Business Group Results
In the second quarter of 2012, the Rail Group reported revenues of $516.9 million and an operating profit of $53.0 million. This compares to revenues of $280.7 million and an operating profit of $15.4 million in the second quarter of 2011. The Rail Group shipped approximately 5,245 railcars and received orders for approximately 8,610 railcars during the second quarter. As of June 30, 2012, the Rail Group backlog grew to approximately $3.2 billion, representing approximately 30,610 railcars, compared to a backlog of approximately $2.6 billion as of March 31, 2012, representing approximately 27,245 railcars.
During the second quarter of 2012, the Railcar Leasing and Management Services Group reported leasing and management revenues of $132.0 million compared to $121.6 million in the second quarter of 2011 due to continued growth in the lease fleet and higher rental rates. In addition, the Group recognized revenue of $62.2 million in sales of railcars from the lease fleet during the second quarter. Operating profit for this Group was $76.4 million for the second quarter of 2012 compared to operating profit of $59.7 million during the second quarter of 2011. Included in the operating results for the second quarter of 2012 were $15.1 million of profit from railcar sales. For the same period last year, the operating results included $3.4 million of profit from railcar sales.
The Inland Barge Group reported revenues of $173.9 million, a 48% increase compared to the second quarter of 2011. The increase in revenues was due to higher volumes and a change in mix of barge type. The increased volume was primarily due to the recovery from flooding that reduced production levels in the second quarter of last year. Operating profit for this Group was $36.6 million in the second quarter of 2012, a 92% increase compared to the second quarter of 2011. The increase in operating profit was primarily due to higher volumes, the mix of barge types delivered, and the delivery of an order of specialty barges during the quarter. Operating profit in the second quarter of 2011 included $4.4 million in additional net costs related to the flooding that occurred last year and in 2010. During the second quarter of 2012, the Inland Barge Group received orders of approximately $203 million, and as of June 30, 2012 had a backlog of approximately $542 million compared to a backlog of approximately $512 million as of March 31, 2012.
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