hope is off XXXX start. everyone. to your Thank I you, morning, and Leigh, great good a
to financial to of I are a stakeholders. but that the remarks, Before and prepared always of want take don't statements we with all on begin our essential our XXXX, accomplishments moment appear acknowledge
focus in then of good and governance the this excellence. for and goods delivering social, purposes purpose our is environmental, company embedded on Our all
business. further view embed operating core our sustainability that our key model sustainability we updated evidence word focus a the for a have We to as as value
standardizations, initiatives. efforts and naming and in Trinity This safety our ramp management ESG of North that health we up the standard environmental a company Global year, our our continued a lead manufacturing railcar first for to for America initiatives existing certify ESG included spearhead EHS and to We occupational conforms organization as system the became to Last our Head standards. to company. international ESG
resource hired DE&I networks, roadshow We our employee nine completed and with employee either to ESG and first investors. initiatives, groups launched a Direct
Additionally, repurpose consistently product in longevity like we our to business, efficiency new of This that on railcar sustainability are components. existing designs and new includes increase and core priorities. our development program railcars the working us their sustainable in to programs allow and conversion support improving parts
has of program XX steel. pounds conversion railcar over reused sustainable million our To-date,
and Our our keeping year. look ESG are the to initiatives ongoing I forward you progress on updated through
And key now, messages to with on call, later which in X will remarks. our to about me talk we expand today's prepared Slide from our turn
EPS $X.XX quarter $X.XX operations up from $X.XX, and adjusted fourth from was was $X.XX operations and sequentially GAAP continuing year-over-year. Our EPS continuing
For and was of XXXX. EPS the over year, full GAAP $X.XX adjusted up EPS was $X.XX XXX%
deliver we unexpected Given in pace chain faced that rail we challenges at impacted service the supply the our to ability expected. and labor, cars XXXX,
XXXX. in be rate railcar of of the what view growth XX.X%. and of continued and rate this ended indicator differential reason market. is a look leasing with accomplished good FLRD future as We an strength leasing We the high achieved when year we we broad-based at FLRD Furthermore, lease predictor in the to future the or segment have also are the proud our we We we growth ahead, optimistic. in
market control by next accounts increased FLRD remember sentiment. for four and most lease the quarters, The The The for applying logistics expiring chain quarterly implied and tightened for energy rate rates visibility, for has also supply strong uncertain railcar is rates, leases in despite over that change have type. cost calculates lease and and supply recently economic which the planning key transacted planning current remains to importance the businesses. industry of the each railcar FLRD
advantage has of either other which a of rest the as producer can volatility. for one the Trinity be or does unique in The most both the railcars solid a a periods of and industry leasing beneficiary fundamentals. part, of challenging market
We are $X.XX. lease segment deliveries, EPS $X.XX and XXXX introducing this midpoint, guidance At margins. to and represents XXXX reflects of XX% higher improved of EPS growth our higher the over rates,
will of discuss And general on America, finally, and completed our our XXXX. of we acquisition the fourth Holden second view future this acquisition in acquisitions. quarter, our acquisition Eric
let's for Slide market X now, to turn And a update.
there While to of improvements we operating us maintain. been traffic, Without into have on rail be rail service key that shortages employees But continue for to hope metrics improvements rail will and the labor worst. number service we a give heading some remains carriers XXXX. tough seen railroad in constraint recently of the service hiring, significant have the impact feel to
meaningful the railcar saw volumes We and traffic, late trends markets chemical remained in and New other with such storage At experienced headwinds but carried even notable XXXX. the five below well and load XXXX but up seasonal Markets momentum average. in still (ph) XXXX. consistent the into ticked volatility year metals railcars the year in automotive with the number like of same normal Year, grain time, as in the carload
to replacement railcar demand. the tight We needs railcars in existing remain and fleet of to expect drive continue new XXXX to
above the up of FLRD our which bottom it XX%, last slide, significant where I from the is quarter. already a mentioned is was to step Moving
the we railcars utilization delivered quarter XX.X%, is of the and which XX,XXX of for billion. We a year same held valued ended quarter is X,XXX. steady received the with fleet backlog levels evidence at a railcars and lease tight $X.X fleet. the at in fourth We saw X,XXX pre-pandemic in Our orders
in to XXXX. And as in we late backlog this booked as this expect given to XX% backlog third of of XXXX. deliver multi-year we some expect approximately order the We quarter, the extend
and visibility inquiry these into confidence recent us in cars our demand level and for customers delivery which backlog replacement management, forecast. our chain represent gives Our supply levels need
fourth the X Slide shows quarter year-over-year. performance
up in the $XXX quarter quarter XX% quarterly fourth year flow ago. up Our million of to ops continuing XXX%, a cash our XX%. And our EPS compared of was as $XX while from was adjusted down was $X.XX of revenue million
free cash million adjusted flow up Our $XXX was XXX%. of
Slide compared X to full XXXX as XXXX. our shows performance year
Our and full below was XX% billion just as prior year EPS mentioned. $X year our by improved XXX%, adjusted revenue the up from previously I
in Additionally, our ending our by railcar deliveries improved backlog XXXX XX% $X.X and billion. was
challenges. benefited reflecting flow railcar $XXX the look For the year, of it by related year-over-year you million supply capital at XXXX noting receivables. to cash income in When volumes is flow cash full from and was elevated working impacted deliveries chain that continued variance, higher worth tax
fourth the results. of in utilization talked But rate mention X and about wanted Slide leasing fleet XX%. I've quarter to already our strong segment FLRD to me with in turn Please the segment. success also for renewal the I
Our was success a entire have we level XXXX. year for the XX%, not seen rate since
renewal rates, side to is This visibility success rates have on rising are the value rates. In railcar we tight we at and continue even to rate higher our match and of current able increase still holding the fleet stability the short, leasing and shows to the of railcar customers that business. a as thus accept lot
of net lease fourth revenue million and quarter investment improved rates Leasing fleet activities. the segment reflects in $XXX
higher reflected for positive those six Our now financials. see our has in starting been quarters we rates FLRD to are and
sequentially operating conversion were increase of investment net as down tends railcar activities. profit higher XX.X% and cyclical due be to general well lease in to nature, were in a program. sustainable Margins fourth were which in mainly expense, Leasing management because year-over-year up due margins fleet and to the as maintenance, quarter depreciation our
and $XXX million revenue of In Products higher the mix. product to due year-over-year was favorable quarterly pricing segment, and Rail sequentially and up deliveries
Our delivered railcars, pace picked up X,XXX improved year. just as In under X,XXX of of rate. which the half the to we run a over we the year exited at progressed higher half in second XXXX, year of first the the deliveries and
in Rail Our supply quarter. in segment the issues fourth and these year. operating Products our and down call length for inefficiencies quarter at issues X.X% impact X.X% in about spoke pulling in margins. to in us operating full margins fourth chain the We Unfortunately, quarter the came continue the third at
supplier facilities rail Labor to our increased with match achieve attrition slowly which hiring given more scheduled requiring fell than not onboarding service lines to meet kept to production have expected significant In addition than production and needed needs deliveries has on and increased we a continued several more schedule. was behind. at disruptions, expected, specifically capacity higher railcar to completion our pace was hiring an challenge in with the original level Furthermore, increase in Mexico.
points to labor and efficiency was rail issues basis profit. XXX operating efficiency Rail with as over we range if margin expect as is these of high-single planning we would in our the This through still which period service, the the lost quarterly Products of expected, segment our the in means had in supply performed digit X%, impact to XXXX. about ease have margins been expect issues anticipated. The digits chain exit We in high-single
moving I to double-digit December, of increase goal we more XX%, Slide few on raised dividend key Finally, accomplishments. our growth. a three dividend to share, In point an X, $X.XX our year out approximately to per quarterly want delivering of
expiration. repurchase our us on $XXX share deployment. of methods more This Additionally, timing we Board flexibility million approved gives as capital with various new consider authorization no a of
higher stronger This than for Our both anticipated rate. million to is supply our $XXX than million net delivery issues the our was chain the delivery investment range of fleet secondary railcar expected slightly to million. sales fleet market lower below of $XXX expected some year a given driving the $XXX lease to lease impacting and due
We of towards plan marked mid-teen XXXX the introduced goal the end so ended ROE Our pretax full of for X.X%, ROE. with sustainable the of XXXX. year. ROE three-year at was of marks third-year a a a full our year strategic significant we XX.X% XXXX XXXX improvement
On geography of sale our our flow the highway $X.X for cash needs Other sales. billion railcar work to hit we third than track range targets on to and adjustment, $X.X continue operating these hitting working to toward capital we modified of those target we billion a three-year business, to our that of to are and higher metrics. account quarter call,
I few talk a about our turn the call Before in Eric, I themes to business. to wanted
in supply and gives and strong continue great customer order have challenges, future. flow chain see rail First, despite which near the inquiries service we confidence us in to relationships,
our business in of to is think we significant emphasize a growth also operating want given impactful business, and we continue returns, expect the leverage seeing fleet of of that addition value in EPS visibility seeing we I our measurement which are our to lease into a more In the business. our higher and amount to XXXX, have
initiatives leasing short strategic the asset and We diversity changes The businesses exposure on focus in this to to our Rail year. been to external organizational value is tough and creation advantage, maximize positioning but a this to term, headwinds. make revenue to has through manufacturing given tends Group continue certainly and provides which market case volatile that competitive labor and the more be issues Products
fundamentals with over However, a railcar business the a is periods, to be trends there the multi-year made. leasing and as the significant business return same
I not our business come team does In year. our backdrop, and model closing, to goals the unpredictable team of ability without despite in place. we have in challenges, am what three-year an in have given Operating confidence XXXX the accomplished our this macroeconomic business execute I on of our any proud but strength
And over to our to now, I'll review the call turn financial Eric results.
