Trinity Industries, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing mixed performance across its segments. For the third quarter of 2024, total revenues were $798.8 million, a decrease of 2.7% from $821.3 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenues increased by 12.1% to $2,449.8 million, compared to $2,185.4 million in the prior year.
The Railcar Leasing and Services Group saw a revenue increase of 10.6% in Q3 2024, reaching $289.5 million, while the Rail Products Group experienced a revenue decline of 3.3% to $603.2 million. For the nine-month period, the Railcar Leasing and Services Group's revenues rose by 12.2% to $856.1 million, while the Rail Products Group's revenues increased by 2.0% to $1,904.8 million.
Operating profit for the third quarter of 2024 was $122.4 million, up from $100.2 million in Q3 2023, reflecting a 22.2% increase. For the nine months, operating profit rose to $379.5 million, compared to $268.3 million in the same period of 2023. The operating profit margin improved to 39.8% in Q3 2024, compared to 36.6% in the prior year.
Net income for the third quarter of 2024 was $35.5 million, compared to $23.6 million in Q3 2023. For the nine months, net income increased to $119.3 million, up from $58.5 million in the same period of 2023. Basic earnings per share for Q3 2024 were $0.38, compared to $0.27 in the prior year.
The company also reported significant changes in its financial position. Cash and cash equivalents increased to $222.4 million as of September 30, 2024, up from $105.7 million at the end of 2023. Total assets decreased slightly to $8,842.9 million from $8,906.5 million. Notably, recourse debt decreased to $597.7 million from $794.6 million, while non-recourse debt from wholly-owned subsidiaries increased to $4,007.4 million from $3,819.2 million.
Strategically, Trinity Industries completed the acquisition of Holden America in December 2022, with additional consideration payments scheduled for 2024 and 2025. The company also modified its reportable segments effective January 1, 2024, to better leverage maintenance services capabilities. The Railcar Leasing and Services Group now includes maintenance services, which were previously part of the Rail Products Group.
Overall, while Trinity Industries faced revenue declines in certain areas, it demonstrated strong profitability growth and strategic adjustments to enhance its operational efficiency and market positioning.
About TRINITY INDUSTRIES INC
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