Trinity Industries Inc. (NYSE:TRN) Q4 2017 Earnings Conference Call - Final Transcript

Feb 22, 2018 • 11:00 am ET

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Trinity Industries Inc. (NYSE:TRN) Q4 2017 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, everyone, and welcome to today's Trinity Industries' Fourth Quarter and Full Year Results Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session. [Operator Instructions]

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 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.

It is now my pleasure to turn the conference over to Gail Peck.

Executive
Gail M. Peck

Thank you, Leo. Good morning, everyone. Welcome to Trinity Industries' fourth quarter 2017 [Technical Issues] Thank you for joining us this morning.

As we've done previously, we will begin today's earnings call with a brief update on the Highway Products litigation matter provided by Theis Rice, our Senior Vice President and Chief Legal Officer. We will then follow with our normal quarterly earnings call format. New to this format is a dedicated section to the planned spin-off of the Company's infrastructure-related business. Melendy Lovett, Trinity's Senior Vice President and Chief Administrative Officer, will provide the spin-off update.

We also would like to introduce Eric Marchetto, Executive Vice President and Chief Commercial Officer for TrinityRail, who will cover Rail and Leasing this morning. Some [Technical Issues] may know Eric. For those that do not, Eric has been with Trinity over 20 years, and his tenure has been spent entirely in our Rail and Leasing businesses, with broad responsibilities spanning accounting, finance and portfolio management, to market analysis, investments and contract administration. Previously, Eric was Chief Financial Officer of TrinityRail.

Today's speakers also include Tim Wallace, our Chairman, Chief Executive Officer and President; Bill McWhirter, Senior Vice President and Group President of the Construction Products, Energy Equipment and Inland Barge Group; and James Perry, our Senior Vice President and Chief Financial Officer.

Following prepared remarks, we will move to the Q&A session. Mary Henderson, our Vice President and Chief Accounting Officer; and Scott Beasley, the future Chief Financial Officer of the new infrastructure company are also in the room with us today.

I will now turn the call over to Theis Rice.

Executive
S. Theis Rice

Thank you, Gail, and good morning, everyone. In our last call, I reported on the status of the Joshua Harman False Claims Act litigation pertaining to the company's ET Plus guardrail end-terminal system. As reported, the United States Court of Appeals for the Fifth Circuit published a unanimous ruling on September 29, 2017 that reversed the Trial Court's judgment in the case and rendered judgment for Trinity as a matter of law. On October 27, 2017, Mr. Harman filed a petition for rehearing en