Trinity Industries reported record fourth quarter earnings of $112.8 million, up 58% from $71.3 million in the same quarter in 2012.

Full year 2013 net income of $375.5 million was up from $255.2 million or 47% from 2012. Full year revenues were $4.4 billion or 15% higher compared to revenues of $3.8 billion a year earlier.

Timothy R. Wallace, Trinity’s chairman, CEO and president said, “We achieved a number of key financial milestones, reporting record revenues, net income and earnings per share for both the fourth quarter and the full year. During 2013, we announced two transactions with institutional investors desiring to invest in a portfolio of leased railcars, RIV 2013, a $1 billion railcar investment partnership, and Element Financial, through a $2 billion program agreement. I expect these transactions will continue to create value for the company.”

During the fourth quarter of 2013, the Railcar Leasing and Management Services Group reported leasing and management revenues of $151.3 million compared to $132.6 million in the fourth quarter of 2012 due to continued growth in the lease fleet and higher rental rates. In addition, the Group recognized $39.5 million in sales of railcars from the lease fleet owned for less than a year during the fourth quarter compared to $18.1 million in the fourth quarter of 2012.

Trinity said proceeds from the sale of railcars from the lease fleet owned for more than a year at the time of sale are not included in revenue and totaled $72.3 million in the fourth quarter of 2013 and $31.4 million in the fourth quarter of 2012.

Operating profit for this Group was $85.5 million for the fourth quarter of 2013 compared to operating profit of $72.9 million during the fourth quarter of 2012. Included in the operating results for the fourth quarter of 2013 was $16.4 million of profit from railcar sales totaling $111.8 million compared to $15.3 million of profit from railcar sales totaling $49.5 million for the same period last year. Operating profit from operations, which excludes profit from railcar sales, increased for the three months ended December 31, 2013 compared to the same period last year due to higher rental rates and lease fleet growth.

To read the entire Trinity Industries news release, click here.