Trinity Industries, Inc. reported a revenue of $3,079.2 million for the fiscal year ending December 31, 2024, marking a 3.2% increase from $2,983.3 million in 2023. The company's operating profit rose significantly by 17.9% to $491.5 million, compared to $417.0 million in the previous year. This growth in profitability was attributed to improved efficiencies and higher lease rates in the Railcar Leasing and Services Group, alongside a higher volume of external repairs. The Rail Products Group, however, experienced a slight decline in revenue, down 1.9% to $2,431.1 million, primarily due to a decrease in sustainable railcar conversions.
In terms of operational metrics, Trinity's leasing fleet consisted of 109,635 railcars, achieving a utilization rate of 97.0% as of December 31, 2024, slightly down from 97.5% in 2023. The company made a net fleet investment of approximately $181.2 million during the year, which included new railcar additions and modifications. The total backlog of railcars at the end of 2024 was valued at $2.1 billion, a decrease from $3.2 billion in 2023, reflecting a reduction in orders received, which fell by 33.2% year-over-year.
Strategically, Trinity Industries underwent a significant organizational restructuring effective January 1, 2024, which realigned its maintenance services business under the Railcar Leasing and Services Group. This change aimed to enhance service capabilities and optimize lease fleet management. The company also continued to focus on digital transformation within the rail industry, emphasizing data-driven solutions to improve operational efficiency.
Looking ahead, Trinity anticipates a net fleet investment of between $300 million and $400 million for 2025, alongside capital expenditures for operational improvements projected between $45 million and $55 million. The company remains vigilant regarding market conditions, particularly in light of cyclical demand fluctuations in the railcar industry, and is prepared to adapt its strategies accordingly. The management expressed confidence in the company's ability to navigate these challenges while continuing to deliver value to shareholders.
About TRINITY INDUSTRIES INC
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