TRINITY INDUSTRIES, INC. Investor Contact: TrinityInvestorRelations@trin.net Website: www.trin.net Forward Looking Statements DELIVERING GOODS for THE GOOD of ALL /// 2 | --- | --- | |-------|--------------------------------------------------------------------| | | | | | Continued strength in lease rates; FLRD +26.6%, utilization 98.1% | 3 Q3 2023 – Earnings Conference Call Supplemental Materials November 2, 2023 – based on financial results as of September 30, 2023 DELIVERING GOODS for THE GOOD of ALL Some ...

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Trinity Industries reported **$1,364.1 million** in total revenues for the six months ended June 30, 2023, with net income of **$21.4 million** and total assets growing to **$9.02 billion**, alongside improved operating cash flow Consolidated Statements of Operations Highlights (Six Months Ended June 30) | Financial Metric | 2023 (in millions) | 2022 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $1,364.1 | $889.5 | +53.4% | | **Total Operating Profit** | $168.1 | $127.8 | +31.5% | | **Income from Continuing Operations** | $40.3 | $26.4 | +52.7% | | **Net Income Attributable to Trinity** | $21.4 | $3.0 | +613.3% | | **Diluted EPS** | $0.26 | $0.04 | +550.0% | Consolidated Balance Sheet Highlights | Account | June 30, 2023 (in millions) | Dec 31, 2022 (in millions) | | :--- | :--- | :--- | | **Total Assets** | $9,022.0 | $8,724.3 | | Property, plant, and equipment, net | $7,029.2 | $6,886.8 | | Total Debt | $5,832.6 | $5,607.6 | | **Total Stockholders' Equity** | $1,249.0 | $1,269.6 | Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | Cash Flow Activity | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $134.9 | $(73.3) | | Net cash used in investing activities | $(292.1) | $(201.2) | | Net cash provided by financing activities | $159.5 | $278.6 | [Note 1. Summary of Significant Accounting Policies](index=10&type=section&id=Note%201.%20Summary%20of%20Significant%20Accounting%20Policies) The company recognizes revenue for its Leasing Group on a straight-line basis and for its Rail Products Group upon customer acceptance or over time, with **$3.6 billion** in unsatisfied performance obligations for new railcars as of June 30, 2023 - Revenue for the Leasing Group is recognized monthly on a straight-line basis for operating leases. Revenue for new railcars in the Rail Products Group is recognized when the customer accepts the railcar and title passes[19](index=19&type=chunk)[24](index=24&type=chunk) Unsatisfied Performance Obligations at June 30, 2023 | Category | Total Amount (in millions) | Percent expected to be delivered in 2023 | | :--- | :--- | :--- | | **Rail Products Group:** | | | | New railcars (External & Leasing) | $3,605.4 | 28.6% | | Sustainable railcar conversions | $179.9 | 63.1% | | **Railcar Leasing and Management Services Group** | $72.6 | 13.0% | [Note 2. Acquisitions and Discontinued Operations](index=15&type=section&id=Note%202.%20Acquisitions%20and%20Discontinued%20Operations) On March 8, 2023, the company acquired RSI Logistics for **$72.1 million**, resulting in **$26.3 million** of goodwill, following the December 2022 acquisition of Holden America for **$87.1 million**, while discontinued operations from the Highway Products Business resulted in a **$5.4 million** net loss for the first six months of 2023 - On March 8, 2023, the company acquired RSI Logistics, a provider of software and logistics solutions, for an aggregate purchase price of **$72.1 million**. The acquisition was recorded as a business combination within the Leasing Group[43](index=43&type=chunk) - The company acquired Holden America in December 2022 for a total consideration of **$87.1 million**. The transaction was recorded within the Rail Products Group[45](index=45&type=chunk) Loss from Discontinued Operations (THP) | Period | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | **Three Months Ended June 30** | $(2.3) | $(3.4) | | **Six Months Ended June 30** | $(5.4) | $(10.3) | [Note 3. Derivative Instruments and Fair Value Measurements](index=16&type=section&id=Note%203.%20Derivative%20Instruments%20and%20Fair%20Value%20Measurements) Trinity uses derivative instruments, primarily interest rate swaps and caps, to mitigate interest rate and foreign currency risks, holding derivative assets valued at **$42.1 million** and liabilities at **$17.7 million** as of June 30, 2023 - The company uses derivative instruments to mitigate interest rate risk on future debt and floating-rate debt, as well as to hedge foreign currency exchange rate risk[50](index=50&type=chunk) - In June 2023, a new interest rate swap was executed to fix the SOFR component on a portion of the **$272.0 million** TRL-2023 term loan[51](index=51&type=chunk) Fair Value of Derivative Instruments (June 30, 2023) | Type | Assets (in millions) | Liabilities (in millions) | | :--- | :--- | :--- | | Interest rate hedge | $21.7 | - | | Foreign currency hedge | $2.7 | - | | Derivatives not designated as hedging instruments | $17.7 | $17.7 | [Note 4. Segment Information](index=19&type=section&id=Note%204.%20Segment%20Information) The company operates in two segments: Railcar Leasing and Management Services Group and Rail Products Group, generating **$204.0 million** and **$49.0 million** in operating profit respectively for the six months ended June 30, 2023 Segment Operating Profit (Six Months Ended June 30) | Segment | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | Railcar Leasing and Management Services Group | $204.0 | $185.3 | | Rail Products Group | $49.0 | $14.5 | Segment Revenues (Six Months Ended June 30, 2023) | Segment | External Revenue (in millions) | Intersegment Revenue (in millions) | Total Revenue (in millions) | | :--- | :--- | :--- | :--- | | Railcar Leasing and Management Services Group | $426.3 | $0.4 | $426.7 | | Rail Products Group | $937.8 | $409.0 | $1,346.8 | [Note 8. Debt](index=26&type=section&id=Note%208.%20Debt) Total debt increased to **$5.83 billion** as of June 30, 2023, including **$793.9 million** in recourse debt and **$5.04 billion** in non-recourse debt, following the issuance of **$400.0 million** in senior notes and a new **$340.0 million** term loan - In June 2023, the company issued **$400.0 million** in 7.75% senior notes due 2028, with proceeds used to repay borrowings under the revolving credit facility[87](index=87&type=chunk) - In June 2023, a subsidiary entered into a new **$340.0 million** non-recourse term loan (TRL-2023) to finance railcars, maturing in June 2028[90](index=90&type=chunk) Total Debt Summary | Debt Category | June 30, 2023 (in millions) | Dec 31, 2022 (in millions) | | :--- | :--- | :--- | | Total Recourse Debt | $793.9 | $624.1 | | Total Non-Recourse Debt | $5,038.7 | $4,983.5 | | **Total Debt** | **$5,832.6** | **$5,607.6** | [Note 12. Common Stock and Stock-Based Compensation](index=30&type=section&id=Note%2012.%20Common%20Stock%20and%20Stock-Based%20Compensation) The company had a **$250.0 million** share repurchase program authorized in December 2022 with no shares repurchased in the first half of 2023, while stock-based compensation expense was **$12.7 million** for the same period - A **$250.0 million** share repurchase program was authorized in December 2022. No shares were repurchased during the six months ended June 30, 2023[105](index=105&type=chunk) Stock-Based Compensation Expense | Period | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | **Three Months Ended June 30** | $6.5 | $5.7 | | **Six Months Ended June 30** | $12.7 | $10.8 | [Note 14. Contingencies](index=32&type=section&id=Note%2014.%20Contingencies) The company faces legal proceedings including indemnification for its former highway products business and new third-party claims related to the East Palestine train derailment, with total accruals for claims at **$25.7 million** as of June 30, 2023 - The company is indemnifying the buyer of its former highway products business (THP) for certain liabilities, including ongoing state qui tam actions related to the ET Plus guardrail system[114](index=114&type=chunk)[115](index=115&type=chunk) - A subsidiary, TILC, was named as a third-party defendant by Norfolk Southern in lawsuits related to the February 2023 East Palestine, Ohio train derailment. Trinity believes the claims are without merit[123](index=123&type=chunk)[124](index=124&type=chunk) - Total accruals for various claims and lawsuits, including environmental and workplace matters, were **$25.7 million** as of June 30, 2023. The range of reasonably possible losses for these matters is estimated to be between **$25.4 million** and **$36.9 million**[126](index=126&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=35&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **53.4%** year-over-year revenue growth for the first six months of 2023 to higher railcar delivery volumes and improved lease rates, with operating profit increasing **31.5%** to **$168.1 million** and the new railcar backlog growing to **$3.6 billion** [Executive Summary](index=38&type=section&id=Executive%20Summary) Key operational highlights for the first six months of 2023 include a **53.4%** increase in revenue to **$1.4 billion**, a rise in operating profit to **$168.1 million**, improved fleet utilization to **97.9%**, and a new railcar backlog of **$3.6 billion** - The new railcar backlog value was **$3.6 billion** at June 30, 2023, a significant increase from **$2.2 billion** at June 30, 2022[147](index=147&type=chunk) - The Leasing Group's fleet utilization was **97.9%** as of June 30, 2023, up from **97.2%** a year earlier[147](index=147&type=chunk) - Management notes that the business is impacted by cyclical industry trends, foreign currency fluctuations (specifically the strengthening Mexican peso), and elevated steel prices[140](index=140&type=chunk)[142](index=142&type=chunk) [Consolidated Results of Operations](index=41&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated revenue for Q2 2023 increased **73.3%** year-over-year to **$722.4 million**, with six-month revenue rising **53.4%** to **$1.36 billion**, and operating profit increasing **31.5%** to **$168.1 million**, despite higher interest expense Consolidated Results of Operations (Six Months Ended June 30) | Line Item | 2023 (in millions) | 2022 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenues | $1,364.1 | $889.5 | +53.4% | | Operating Profit | $168.1 | $127.8 | +31.5% | | Interest Expense, net | $129.0 | $93.2 | +38.4% | | Income from Continuing Operations | $40.3 | $26.4 | +52.7% | - The increase in revenues for the first six months of 2023 was primarily due to a higher volume of external deliveries in the Rail Products Group and improved lease rates, higher utilization, and the acquisition of RSI in the Leasing Group[157](index=157&type=chunk) [Segment Discussion](index=45&type=section&id=Segment%20Discussion) The Railcar Leasing and Management Services Group saw a **10.1%** increase in operating profit, while the Rail Products Group's operating profit surged to **$49.0 million** on **63.9%** revenue growth, with the new railcar backlog growing **64.3%** to **$3.6 billion** Leasing Group Performance (Six Months Ended June 30) | Metric | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | Total Revenues | $426.7 | $378.4 | | Total Operating Profit | $204.0 | $185.3 | | Fleet Utilization | 97.9% | 97.2% | Rail Products Group Performance (Six Months Ended June 30) | Metric | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | Total Revenues | $1,346.8 | $821.7 | | Operating Profit | $49.0 | $14.5 | | Railcar Deliveries (units) | 9,030 | 4,980 | | Backlog Value | $3.6B | $2.2B | [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) Trinity had total committed liquidity of **$698.5 million** as of June 30, 2023, including **$91.7 million** in cash, and generated **$140.3 million** in cash from continuing operations for the first half of 2023 - Total committed liquidity was **$698.5 million** as of June 30, 2023, consisting of cash, available revolving credit, and available warehouse loan facility capacity[184](index=184&type=chunk) - Net cash from continuing operations was **$140.3 million** for the six months ended June 30, 2023, compared to a use of **$61.3 million** in the same period of 2022[190](index=190&type=chunk) - The company is in compliance with all financial covenants, with a Maximum Leverage ratio of **2.66** (covenant: <4.25) and Minimum Interest Coverage of **7.79** (covenant: >2.25)[193](index=193&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risks, including interest rates and foreign currency exchange rates, since the end of the 2022 fiscal year - There has been no material change in the company's market risks since December 31, 2022[211](index=211&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that the company's disclosure controls and procedures are effective, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[212](index=212&type=chunk) - No changes in internal controls over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[213](index=213&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the detailed discussion of legal matters from Note 14 of the Consolidated Financial Statements, covering ongoing litigation and new third-party claims - The information regarding legal proceedings is incorporated by reference from Note 14 of the Consolidated Financial Statements[216](index=216&type=chunk) [Risk Factors](index=56&type=page&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes from the risk factors previously disclosed in its 2022 Annual Report on Form 10-K - There have been no material changes from the risk factors previously disclosed in the 2022 Annual Report on Form 10-K[217](index=217&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2023, the company did not repurchase shares under its **$250.0 million** program but acquired **307,725** shares to satisfy tax withholding obligations related to vested employee stock awards - No shares were repurchased under the company's **$250.0 million** share repurchase program during the three months ended June 30, 2023[218](index=218&type=chunk) - The company acquired **307,385** shares to satisfy tax withholding obligations in connection with the vesting of restricted stock for employees[218](index=218&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) EVP and CFO Eric R. Marchetto established a Rule 10b5-1(c) stock trading plan on June 29, 2023, to sell up to **42,225** shares of common stock for asset diversification - EVP and CFO Eric R. Marchetto entered into a Rule 10b5-1 stock trading plan on June 29, 2023, to sell up to **42,225** shares for asset diversification[221](index=221&type=chunk)

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $722 million for Q2 2023, reflecting a 73% year-over-year improvement [5] - Adjusted EPS from continuing operations was $0.23, up $0.16 sequentially and $0.09 year-over-year [5] - Quarterly cash flow from continuing operations was $38 million, up $128 million year-over-year, and adjusted free cash flow was $45 million, up $50 million year-over-year [8] Business Line Data and Key Metrics Changes - In the Leasing segment, fleet utilization was 97.9% and the future lease rate differential (FLRD) was 29.5%, indicating strong lease rate growth [7][9] - The average lease rate for the quarter was the highest since 2018, up 9% year-over-year [10] - Rail Products revenue increased due to higher railcar deliveries, but the operating margin was 3.3%, slightly down due to foreign exchange impacts and efficiency issues [11] Market Data and Key Metrics Changes - Railcar load volumes improved by 2% year-over-year, while total rail traffic declined by 4% [6] - The North American fleet ended June with the lowest active rate since early 2022, but fleet storage levels remained below the 5-year average [6][7] - The company has a backlog of $3.6 billion, providing visibility into future deliveries well into 2024 [8] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions and enhancing operational efficiency to drive growth [14] - The strategy includes positioning the industry for modal share growth with railroad partners through integrated service offerings [14] - The company anticipates continued revenue growth in the Leasing business as lease rates are repriced upward [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's momentum and growth potential despite economic headwinds, particularly from the strengthening Mexican peso [5][17] - The company expects significantly stronger performance in the second half of the year, with improved margins and continued top-line growth [19] - Management acknowledged challenges in the Rail Products segment but remains optimistic about achieving high single-digit margins by year-end [13][18] Other Important Information - The company has seen a $225 million increase in outstanding debt due to new senior notes and a term loan, impacting interest expenses [15] - The company is evaluating options to reduce exposure to the Mexican peso, which has negatively affected margins [12][18] Q&A Session Summary Question: Labor inefficiencies in Rail Products Group - Management indicated that labor inefficiencies were partly due to complex line changeovers and expected improvements in the second half of the year [21][22] Question: Lease rate environment and potential weaknesses - Management noted that the cycle is supply-driven, with some weakness in the chemical sector, but overall demand remains strong [24] Question: Industry order flow and delivery outlook - Management confirmed that orders are consistent and spread across various car types, with no large orders impacting the overall demand [28] Question: Manufacturing margins and gains on sale - Management highlighted improvements in manufacturing efficiency and expected fewer gains in the second half of the year compared to the first half [39] Question: Impact of foreign exchange on margins - Management acknowledged that the strengthening peso has had a significant impact on margins, which was not as pronounced in previous years [42] Question: Long-term vision for the business - Management plans to share an updated long-term strategy during an Investor Day event in the fourth quarter [45]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ . Commission File Number 1-6903 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of ...

Trinity Industries, Inc. (NYSE:TRN) Q1 2023 Earnings Conference Call May 2, 2023 8:00 AM ET Company Participants Leigh Mann - VP, IR Jean Savage - President, CEO & Director Eric Marchetto - EVP & CFO Conference Call Participants Justin Long - Stephens Inc. Bascome Majors - Susquehanna Matthew Elkott - TD Cowen Jacob Moore - KeyBanc Capital Markets Operator Good day, and welcome to the Trinity Industries First Quarter Ended 31st March 2023 Results Conference Call. [Operator Instructions]. Please note, today' ...

TRINITY INDUSTRIES, INC. Q1 2023 – Earnings Conference Call Supplemental Materials May 2, 2023 – based on financial results as of March 31, 2023 Investor Contact: TrinityInvestorRelations@trin.net Website: www.trin.net DELIVERING GOODS for THE GOOD of ALL 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 Trinit ...

Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6903 (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) Delaware ...

TRINITY INDUSTRIES, INC. Q4 2022 – Earnings Conference Call Supplemental Materials February 21, 2023 – based on financial results as of December 31, 2022 Investor Contact: TrinityInvestorRelations@trin.net Website: www.trin.net DELIVERING GOODS for THE GOOD of ALL 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 abo ...

Financial Data and Key Metrics Changes - The fourth quarter GAAP EPS from continuing operations was $0.46, and adjusted EPS was $0.44, up $0.10 sequentially and $0.36 year-over-year [8] - For the full year, GAAP EPS was $1.02, and adjusted EPS of $0.94 was up 176% over 2021 [8][13] - Quarterly revenue of $591 million was up 25% compared to a year ago, and adjusted free cash flow of $138 million was up 394% [12][13] Business Line Data and Key Metrics Changes - Leasing segment revenue in the fourth quarter was $197 million, reflecting improved rates and net lease fleet investment activities [14] - Rail Products segment quarterly revenue was $656 million, up sequentially and year-over-year due to higher deliveries and favorable pricing [15] - The renewal success rate in the leasing segment was 85% in the fourth quarter, with an annual success rate of 82%, the highest since 2014 [14] Market Data and Key Metrics Changes - The future lease rate differential (FLRD) ended the year at 25.1%, indicating strong future rate growth in the leasing segment [9] - Railcar load volumes in 2022 were even with 2021, with markets like grain and automotive showing momentum, while chemical and metals faced headwinds [11] - The number of railcars in storage increased but remained well below the five-year average, indicating a tight fleet [11] Company Strategy and Development Direction - The company is focusing on sustainability as a core value and has ramped up ESG initiatives, including hiring a Global Head of ESG [6][7] - The company completed two acquisitions in 2022, including Holden America, to diversify revenue streams and enhance aftermarket parts exposure [21][22] - The company expects to deliver approximately 49% of its backlog in 2023, with a backlog valued at $3.9 billion [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, citing a strong backlog and expected improvements in rail service metrics despite ongoing labor shortages [10][19] - The company introduced 2023 EPS guidance of $1.50 to $1.70, reflecting anticipated higher deliveries and lease rates [9][28] - Management acknowledged challenges from supply chain disruptions and labor issues but remains confident in the company's ability to execute its three-year goals [20][29] Other Important Information - The company raised its quarterly dividend to $0.26 per share, an increase of approximately 13% [17] - The company approved a new share repurchase authorization of $250 million with no expiration [17] - The pretax return on equity (ROE) for the full year was 10.4%, a significant improvement from 3.4% in 2021 [18] Q&A Session Summary Question: Concerns about storage levels and lease renewal success rate - Management indicated that the increase in storage levels is seasonal and does not reflect significant weakness in the market, with a strong renewal success rate of 85% [30][31] Question: Understanding margin headwinds in rail manufacturing - Management explained that supply chain issues and labor shortages impacted margins, but they expect improvements as the year progresses [32][33] Question: Delivery expectations for 2023 - Management clarified that while industry deliveries are expected to be lower, they anticipate maintaining their market share, leading to an increase in their own deliveries [36][37] Question: Impact of storm recovery on margins - Management confirmed that storm recovery benefits were adjusted out, and supply chain disruptions had a more significant negative impact on margins [37] Question: Economic outlook and guidance risks - Management acknowledged economic challenges but emphasized strong utilization rates and a solid backlog, providing confidence in their guidance [48] Question: Cash flow expectations and capital allocation - Management indicated that cash flow generation remains strong, and capital allocation will prioritize dividends over share buybacks in 2023 [44][55]

Trinity Industries, Inc. (NYSE:TRN) Q3 2022 Earnings Conference Call October 25, 2022 8:00 AM ET Company Participants Leigh Anne Mann - Vice President of Investor Relations Jean Savage - Chief Executive Officer & President Eric Marchetto - Chief Financial Officer Conference Call Participants Allison Poliniak - Wells Fargo Justin Long - Stephens Matt Elkott - Cowen Bascome Majors - Susquehanna Steve Barger - KeyBanc Capital Markets Operator Good day and welcome to the Trinity Industries Third Quarter Results ...