.. and that’s the positive.  Trinity Industries (TRN) reported awful earnings after the bell today but you wouldn’t know it by looking at the press release headline: Trinity Reports Solid 4th Quarter Results.  You wouldn’t know it by reading the comments of the CEO either: “Our fourth quarter results demonstrated the positive aspects of the diversification of our portfolio of businesses during a tough economy.”  Oh yeah?

Here are the facts:

The company matched analyst expectations of .62/share but revenues were well short of expectations of $1.03 billion at $883.4 million with the company hit the hardest in its heavy construction segment.  That’s represents a 36% plunge in profits from the year ago period and a 20% cut in revenues from the year ago period, so you tell me how this is a solid quarter.

On the bright side, the wind turbine business continues to grow.  Sales of structural wind towers account for 66% of the total revenues of it’s Energy Equipment division which grew 14% last quarter.  The order backlog by the end of 08 for structural wind towers has doubled from the year ago period.

This is a stock that has been beaten mercilessly in the last few months so much of this earnings hit has been priced in already.  I actually think this stock might be an interesting play down in the 9 – 10 area but it could take 6 months to a year for it to begin a new up trend.