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Revenues of $207.7 million were the highest quarterly revenues since Q3 of 2008
Adjusted EBITDA of $48.0 million was a quarterly record
Net earnings of $24.5 million, or $1.14 per share, were a quarterly record
Railcar shipments were approximately 2,000 railcars, including 390 railcars to leasing customers
Secured $199.8 million of lease fleet financing with attractive interest rates
ST. CHARLES, Mo., Feb. 20, 2013 (GLOBE NEWSWIRE) -- American Railcar Industries, Inc. (ARI or the Company) (Nasdaq:ARII) today reported its fourth quarter 2012 financial results. "We are pleased with our record financial performance, operating results and ability to leverage our growing fleet of leased railcars with financing at attractive terms," said James Cowan, President and CEO of ARI. "The shipments for tank railcars remained strong, which provided us with a favorable sales mix during the quarter. Strong tank railcar volumes generated operational leverage and efficiencies that were partially offset by lower shipments of hopper railcars. During the quarter we received orders for 1,430 railcars, resulting in a backlog of 7,060 railcars."
Fourth Quarter Results
Consolidated revenues for the fourth quarter of 2012 were $207.7 million, up 6% when compared to the $196.8 million for the fourth quarter of 2011. The increase in revenues was primarily due to an increase in revenues for the manufacturing and leasing segments.
Manufacturing segment revenues were $236.5 million for the fourth quarter of 2012, an increase of 14% over the $207.9 million for the fourth quarter of 2011. The primary reason for the increase was a shift in the sales mix to more tank railcars, partially offset by a decrease in the volume of hopper railcar shipments. Manufacturing segment revenues for the fourth quarter of 2012 included estimated revenues of $49.2 million related to railcars built for the Company's lease fleet, compared to estimated revenues of $26.0 million in the fourth quarter of 2011. Such revenues are based on an estimated fair market value of the leased railcars as if they had been sold to a third party, and are eliminated in consolidation. Revenues for railcars built for the Company's lease fleet are not recognized in consolidated revenues as a railcar sale, but are recognized over the term of the lease in accordance with the monthly lease revenues. Railcars built for the lease fleet represented 20% of ARI's railcar shipments during the fourth quarter of 2012 compared to 12% for the same period in 2011.