Trinity Industries (TRN) Q4 FY2023 earnings: revenue $798 million, up 35.0% on the year

Trinity Industries Inc. (TRN) reported revenue of $798 million for Q4 FY2023, the quarter ended 31 December 2023, up 35.0% on the same quarter a year earlier. Net income was $63 million, up 100.6% on the year, and diluted earnings per share $0.75. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue$798 millionup 35.0%

Net income$63 millionup 100.6%

Diluted EPS$0.75

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	798	821	n/a	n/a
Cost of revenue	637	680	n/a	n/a
Gross profit	161	142	n/a	n/a
Gross margin	20.2%	17.3%	n/a
Selling, general and administrative	48.6	49.1	n/a	n/a
Operating income	149	100	n/a	n/a
Operating margin	18.6%	12.2%	n/a
Pre-tax income	80.5	32.3	n/a	n/a
Income tax	7.1	6.0	n/a	n/a
Effective tax rate	8.8%	18.6%	n/a
Net income	62.8	21.8	n/a	n/a
Net margin	7.9%	2.7%	n/a
Diluted EPS	$0.75	$0.26	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	87.9	72.8	n/a	n/a
Capital expenditure	11.9	8.6	n/a	n/a
Free cash flow	76.0	64.2	n/a	n/a
Free cash flow margin	9.5%	7.8%	n/a
Cash from investing	-46.7	-24.2	n/a	n/a
Cash from financing	-72.8	-78.5	n/a	n/a
Depreciation and amortisation	73.3	73.1	n/a	n/a
Share-based compensation	3.9	6.1	n/a	n/a
Buybacks	n/a	0.0	n/a	n/a
Dividends paid	21.3	21.4	n/a	n/a
Dividend per share	n/a	$0.26	n/a	n/a
Diluted shares, weighted	n/a	84m	n/a	n/a
Shares outstanding at period end	82m	82m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,037	1,001	n/a	n/a
Non-controlling interest	238	253	n/a	n/a
Debt	5,754	5,782	n/a	n/a
Operating lease liabilities	118	110	n/a	n/a
Other liabilities	1,759	1,828	n/a	n/a
Total liabilities and equity	8,906	8,973	n/a	n/a
Fixed assets	7,005	6,991	n/a	n/a
Goodwill	222	223	n/a	n/a
Intangible assets	107	n/a	n/a	n/a
Cash and equivalents	106	114	n/a	n/a
Inventory	684	679	n/a	n/a
Other assets	784	966	n/a	n/a
Total assets	8,906	8,973	n/a	n/a

Questions

What was Trinity Industries' revenue in Q4 FY2023?

Trinity Industries (TRN) reported revenue of $798 million for Q4 FY2023, the quarter ended 31 December 2023, up 35.0% on the same quarter a year earlier.

How much did Trinity Industries earn in Q4 FY2023?

Net income for Q4 FY2023 was $63 million, up 100.6% on the year, and diluted earnings per share $0.75.

When did Trinity Industries report Q4 FY2023 results?

Trinity Industries filed its 10-K for the quarter ended 31 December 2023 with the SEC on 20 February 2025.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	821	798	810	841	799	629	585	506	454	611	492	485
Cost of revenue	680	637	645	662	629	474	443	373	313	456	363	375
Gross profit	142	161	165	179	170	155	142	133	141	156	129	110
Gross margin	17%	20%	20%	21%	21%	25%	24%	26%	31%	25%	26%	23%
SG&A	49.1	48.6	52.3	61.3	60.5	61.6	50.0	49.4	45.2	69.7	50.7	51.1
Operating income	100	149	115	142	122	112	99.8	95.4	119	335	101	200
Operating margin	12%	19%	14%	17%	15%	18%	17%	19%	26%	55%	21%	41%
Pre-tax income	32.3	80.5	42.7	75.2	56.4	47.5	36.4	26.0	48.2	265	35.1	134
Tax rate	19%	9%	26%	23%	28%	14%	20%	16%	23%	26%	24%	24%
Net income	21.8	62.8	23.7	54.4	31.4	28.9	22.1	14.1	30.3	187	24.2	98.3
Net margin	3%	8%	3%	6%	4%	5%	4%	3%	7%	31%	5%	20%
Diluted EPS	$0.26	$0.75	$0.28	$0.65	$0.37	$0.34	$0.26	$0.17	$0.37	$2.28	$0.30	$1.20
Operating cash flow	72.8	87.9	52.2	242	78.5	202	76.5	61.6	44.2	177	97.8	68.9
Capital expenditure	8.6	11.9	4.6	11.3	16.4	21.5	9.2	8.7	8.9	18.8	6.3	11.7
Free cash flow	64.2	76.0	47.6	230	62.1	180	67.3	52.9	35.3	159	91.5	57.2
Buybacks	0.0	n/a	0.0	0.9	6.0	13.8	8.2	30.8	19.9	12.4	7.2	13.1
Dividends paid	21.4	21.3	23.0	24.2	22.9	23.1	24.6	25.8	24.2	24.1	24.8	25.7
Shares outstanding	82m	82m	82m	82m	82m	82m	82m	81m	80m	80m	80m	80m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2025, accession 0000099780-25-000015: the filing on EDGAR. All of Trinity Industries Inc.'s filings: EDGAR company page.

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