Total manufacturing segment revenues were $405.7 million for the first six months of 2013 compared to $431.2 million for the comparable period in 2012. Manufacturing segment revenues for the first six months of 2013 included estimated revenues of $100.5 million relating to railcars built for the lease fleet, compared to estimated revenues of $132.1 million relating to railcars built for the lease fleet in the comparable period in 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 are recognized 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 in the first six months of 2013 and 2012.

Consolidated earnings from operations for the first six months of 2013 were $71.1 million, up 43% from $49.8 million for the comparable period in 2012. Consolidated earnings from operations for the first six months of 2013 and 2012 excluded $19.9 million and $23.3 million, respectively, of profit on railcars built for the lease fleet that is eliminated in consolidation and is based on an estimated fair market value of revenues as if the railcars had been sold to a third party, less the cost to manufacture. Operating margins were 20% for the first six months of 2013 compared to 15% for the comparable period of 2012.

The Company recorded a loss from joint ventures of $1.8 million for the first six months of 2013 compared to income of $0.9 million for the comparable period in 2012.

Adjusted EBITDA was $85.8 million for the first six months of 2013, up by $21.0 million from $64.8 million for the comparable period in 2012.

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