Trinity Industries reported Q3/18 net income of $27.7 million compared to net income of $66.9 million for the same quarter in 2017. Revenues for Q3/18 decreased to $930.9 million compared with revenues of $973.6 million for Q3/17. The company recorded an impairment charge of $24.8 million during the quarter related to the classification of certain businesses in the Energy Equipment Group as held for sale. Additionally, the company incurred approximately $10.6 million of corporate costs during the quarter related to the expected spin-off transaction.

Trinity said the Rail Group expects deliveries of between 20,000 and 21,000 railcars in 2018 and anticipates full year 2019 deliveries of between approximately 22,500 and 24,000 railcars

The Railcar Leasing and Management Services Group reported revenues and operating profit of $227.5 million and $92.2 million, respectively, in Q3/18, compared with $275.1 million and $120.6 million, respectively, in the same quarter of 2017. The decrease in revenues was primarily due to lower sales of railcars owned one year or less and a decrease in asset management advisory fees. Total proceeds from the sale of leased railcars, including sales of railcars owned for more than one year that are not reported as revenues, were $118.6 million in the third quarter of 2018 compared with $154.5 million of leased railcars in the third quarter of 2017.

The decrease in operating profit in the Leasing Group for the third quarter was primarily the result of lower average rental rates, lower asset management advisory fees and a change in the mix of railcars sold from the lease fleet, partially offset by net growth in the lease fleet.