Trinity Industries, Inc. (TRN) Presents at Goldman Sachs Industrials and Materials Conference 2025 Transcript

Andrzej Tomczyk
Goldman Sachs Group, Inc., Research Division

All right. Awesome. Thanks, everyone. This is the last one of the day, railcar manufacturing and leasing portion of the Industrials Conference. My name is Andrzej Tomczyk, sitting alongside Trinity’s CFO; Eric Marchetto. Eric, thanks for being here today.

Eric Marchetto
Executive VP & CFO

Thank you. Appreciate it.

Andrzej Tomczyk
Goldman Sachs Group, Inc., Research Division

Maybe just to kick off before jumping too much into the question-and-answer session. You want to just provide an overview of Trinity?

Eric Marchetto
Executive VP & CFO

Sure, love to. Thank you. So Trinity is a railcar lessor enabled by rail manufacturing. We operate in North America, principally over the North America industrial economy. Most of our customer base is industrial shippers. We have a large lease fleet, one of the largest on our balance sheet, about 110,000, 112,000 railcars. We also have what we call RIV partners, which is Railcar Investment partners of another 32,000 railcars, which gets us to that kind of 145,000 railcar fleet.

So we have scale in the market. We also have a captive manufacturing business. We’re one of the larger railcar manufacturers serving the North American market. We also have a growing services business. Our maintenance services business, which is there to help maintain our lease fleet and also the fleets of other strategic customers. We also have a growing services business logistics and transloading that is a growing aspect of our business. And we have a parts business, a large OEM. It makes sense that we have a parts business. We’ve been focused on growing that as