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Consolidated earnings from operations of $39.9 million
Consolidated Revenues totaled $159.4 million
Adjusted EBITDA of $43.0 million
Net earnings of $23.6 million, or $1.11 per share
ST. CHARLES, Mo., July 24, 2013 (GLOBE NEWSWIRE) -- American Railcar Industries, Inc. (ARI or the Company) (Nasdaq:ARII) today reported its second quarter 2013 financial results. "We are pleased with a quarter of strong earnings from operations and record operating margins, driven by a favorable sales mix of more tank railcars. The strong tank railcar mix generated operational leverage and efficiencies that were partially offset by lower shipments of hopper railcars. During the quarter, we received orders for 1,850 railcars, resulting in a backlog of 6,940 railcars as of June 30, 2013," said James Cowan, President and CEO of ARI.
Second Quarter Summary
Total consolidated revenues were $159.4 million for the second quarter of 2013, up 3% when compared to $154.2 million for the same period in 2012. Revenues increased primarily due to an increase in revenues for the leasing business and an increase in railcar services' revenues partially offset by lower manufacturing revenues.
Total manufacturing segment revenues were $177.3 million for the second quarter of 2013, a decrease of 19% over the $219.3 million for the same period in 2012. The primary reason for the decrease was lower hopper railcar shipments, partially offset by an increase in tank railcar shipments and improved general market conditions for tank railcars. Manufacturing segment revenues for the second quarter of 2013 included estimated revenues of $45.1 million related to railcars built for the Company's lease fleet, compared to estimated revenues of $84.5 million related to railcars built for the Company's lease fleet in the second quarter of 2012. 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 railcar sales, but rather as lease revenues in accordance with the terms of the contract over the life of the lease. Railcars built for the lease fleet represented approximately 30% of ARI's railcar shipments during the second quarter of 2013 compared to approximately 40% for the same period in 2012.