Trinity Industries, Inc.

Good day, everyone, and welcome to the Trinity Industries third quarter ended September 30th, 2025 results conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please also note today's 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. It includes statements as to estimates, expectations, intentions, 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 the 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. At this time, I would like to turn the conference call over to Deanne Mann, Vice President of Investor Relations. Please go ahead.

Thank you, Operator. Good morning, everyone. We appreciate you joining us for the company's third quarter 2025 financial results conference call. Our prepared remarks will include comments from Gene 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 quarterly investor slides. which are accessible on our investor relations website at www.tren.net. These slides are under the events and presentations portion of the website, along with the third 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 November 6, 2025. 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.

Thank you, Leanne, and good morning, everyone. As we approach year end, I want to recognize our team's dedication. Our third quarter results demonstrate Trinity's agility and strong business model. Trinity is raising and tightening four-year EPS guidance to $1.55 to $1.70, reflecting our confidence in the business model and execution capabilities. Our leasing business continues to benefit from strong market dynamics, higher lease rates, and favorable pricing on external repairs. We're also seeing continued opportunities in the secondary market, further reinforcing our position as an industry leader. On the manufacturing side, our team delivered impressive results, achieving a solid operating profit margin of 7.1%, with a favorable mix of specialty rail cars and improving operational efficiencies. despite a lower delivery environment. I am proud of what we have accomplished together and confident that our continued focus and teamwork will drive teacher success. Before discussing our quarterly results in more detail, I would like to provide a brief market overview. Strong renewal success and steady leash fleet utilization across the industry indicate customers continue to size their fleets anticipating teacher demand. While persistent market uncertainty has delayed customers' decisions to invest in new rail cars, customers are still holding on to existing rail cars. Overall, the North American railcar fleet remains in balance and is contracting as scrapping is outpacing new railcar deliveries. I will now highlight segment performance for the quarter. beginning with the rail car leasing and services segment, which includes leasing, maintenance, and digital and logistic services. Leasing and services segment revenue grew year over year, driven by higher fleet pricing and strong utilization of 96.8%, which continues to represent a balanced and well-utilized fleet. Renewal rates were 25.1% above expiring rates in the quarter, with an 82% renewal success rate. The future lease rate differential was 8.7% in the quarter, driven by higher expiring rates and some lease rate moderation on certain railcar types. Despite this moderation, we remain optimistic about the leasing market. Furthermore, the secondary market remains very active. and we have capitalized on good opportunities to optimize and monetize our fleet. We added over $100 million of rail cars into our fleet from the secondary market and sold $80 million of rail cars in the quarter. We find value in utilizing the secondary market as both a buyer and a seller and remain pleased with the performance and yield on our fleet. We expect secondary market activity to accelerate in the fourth quarter, and we plan to end the year within our guidance range for our overall net lease lead investment. Trinity's maintenance business continues to benefit from industry-leading turn times, which allows us to lower the cost per maintenance event for our lease lead. Turning to the rail product segment, which includes our manufacturing and parts businesses, market conditions remain challenged. Industry rail car orders remain depressed in the third quarter. By proactively adjusting production, together with a favorable mix of rail cars, we improved efficiency and achieved 7.1% operating margin in the rail products, despite lower deliveries of 1,680 rail cars. 46% of our deliveries in the quarter went into our lease fleet, and we expect the full year number to be between 30% and 35%. In the quarter, we received orders for 350 rail cars. This order number reflects the broader market conditions. Industry orders in the quarter were 3,071, well below expectations in a replacement cycle. While industry orders remain below expectations, our conversations with customers indicate potential for future growth. With these conversations and the replacement demand we have received, We have not changed our longer-term outlook for the industry. Our backlog stands at $1.8 billion, with approximately 21% expected to deliver by year-end. We currently hold about 50% of the industry backlog. In conclusion, I am pleased with our performance in the quarter. We are delivering results consistent with our expectations and reflective of market conditions. The Trinity integrated platform of rail car leasing enabled by manufacturing and services makes it easier for our customers to use rail. We have a multitude of levers to deliver steady profitability and cash flow through a cycle. Whether it's free price leased cars, selling leased rail cars in the secondary market, investing in the fleet, building new rail cars, or supporting elevated rail car repair and compliance needs, Trinity is designed to deliver value to shareholders and customers alike. As we head into the last few months of 2025 and into 2026, our fleet is well positioned to generate significant and consistent cash flows, and our manufacturing footprint is right-sized and ready to efficiently meet railcar demand when it fully returns. I'll now turn the call over to Eric to talk through financial results as well as our updated guidance for 2025.