joining as I hope today. summer especially to everyone us to far, continues the world Thank everyone you, to morning and Steve, enjoying so get good normal. is back
to pleased see from can the see very market you continue as our recover to results, are we well. As
great a our combined leasing is to our both when businesses to progress years Trinity. improvement the returns, at internal enhance excited effort we And development. on we're for continue ahead, obviously Some demand make with welcomed manufacturing the across and
optimization we years goals. meaningful In last our each our strides second Day quarter, initiative, keeping our our returns to opportunity drive track we at made to through the discussed and strategic balance three we As sheet. our significant us of on see the fleet, fall, Investor operations, across achieve
summarize me themes key our from quarter. Let now the second
recovering and XXXX, While from industry. improvement you the for still we're lower demand order across weaker most can indicators of the of see volumes,
the to year. continue ramp loads last up from railcar lows of First,
supply is elevated activity prices. driven contracting railcars of the Additionally, existing to higher scrapping steel thanks by
As and we a orders. Trinity utilization rising result, asset saw improving demand steady and fleet
into in Slide our summary If we only from what we perspective, are this trends X, expect efforts, we to industry While these combination and our improve each can we in our our turn XXXX you in see economy. positively overall on see July, to continue the internal how impacted of business based to with financials. backdrop,
XX% my quarter First, our million, a to year-ago, slightly which line expectations. was from in revenue was better of $XXX than second down
EPS for $X.XX, adjustment the the EPS $X.XX GAAP extinguishment adjusted Our an compared debt. loss the quarter primarily from quarter to which for of of $X.XX, partially-owned was subsidiaries a our on includes
me, breakeven achieve levels encouraged low near-term of the ongoing we positively impacted at margins XXXX from The last excuse we're at optimization and money. breakeven that Rail lost by was despite we Group time, efforts. volume. results last inflation margins achieved these were which headwinds operations, Our We're the low in our we production these, Products our and input time cost were
continue the performance optimistic report railcar we're ahead. that the our details and about and recap, quarter, go flow dividends Rail our $XXX pleased corner inquiries into Trinity's from quarters, or relative cash In our all previous was cash investments million. excess flow and free turn in to year operations totaled to will increasingly Eric a cash more cash flow we're very results To on platform cash continues flow $XXX after the As earnings. in drive million moment. operational to to and solid
Let's turn the provide X market. railcar and more on to can a little overall Slide color I
First, as roughly very into X% our to and above strong increasing XXXX. know, markets ripple running has as which begun activity that railcar consumer is now loads, confidence are you we're seeing
below to levels mentioned. volumes to quarter storage carload continue also X. more of been X% so to strong is been this which so and on pre-pandemic metrics by far trends have the a The is recovery aided scrappy reach benefit carload market, other I ago, year, the XXXX However, Railcars year-over-year declined each levels. required compared Slide
compared utilization to Our flat last quarter. rate relatively remained
our in a which the expiring last into to current metric, the overall next as is recovery to result, X.X% lease the rates year. began average the a months compared the last in of to compared point third a and significant that that car of beginning continuing higher Rate the This improved to quarters FLRD quarter pricing Future new minus feed of minus or As quarter, marks demonstrates believe XX is we inflection XX.X% transacted a Differential average Lease the rates market.
will encouraging trajectories, markets is a trend. different While different very have this
Lastly, which is the last beginning compared show up quarter. demand to orders, up XXX% the to were
our in and to line in with settle As coming deliveries anticipate replacement levels the Investor Day, XXXX. industry we XXXX quarters we continue at in that mentioned will and improve
At quick general. will on railcar inflation we mentioned, Before and on high-level, our I on let in side manufacturers our the I to a headwind steel me segment results, a move a business. as production other of update face and give prices
an customers orders. construction, hesitant and Although Markets of our we're most car are chemical, are strength intermodal. some to increase experiencing orders, place new still the demonstrating in
we’re So improving the many fleet. trends segments of seeing across
to economic realize is fixed asset historical positive what for long-term While is by a growth it businesses is like ours. important is its, expanding me, to inflation driven though realize important excuse
of construction, inflation Inflation our already in the impacted example, prices in like many energy. end asset ways. underlying As for economics has fixed supports an two and agriculture, key customers markets chemical,
First, like steel. rising materials for asset replacement prices grow with costs input
increasing acceptable. Second, prices higher for for lease make commodity asset prices equipment users and more rates
Trinity's for segment results through the walk quarter. let's X, Slide to Turning
maintenance energy-related we revenue growth. year, softness usage asset fleet For markets to lease primarily diem per in Trinity's experienced utilization, the lease I for a the is momentum leasing rates and slightly lease rate by prior on leasing offset headwind calls, business, was improved progress. we continue somewhat previously. higher compared attributable as increasing quarter noted territory will This that rates. expected our this Most and last compared corresponding improvement total, positive notably, to FLRD lower a recovery of quarter, respect recovery renewal and rates effects while to operational expenses as required into down slightly be not a history. improve in on moved strengthening renewal the for a rates, are the clear to and cost, seen margin strong success to for discipline. to demand position And the It the as Further a our segment that signs to other expiring level With in a fleet continue maintain is there to supporting still remarketing to mentioned year. recent as to
to As part of percentages shop. compliance strategic and within initiatives, increasing maintenance work continue our internally events toward our we handled of the
maintenance XX%, we current effect and our fleet ability which serviceability reduce at to improve Over few maintenance the the last achieving costs for With our increased half footprint, capacity set one-third to we has of to to XXXX. our events, of target years, from railcar end will of the out get over our our of service roughly our have customers. the the continue
a over of spend was fleet good indicator year-to-date As XX% XXXX progress, our our maintenance of internal.
new efficiencies, XXXX. progress cost Rail incremental improving since our and to the The experiencing railcar achieved difficulties supply tighter quarterly despite the chain Midwest margins volume as facilities that six positions in In margin entirely we've initiatives. are challenging lowest pricing location. production from and past given ramping our to initiatives, I Products up compared What expecting headwinds in higher supply internal in demand. most almost up months have that We're noted, as will at the costs is optimistic margins to segment facility to last what we're made we're as exciting is operational quarter. near-term seeing we quarter, orders, totaled over pleased XXX% attributable rising is see we segment, Turning continued in the open and the our breakeven we're X,XXX which headwind in a filling steel increases, maintenance potentially our
few from through XXXX an inquiries, the demand quarters, interest and great those we do year of our see expected build resulting highest meet deliver although and to materialize the delivery half deliveries, you'll past XXXX, of order in quarter had approximately backlog since to in increasing to it's year-over-year in quarter in the orders. fourth value to rate the is level our of new from expect is we now As recall This orders. declining
executed and optimization balance return Let up against update to and my last costs quarter, on an our our wrap was with sheet Slide Trinity busy me X, initiatives. Similar both goals. our remarks on
give These commitment that, aggregate, to environment company's and of completed and of refinanced a our In $XXX $X.X most from by of more our stock XX XX% continued made block repurchases of a balance including rate the for over markets, to detail have under the repurchased will subsidiary. their issued But the On have disciplined as monetize significant billion purchase has value Trinity of quarter, our in Trinity time. pandemic, we also accounted on the points company that return investment. of as In First total, have debt added and the of we've we here. portion sheet, onset approximately capital interest shares. a since open basis million top million a ValueAct borrowing result. XXX they just Eric, the shareholders. low the lowered partially-owned costs In
you our enterprise our our to which our enhance quarter. to and continue to in is to progress as manufacturing optimize both And the Turning activity to by continue return. fleet we contributing on we costs, transaction fronts, goal saw make
the have we million. as broaden. improves, lease demand Trinity and $XX Over both buy continue of to and the and secondary which That markets, in railcar book the in said, opportunities to portfolio Trinity will gains was quarter sell secondary open active sales markets on expect
our we're see Finally, Trinsight continues report new to uptake. proud initiatives, to product that to on update strong
for our and returns long-term Trinity at well value our is Day plan confident and add drive outlined Investor plans in team very to whole near we To executing plans shareholders. still three-year We feel which against we quarters detail more hopper the growth for our We're that, on on the is the hand summarize, ahead last and being well in received touched product to driving on seeing also early by Ag we're of demand opportune new an the the products we Also, continues are intermodal Although activity earlier. product, order and strong time. customers covered market interest build. look the its forward to me results. to hitting the updating our progress of in let and come. some Eric over With the for stage, fall, in redesigned is to at are you the market call
