Trinity Industries, Inc. (NYSE:TRN) Q1 2024 Earnings Conference Call May 1, 2024 8:00 AM ET
Company Participants
Leigh Anne Mann - Vice President, Investor Relations
Jean Savage - President and CEO
Eric Marchetto - Chief Financial Officer
Conference Call Participants
Justin Long - Stephens
Bascome Majors - Susquehanna
Steve Barger - KeyBanc Capital Markets
Operator
Good day. And welcome to the Trinity Industries First Quarter Ended March 31, 2024 Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this 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 includes statements as to estimates, expectations, intentions and predictions of future financial performance.
Statements that are not historical fact are forward-looking. Participants are directed to Trinity’s Form 10-K and other SEC filings for 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 Anne Mann, Vice President of Investor Relations. Please go ahead.
Leigh Anne Mann
Thank you, Operator. Good morning, everyone. We appreciate you joining us for the company’s first quarter 2024 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 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 event link. A replay of today’s call will be available after 10.30 a.m. Eastern Time through midnight on May 8, 2024. 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 Anne, and good morning, everyone. We started 2024 off strong and I am pleased with Trinity’s progress. Our first quarter revenue was up 26% year-over-year and we carried more of that revenue to the bottomline. We continued to reprice more of our fleet upward and had a first quarter future lease rate differential or FLRD of 34.7%. The second highest mark for the FLRD since Trinity began reporting this metric four years ago. Furthermore, we achieved significant margin improvement in our Rail Products business.