Trinity Industries, Inc. Reports Positive Results for the First Quarter

DALLAS--(Business Wire)--
Trinity Industries, Inc. (NYSE:TRN) today reported net income of $33.9 million,
or $0.43 per common diluted share for the first quarter ended March 31, 2009.
The earnings included $0.15 per common diluted share resulting from the sale at
the end of the first quarter of $132.1 million of railcars by its railcar
leasing business, Trinity Industries Leasing Company ("TILC"), to TRIP Rail
Leasing LLC ("TRIP"). Net income for the same quarter of 2008 was $63.8 million,
or $0.78 per common diluted share. The earnings for the first quarter of 2008
included $0.05 per common diluted share resulting from the sale during the first
quarter of $37.9 million of railcars by TILC to TRIP.

Revenues for the first quarter of 2009 were $793.5 million compared with
revenues of $898.9 million for the same quarter of 2008.

"Given the challenging economic environment, our results were good," said
Timothy R. Wallace, Trinity's Chairman, CEO, and President. "We are focused on
rapidly adapting to the lower product volumes that have resulted from the
current economic environment. Our employees have responded well to this
difficult task. While certain of our businesses did well, the first quarter was
challenging for several of our other businesses. Our customers continue to be
cautious as they try to get a better sense of the economy`s direction."

During the first quarter of 2009, TrinityRail® shipped approximately 3,050
railcars and received orders for 995 railcars. As of March 31, 2009,
TrinityRail`s order backlog totaled approximately $550 million, representing
approximately 6,210 railcars.

TILC had approximately 47,650 railcars in its fleet as of March 31, 2009. This
compares to TILC`s fleet of approximately 38,030 railcars as of March 31, 2008.
The lease fleet was 98.4% utilized by third party lessees as of March 31, 2009.

During the first quarter, Trinity sold $170.1 million of railcars to TRIP
including $132.1 million of railcars from TILC. Since its inception in June
2007, through March 31, 2009, TRIP has purchased $1.16 billion of railcars,
including new railcar purchases from Trinity`s railcar manufacturing
subsidiaries and purchases from TILC.

Revenues for the Inland Barge Group grew 14% in the first quarter of 2009 to
$157.0 million, as compared to the same quarter of 2008. Operating profit
increased 47% during the first quarter over the same quarter of 2008 to $38.9
million, a new quarterly record. The Inland Barge Group`s backlog totaled
approximately $402 million as of March 31, 2009. "In addition to maximizing
efficiencies, our Inland Barge Group employees have done a great job reducing
costs," Wallace said. "The success of this business is evidence of the benefits
Trinity is now reaping from our diversification efforts during the past few
years."

The Energy Equipment Group recorded revenues of $128.5 million in the first
quarter of 2009, as compared to $129.5 million in the same quarter of 2008.
These businesses produced operating profit of $18.3 million in the first quarter
of 2009 as compared to $18.2 million in the same quarter of 2008. The order
backlog for structural wind towers as of March 31, 2009 totaled approximately
$1.3 billion.

Revenues in the Construction Products Group totaled $123.5 million in the first
quarter of 2009, a decline of 27% from the same quarter in 2008. These
businesses recorded an operating loss of $1.9 million in the first quarter of
2009, compared to a profit of $12.2 million in the first quarter of 2008. The
first quarter of 2009 included a $1.7 million charge for the write down of
certain inventory. "We were not pleased with the financial performance of the
Construction Products Group in the first quarter," Wallace said. "The economic
slowdown has severely impacted this business. We experienced lower sales volumes
and margin compression due to the sale of higher-priced inventory into a highly
competitive marketplace. We are focused on returning this group to
profitability."

In the preparation of the 2008 income tax returns, the Company expects the
ultimate income tax refund will be $91.7 million. This has been adjusted from
the previous expectation of $98.7 million.

Second Quarter 2009 Earnings Outlook

The Company estimates earnings of between $0.20 and $0.30 per common diluted
share for the second quarter of 2009. The Company attributes the wide range in
its guidance to ongoing uncertainty concerning the overall economy and
volatility within the markets that Trinity serves.

Conference Call

Trinity will hold a conference call at 11:00 a.m. Eastern on April 30, 2009 to
discuss its first quarter results. To listen to the call, please visit the
Investor Relations section of the Trinity Industries website, www.trin.net. An
audio replay may be accessed through the Company`s website or by dialing (402)
220-0398 until 11:59 p.m. Eastern on May 7, 2009.

Trinity Industries, Inc., headquartered in Dallas, Texas, is a multi-industry
company that owns a variety of market-leading businesses which provide products
and services to the industrial, energy, transportation, and construction
sectors. Trinity reports its financial results in five principal business
segments: the Rail Group, the Railcar Leasing and Management Services Group, the
Inland Barge Group, the Construction Products Group, and the Energy Equipment
Group. For more information, visit: www.trin.net.

Some statements in this release, 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. Trinity
uses the words "anticipates," "believes," "estimates," "expects," "intends,"
"forecasts," "may," "will," "should," and similar expressions to identify these
forward-looking statements. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
historical experience or our present expectations. For a discussion of such
risks and uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see "Forward-Looking Statements" in
the Company`s Annual Report on Form 10-K for the most recent fiscal year.

Trinity Industries, Inc.
Condensed Consolidated Income Statements
(in millions, except per share amounts)
(unaudited)

Three Months Ended March 31,
2009 2008
(adjusted)
Revenues $ 793.5 $ 898.9

Operating profit $ 83.3 $ 126.2

Interest expense, net 28.7 20.9

Other (income) expense, net (0.6 ) (1.1 )

Income from continuing operations before income taxes 55.2 106.4

Provision for income taxes 21.2 42.3

Income from continuing operations 34.0 64.1

Discontinued operations:

Loss from discontinued operations, net of benefit for income taxes of $ - and $ 0.1 (0.1 ) (0.3 )

Net income $ 33.9 $ 63.8

Net income per common share:
Basic:
Continuing operations $ 0.43 $ 0.79
Discontinued operations - -
$ 0.43 $ 0.79

Diluted:
Continuing operations $ 0.43 $ 0.78
Discontinued operations - -
$ 0.43 $ 0.78
Weighted average number of shares outstanding:
Basic 76.6 78.9
Diluted 76.6 79.3

See our March 31, 2009 Quarterly Report on Form 10-Q for a discussion of the
adjusted 2008 financial information resulting from the adoption of new
accounting pronouncements.

Trinity Industries, Inc.
Condensed Segment Data
(in millions)
(unaudited)

Three Months Ended March 31,
Revenues: 2009 2008

Rail Group $ 283.9 $ 567.8

Construction Products Group 123.5 169.3

Inland Barge Group 157.0 137.8

Energy Equipment Group 128.5 129.5

Railcar Leasing and Management Services Group 222.4 119.8

All Other 14.4 18.2

Eliminations - lease subsidiary (116.5 ) (216.7 )

Eliminations - other (19.7 ) (26.8 )

Consolidated Total $ 793.5 $ 898.9

Operating profit (loss): Three Months Ended March 31,
2009 2008

Rail Group $ (5.8 ) $ 77.2

Construction Products Group (1.9 ) 12.2

Inland Barge Group 38.9 26.5

Energy Equipment Group 18.3 18.2

Railcar Leasing and Management Services Group 52.7 34.1

All Other (1.4 ) (0.3 )

Corporate (7.6 ) (5.4 )

Eliminations - lease subsidiary (8.9 ) (31.2 )

Eliminations - other (1.0 ) (5.1 )

Consolidated Total $ 83.3 $ 126.2

Trinity Industries, Inc.
Condensed Consolidated Balance Sheets
(in millions)
(unaudited)

March 31, December 31,
2009 2008

(adjusted)
Assets

Cash and cash equivalents $ 170.4 $ 161.8

Receivables, net of allowance 205.8 251.3

Income tax receivable 91.7 98.7

Inventories 559.1 611.8

Net property, plant, and equipment 2,947.7 2,990.6

Other assets 794.9 797.9

$ 4,769.6 $ 4,912.1

Liabilities and Stockholders` Equity

Accounts payable and accrued liabilities $ 529.0 $ 699.4

Debt, net of unamortized discount on convertible 1,716.0 1,774.7
subordinated notes of $128.8 and 131.2, respectively

Deferred income 77.9 71.8

Deferred income taxes 414.5 388.3

Other liabilities 66.3 65.6

Stockholders` equity 1,965.9 1,912.3

$ 4,769.6 $ 4,912.1

Trinity Industries, Inc.
Additional Balance Sheet Information
(in millions)
(unaudited)

March 31, December 31,
2009 2008

(adjusted)

Property, Plant, and Equipment

Corporate/Manufacturing:
Property, plant, and equipment $ 1,209.3 $ 1,175.6
Accumulated depreciation (654.4 ) (620.2 )
554.9 555.4
Leasing:
Machinery and other 37.6 37.0
Equipment on lease 2,929.6 2,973.2
Accumulated depreciation (245.9 ) (232.7 )
2,721.3 2,777.5

Deferred profit on railcars sold to the Leasing Group (328.5 ) (342.3 )

$ 2,947.7 $ 2,990.6

Debt

Corporate/Manufacturing - Recourse:
Revolving credit facility $ - $ -
Convertible subordinated notes 450.0 450.0
Less: unamortized discount (128.8 ) (131.2 )
321.2 318.8

Senior notes 201.5 201.5
Other 2.7 2.7
525.4 523.0
Leasing - Recourse:
Equipment trust certificates - 61.4
Other 12.9 -
Total recourse 538.3 584.4

Leasing - Non-recourse:
Secured railcar equipment notes 316.4 320.0
Warehouse facility 310.2 312.7
Promissory notes 551.1 557.6
1,177.7 1,190.3
$ 1,716.0 $ 1,774.7

Trinity Industries, Inc.
Reconciliation of EBITDA
(in millions)
(unaudited)

"EBITDA" is defined as net income (loss) plus interest expense, income taxes,
and depreciation and amortization. EBITDA is not a calculation based on
generally accepted accounting principles. The amounts included in the EBITDA
calculation, however, are derived from amounts included in the historical
statements of operations data. In addition, EBITDA should not be considered as
an alternative to net income or operating income as an indicator of our
operating performance, or as an alternative to operating cash flows as a measure
of liquidity. We have reported EBITDA because we regularly review EBITDA as a
measure of our ability to incur and service debt. In addition, we believe our
debt holders utilize and analyze our EBITDA for similar purposes. We also
believe EBITDA assists investors in comparing a company`s performance on a
consistent basis without regard to depreciation and amortization, which can vary
significantly depending upon many factors. However, the EBITDA measure presented
in this press release may not always be comparable to similarly titled measures
by other companies due to differences in the components of the calculation.

Three Months Ended March 31,
2009 2008
(adjusted)

Income from $ 34.0 $ 64.1
continuing
operations
Add:
Interest 29.0 23.2
expense
Provision 21.2 42.3
for income
taxes
Depreciatio 40.3 31.8
n and
amortizatio
n expense

Earnings $ 124.5 $ 161.4
from
continuing
operations
before
interest
expense,
income
taxes, and
depreciatio
n and
amortizatio
n expense

Trinity Industries, Inc.
James E. Perry, 214-589-8412
Vice President, Finance and Treasurer

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