Trinity Industries Inc. (Trinity Industries) has reported revenues of $793.5 million for the first quarter of 2009, compared with the revenues of $898.9 million in the year-ago quarter. It has also reported a net income of $33.9 million, or $0.43 per diluted share, for the first quarter of 2009, compared with the net income for $63.8 million, or $0.78 per diluted share, in the year-ago quarter.

During the first quarter of 2009, TrinityRail shipped around 3,050 railcars and received orders for 995 railcars. As of March 31, 2009, TrinityRail’s order backlog totaled around $550 million, representing around 6,210 railcars. TILC had around 47,650 railcars in its fleet as of March 31, 2009. This compares to TILC’s fleet of around 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 Industries 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 Industries’ 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 around $402 million as of March 31, 2009.

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 around $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.

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 Industries serves.

“Given the challenging economic environment, our results were good,” said Timothy R. Wallace, chairman, chief executive officer, and president of the company. “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.”

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 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.