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American Railcar Industries, Inc. Reports Strong Third Quarter

Highlights
  • 2013 Quarterly Revenues of $198.9 million vs. prior year of $168.2 million
  • 2013 Quarterly Operating Earnings of $35.6 million vs. prior year of $30.3 million - up 17%
  • 2013 YTD Revenues of $553.4 million vs. prior year of $504.0 million
  • 2013 YTD Operating Earnings of $106.7 million vs. prior year of $80.1 million - up 33%

ST. CHARLES, Mo., Oct. 30, 2013 (GLOBE NEWSWIRE) -- American Railcar Industries, Inc. (ARI or the Company) (Nasdaq:ARII) today reported its third quarter 2013 financial results. "We are pleased with another quarter of strong financial performance and operating results, driven by continued strong tank railcar shipments along with a slight increase in hopper railcar shipments. The strong tank railcar mix generated operational leverage and efficiencies. As of September 30, 2013, we had a backlog of approximately 6,300 railcars. During October 2013, we accepted a multi-year order from Chevron Phillips Chemical Company LP for 2,750 plastic pellet covered hopper railcars for delivery from 2014 through 2016," said Jeff Hollister, President and Interim CEO of ARI.

Third Quarter Summary

Total consolidated revenues were $198.9 million for the third quarter of 2013, up 18% when compared to $168.2 million for the same period in 2012. Revenues increased across all three of the Company's segments, with the largest dollar increase in the manufacturing segment.

Total manufacturing segment revenues were $205.8 million for the third quarter of 2013, an increase of 11% over the $185.4 million for the same period in 2012. The primary reason for the increase was higher volumes of railcar shipments as well as strong tank railcar market conditions. Manufacturing segment revenues for the third quarter of 2013 included estimated revenues of $34.8 million related to railcars built for the Company's lease fleet, compared to estimated revenues of $38.2 million related to railcars built for the Company's lease fleet in the third 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. During the third quarter of 2013, ARI shipped approximately 1,640 railcars, including approximately 280 railcars built for the Company's lease fleet, compared to approximately 1,460 railcars for the same period of 2012, including approximately 310 railcars built for the lease fleet. Railcars built for the lease fleet represented approximately 17% of ARI's railcar shipments during the third quarter of 2013 compared to approximately 21% for the same period in 2012.

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