Trinity Industries reported Q2/14 net income of $164.2 million up 95% from $84.0 million a year earlier as revenues of $1.5 billion were up 39% from $1.1 billion in Q2/13.

The following was excerpted from the Trinity news release on the Rail Group and Railcar Leasing Group:

The Rail Group reported record revenues of $895.6 million and a record operating profit of $176.0 million, resulting in increases compared to the second quarter of 2013 of 34% and 63%, respectively. The Rail Group shipped 7,160 railcars and received orders for 9,880 railcars during the second quarter. The Rail Group backlog increased to a record $5.5 billion at June 30, 2014, representing a record 45,350 railcars, compared to a backlog of $5.2 billion as of March 31, 2014, representing 42,630 railcars.

The Railcar Leasing and Management Services Group reported Q2/14 revenues of $231.5 million compared to revenues of $169.6 million in Q2/13. Operating profit was $102.4 million in Q2/14 compared to operating profit of $75.7 million in the second quarter of 2013. The increase in revenues and operating profit was due to higher rental rates and utilization, lease fleet additions, and increased railcar sales from the lease fleet.

During the second quarter, the company sold $121.4 million worth of railcars to Element Financial under the program agreement announced last December with $53.5 million reported as sales of railcars owned one year or less at the time of sale and $67.9 million reported as sales from the Rail Group.

“I am pleased with our strong results for the second quarter and our ability to build upon the positive momentum occurring within Trinity over the last several years,” said Timothy R. Wallace, Trinity’s Chairman, CEO and President. “Consolidated revenues increased 39% year-over-year and net earnings nearly doubled, outpacing revenue growth by a wide margin. The amount of operating leverage we obtained and the record $6.5 billion backlog in our major businesses at the end of the second quarter were impressive.”

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