Mr. Wallace continued, “During the second half of 2012, we are repositioning a portion of our production capacity to meet the growing demand for products serving the oil, gas, and chemicals industries. These products are well aligned with our core competencies. The repositioning will include, among other things, the conversion of certain facilities from manufacturing wind towers to railcars. These initiatives will enhance our ability to meet market demand and achieve additional operating leverage in the future. As we shift a portion of our production capacity to pursue these opportunities, there are multiple variables that can influence the timing of events pertaining to quarterly financial results. As a result, the earnings guidance we are providing is for the second half of 2012, rather than quarterly guidance.”

Earnings Outlook

The Company’s earnings guidance for the second half of 2012 is between $1.45 and $1.60 per common diluted share, including approximately $0.08 to $0.10 per common diluted share of costs expected to be incurred as the Company repositions a portion of its production capacity. When combined with the strong earnings of $1.50 per common diluted share in the first half of the year, the Company’s full year earnings guidance is between $2.95 and $3.10 per common diluted share compared to its previous guidance of between $2.55 and $2.70 per common diluted share. This represents growth of between 79% and 88% over the 2011 earnings of $1.65, after adjusting 2011 for $0.12 per common diluted share of non-recurring flood-related net gains.

Results for full year 2012 could be impacted by a number of factors, including, among others: the operating leverage that can be achieved by the rail and barge businesses; the costs associated with repositioning production capacity; the level of sales of railcars from the leasing portfolio; the amount of profit eliminations due to railcar additions to the Leasing Group; and the impact of weather conditions on businesses within the Construction Products Group.

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