Trinity Industries, Inc. (NYSE:TRN) Q1 2023 Earnings Conference Call May 2, 2023 8:00 AM ET
Company Participants
Leigh Mann - VP, IR
Jean Savage - President, CEO & Director
Eric Marchetto - EVP & CFO
Conference Call Participants
Justin Long - Stephens Inc.
Bascome Majors - Susquehanna
Matthew Elkott - TD Cowen
Jacob Moore - KeyBanc Capital Markets
Operator
Good day, and welcome to the Trinity Industries First Quarter Ended 31st March 2023 Results Conference Call. [Operator Instructions].
Please note, today's event is being recorded. Before we get started, let me remind you that today's conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 and include statements as to estimates, expectations, intentions and predictions of future financial performance. Statements that are not historical facts are forward-looking. Participants are directed to Trinity's Form 10-K and other SEC filings for a description of certain of the business issues and risks, a change in any of which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.
I would now like to turn the conference over to Leigh Mann, Vice President of Investor Relations. Please go ahead.
Leigh Mann
Thank you, operator. Good morning, everyone. We appreciate you joining us for the company's First Quarter 2023 Financial Results Conference Call. Our prepared remarks will include comments from Jean Savage, Trinity's Chief Executive Officer and President; and Eric Marchetto, the company's Chief Financial Officer. We will hold a Q&A session following the prepared remarks from our leaders.
During the call today, we will reference slides highlighting key points of discussion as well as certain non-GAAP financial metrics. The reconciliations of the non-GAAP metrics to comparable GAAP measures are provided in the appendix of the supplemental slides, which are accessible on our Investor Relations website at www.trin.net. These slides are under the Events and Presentations portion of the website, along with the first quarter earnings conference call's webcast link.
A replay of today's call will be available after 10:30 a.m Eastern Time through midnight on May 9, 2023. Replay information is available under the Events and Presentations page on our Investor Relations website.
It is now my pleasure to turn the call over to Jean.
Jean Savage
Thank you, Leigh Mann, and good morning, everyone. I'll start on Slide 3 to talk about our key messages from today's call, which we will expand on later in our prepared remarks. Our first quarter GAAP EPS from continuing operations was $0.09, and adjusted EPS from continuing operations was $0.07, up $0.04 year-over-year. We ended the quarter with our future lease rate differential, or FLRD, at 44.3%. The FLRD calculates the implied change in lease rates for railcar leases expiring over the next 4 quarters by applying the most recently transacted quarterly lease rate for each railcar type, and our lease fleet utilization improved this quarter to 98.2%, reinforcing that the railcar market remains tight.