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ST. CHARLES, Mo., April 24, 2013 (GLOBE NEWSWIRE) -- American Railcar Industries, Inc. (ARI or the Company) (Nasdaq:ARII) today reported its first quarter 2013 financial results. "We are pleased with another strong quarter of operating results, driven by strong shipments of tank railcars, which provided us with a favorable sales mix and good earnings," said James Cowan, President and CEO of ARI.
First Quarter Summary
Total consolidated revenues were $195.1 million for the first quarter of 2013, up 7% when compared to $181.6 million for the same period in 2012. Revenues increased primarily due to an increase in revenues for the manufacturing and leasing segments.
Manufacturing segment revenues were $228.4 million for the first quarter of 2013, an increase of 8% over the $211.9 million for the same period in 2012. 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 first quarter of 2013 included estimated revenues of $55.4 million related to railcars built for the Company's lease fleet, compared to estimated revenues of $47.5 million in the first quarter of 2012 related to railcars built for the lease fleet. 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 28% of ARI's railcar shipments during the first quarter of 2013 compared to 21% for the same period in 2012.