EXHIBIT 99.3

                             Trinity Industries, Inc
                            Quarterly Conference Call
                                  March 6, 2003


COMMENTS OF JIM S. IVY, SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

I will go over a few things affecting comparability of our financial statements
with prior periods starting with the business groups.

In the Rail Group, operating loss in the fourth quarter improved to $10.4
million from $15.9 million in the same quarter last year (excluding the
restructuring charges in the prior year related to the Thrall merger) on 43%
lower revenues. Comparing the third quarter of this year to the fourth quarter,
while revenues are basically flat, operating profit declined primarily due to
lower margin cars in the fourth quarter and warranty reserve increases of about
$1.5 million. Sales to the Leasing group in 2002 were $120 million and $250
million in 2001. Profit on those sales was $5.9 million in 2002 and $12.4
million in 2001. In the fourth quarter sales to the Leasing Group were $32
million compared to $43 million in the same quarter last year. Profit on those
sales was $1.1 million this year compared to $1.7 million last year. Both the
sales and profits on these intercompany sales are eliminated in consolidation.

Fourth quarter orders represented a 45% market share as our backlog and the
industry backlog grew for the third consecutive quarter. Our orders for the
second half of the year were about 6,800 compared to 3,500 in the first half of
the year.

In the Construction Products Group, revenues declined in the year and the
quarter primarily due to exiting certain product lines and geographical markets.
The fourth quarter year over year revenue decline was also due to an $8 million
decline due to worse weather in our market areas in 2002. Fourth quarter
operating profit was adversely impacted by the weather and, to a lesser extent,
by pricing pressures in the highway business.

In the Inland Barge Group, operating profits are down for the year and fourth
quarter compared to the same periods of the prior year due to expenses related
to the barge corrosion litigation, which were $700 thousand for the quarter and
$3.2 million for the year, and some high margin profitable work in the fourth
quarter of 2001 which was not expected to recur. Backlogs are substantially
below levels at this time last year.

In the Industrial Products Group, the decline in revenues year over year is due
to lower sales in the heads business. Lower profits are due to a $2.2 million
reserve established in the second quarter related to a leasing customer and, in
the fourth quarter, due to costs associated with a plant closing and reducing
our product offering in the heads business.

In the Leasing and Management Services Group, revenues and operating profit
include both the sale of cars from the lease fleet and leasing and management
operations. Sales from the lease fleet were $5 million in 2002 and $22.5 million
in 2001. Profit sales on these sales was $1.5 million in 2002 and $2.8 million
in 2001. Eliminating these sales from the segment results reveals that leasing
and management revenues increased over $18 Million in 2002 due to increasing the
size of the lease fleet offset by slight declines in utilization and lease
rates. The




decline in operating profit is primarily due to the change we have explained in
prior calls and in our Form 10K regarding the impact of a $200 million sale and
leaseback transaction which moved the interest component of lease payments into
operating expense from interest expense. On an apples to apples basis the
operating profit margin in the leasing group for the year declined 7%, of which
about 2% was due to pricing and utilization, 2 and 1/2% due to increased
maintenance expenses and the balance related to growth in the lease fleet and
marketing expenses. Utilization of the lease fleet at the end of the 4th quarter
was 94.5% compared to 94.4% at this time last year.

Comparing the 4th quarter to the same period last year, sale of railcars from
the lease fleet were $3.1 million in the fourth quarter of 2002 and $14.7
million in the fourth quarter of 2001. Operating profit on these sales was $500
thousand in 2002 and $1.4 million in 2001. Eliminating these from the segment
results for the fourth quarter shows leasing and management revenues increased
approximately $1.6 million while operating profits declined about $200 thousand
year over year.

In the All Other Group, reduced revenues are due to curtailing the structural
towers business and exiting the mixer truck business in 2001. Reduced net loss
in this group is related to exiting the mixer truck business and the special
charges in the prior year.

From a consolidated perspective, we reduced our investment in inventory and
accounts receivable by $88 million in 2002. This reduction follows a $157
million reduction in 2001. Our debt has remained fairly level, increasing $12
million year to year while adding over $100 million in railcars to our lease
fleet.

Our "go-live date" for the implementation of our new Oracle financial system is
presently April 7th, about 32 days from today. This culminates more than a
yearlong project and will be a significant upgrade to our financial systems.
There are even still many parts of the project coming together between now and
April 7th that could impact the exact go-live date. We are putting a lot of
effort into making sure we are ready to go live including training our people
and contingency planning to resolve issues as they arise.

We are preparing to file our Form 10K during the week of March 17th.