What: Shares of industrial supplier Trinity Industries Inc (NYSE:TRN) popped as much as 16% today after it reported earnings. Soon after the peak, the stock lost more than half of its gain and is trading 5% higher as of this writing.

So what: Third-quarter revenue fell slightly but net income jumped 37% to $204.3 million, or $1.31 per share. Analysts were only expecting earnings of $1.16 per share.  

Management is also confident about the company's future, increasing full-year earnings guidance from $4.45-$4.75 per share to $4.65-$4.75 per share.

Now what: As industries like energy and construction suffer, Trinity has been able to lean on its diverse business to maintain profitability. The Rail Group and Railcar Leasing and Management Services Group had top-line growth of 8% and 12%, respectively. Given Trinity's ability to maintain profits in this turbulent economy, I think the forward P/E ratio of 7 is a steal for investors today.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.