Trinity Industries Profit Soars, Lifts Outlook; Stock Up 4%

(RTTNews) - Trinity Industries Inc (TRN) Tuesday reported first-quarter net earnings of $226.4 million or $2.85 per share compared with $79 million or $0.99 per share last year.

Revenues for the quarter were $1.46 billion compared with $933 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $2.54 per share on revenues of $1.33 billion for the quarter. Analysts' estimates typically exclude special items.

The company said the recent quarter benefited from a lower tax rate due to certain domestic manufacturing tax deductions, lower state taxes and the partnership tax status of its non-controlling interests.

Looking ahead to fiscal 2014, the company now expects earnings of $7 to $7.50 per share, up from prior guidance of $6.30 to $7 per share. Analysts expect earnings of $6.87 per share.

Trinity Industries provides products for the transportation, energy, chemical, and construction sectors.