliveries and improved efficiencies[141] - Cost of revenues for the nine months ended September 30, 2024, was $1,936.6 million, an increase of $117.4 million or 6.5% compared to the same period in 2023, primarily due to higher external deliveries[141] - Selling, engineering, and administrative expenses for Q3 2024 were $60.5 million, an increase of $11.4 million or 23.2% compared to Q3 2023, attributed to higher employee-related costs[141] - Selling, engineering, and administrative expenses for the nine months ended September 30, 2024, were $174.1 million, an increase of $20.8 million or 13.6% compared to the same period in 2023[141] Fleet and Backlog - The Leasing Group's lease fleet utilization was 96.6% as of September 30, 2024, down from 98.1% as of September 30, 2023[126] - The total value of the new railcar backlog at September 30, 2024, was $2.4 billion, a decrease from $3.6 billion at the same date in 2023[126] - The number of new railcars delivered increased to 620 units for the three months ended September 30, 2024, compared to 365 units in the prior year[153] - Total backlog dollars decreased by 34.3% to $2,364.5 million as of September 30, 2024, compared to $3,598.4 million in the prior year[150] Financing Activities - In March 2024, the company entered into a new $800.0 million warehouse loan facility, replacing a prior $1.0 billion facility[129] - In May 2024, the company issued $432.4 million of Series 2024-1 Class A Green Secured Railcar Equipment Notes at a fixed interest rate of 5.78%[129] - The company issued an additional $200.0 million of 7.75% senior notes due July 2028, increasing the total from $400.0 million to $600.0 million[129] - Total repayments during the nine months ended September 30, 2024 amounted to $1,831.0 million, while total borrowings were $1,762.4 million, resulting in net repayments of $68.6 million[159] - The company redeemed in full $400.0 million aggregate principal amount of its 4.55% senior notes due 2024 in June 2024[170] Operational Insights - The company actively monitors supply chain disruptions and has experienced shortages of materials impacting railcar manufacturing and repairs[122] - Maintenance services revenues increased by 70.1% to $66.5 million for the three months ended September 30, 2024, and by 59.1% to $180.7 million for the nine months[144] - Digital and logistics services revenues decreased by 44.7% to $9.9 million for the three months ended September 30, 2024, and by 31.9% to $31.4 million for the nine months[144] - Interest expense, net for the three months ended September 30, 2024 totaled $67.4 million, a decrease from $68.8 million in the prior year; for the nine months, it increased to $206.6 million from $197.8 million[142] Tax and Dividends - The effective tax rate from continuing operations for the three months ended September 30, 2024 was 27.7%, compared to 18.6% for the same period in 2023[142] - The company paid $70.1 million in dividends to common stockholders during the nine months ended September 30, 2024, compared to $64.7 million in the same period of 2023[159] Corporate Governance - The Company amended its Bylaws on September 4, 2024, changing the advance notice requirement for Stockholder Nominations to between 90 and 120 days prior to the annual meeting[180] - Gregory B. Mitchell, Executive Vice President, has a stock trading plan to sell up to 29,796 shares of common stock between November 15, 2024, and May 6, 2025[181] - The Amended Bylaws require additional disclosures from Nominating Stockholders regarding arrangements that may affect share price or voting power[180]

Financial Data and Key Metrics Changes - The company reported an adjusted EPS of $0.43, a $0.17 increase year-over-year, with operating profit rising by 22% compared to the previous year [7][8] - Revenues for the quarter were $799 million, with a GAAP EPS of 44% [22] - The last 12-month adjusted ROE was 18.3%, above the target range introduced at the Investor Day [21] Business Segment Data and Key Metrics Changes - In the Railcar Leasing and Services Group, revenues increased by approximately 11% year-over-year, driven by favorable pricing and higher volume of external repairs [12] - The Rail Products Group reported revenues of $603 million, with an operating margin of 8.1%, reflecting improvements in labor and operational efficiencies [17] - The leasing segment's operating profit was 20% higher than a year ago, with a fleet utilization rate of 96.6% [13] Market Data and Key Metrics Changes - Carloads increased in the third quarter compared to the previous year, primarily driven by agriculture and chemical end markets [9] - The company expects approximately 40,000 industry deliveries in 2024, with a backlog of $2.4 billion at the end of the quarter [19] Company Strategy and Development Direction - The company is raising and tightening its full-year EPS guidance to a range of $1.70 to $1.80, reflecting confidence in continued performance [8] - The strategy includes aligning leasing and maintenance businesses to improve performance and reduce costs [12] - The company anticipates a continued focus on optimizing its lease fleet and capitalizing on favorable market conditions [24][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market conditions, noting improvements in rail service and a positive outlook for carload growth [10][9] - The management highlighted that customer inquiries are increasing, although order decisions are being delayed due to external factors such as the election [41] - The company expects to conclude 2024 on a positive note, with a focus on maintaining operational efficiencies and strong demand for railcars [32] Other Important Information - The company completed $67 million of lease portfolio sales in the quarter, resulting in gains of $11 million [13] - Year-to-date cash flow from continued operations was $384 million, with liquidity of $924 million [23] - The company has returned $77 million through dividends and share repurchases, reflecting a commitment to returning capital to shareholders [24] Q&A Session Summary Question: OEM margin guidance and production rates - Management indicated that the margin guidance is tied to the range for the year, suggesting a potential for higher margins in the fourth quarter [33][34] Question: Order activity and production management - Management remains confident in industry deliveries and replacement demand, despite recent order deferrals [36][39] Question: Customer hesitance in placing orders - Management noted that external factors, including the election, have caused customers to delay capital decisions, but inquiry levels remain strong [41] Question: Secondary market dynamics - The company has seen strong performance in the secondary market, leading to raised guidance for gains on lease portfolio sales [43][44] Question: Pricing power and lease rates - Management confirmed that lease rates continue to improve, supported by a balanced fleet and supply-demand dynamics [46]