Trinity Industries reported Q3/14 net income attributable to Trinity stockholders of $149.4 million compared to net income for the same quarter of 2013 of $99.6 million. Revenues for the third quarter of 2014 increased 41% to a record $1.56 billion compared to revenues of $1.11 billion for the same quarter of 2013.

“During the third quarter, Trinity generated record revenues and its 17th consecutive quarter of year-over-year growth in net earnings,” said Timothy R. Wallace, Trinity’s chairman, CEO and president. “Our major businesses reported a record combined backlog valued at more than $7.1 billion at the end of the third quarter, representing 15% growth year-over-year.”

In the third quarter of 2014, the Rail Group reported record revenues of $996.4 million and operating profit of $186.4 million, resulting in increases compared to the third quarter of 2013 of 39% and 53%, respectively. The increase in revenues and profit was due to higher deliveries, improved pricing, and a more favorable product mix. The Rail Group shipped 7,745 railcars and received orders for 14,120 railcars during the third quarter. The Rail Group backlog increased to a record $6.1 billion at September 30, 2014, representing a record 51,725 railcars, compared to a backlog of $5.5 billion as of June 30, 2014, representing 45,350 railcars.

The Railcar Leasing and Management Services Group reported Q3/14 revenues of $205.7 million compared to revenues of $150.6 million during the third quarter of 2013. Operating profit for this Group was $87.0 million in the third quarter of 2014 compared to operating profit of $74.0 million in the third quarter of 2013. The increase in revenues and operating profit was due to higher rental rates and utilization as well as increased railcar sales from the lease fleet.

During the third quarter, the company sold $132.2 million of railcars to Element Financial Corporation under the strategic alliance announced last December with $47.4 million reported as sales of railcars owned one year or less at the time of sale, $13.0 million reported as sales of railcars owned more than one year at the time of sale, and $71.8 million reported in the Rail Group as external revenue.

To view the full Trinity Industries news release, click here.