American Railcar Industries reported its net income in the second quarter of 2013 was $23.6 million, jumping 76 percent from $13.4 million in the second quarter of 2012.
The profit gain was driven by strong manufacturing and leasing earnings, lower selling, general and administrative expenses and lower interest expense, according to the North American freight car manufacturer and lessor.
Total revenue in the second quarter was $159.4 million, up 3 percent from $154.2 million in the same period last year. The manufacturing segment’s revenue was $177.3 million in the second quarter, falling 19 percent year-over-year from $219.3 million, and revenue from the leasing segment was $7.5 million, versus $2.7 million. Furthermore, revenue for the railcar services division was $39.9 million for the quarter, jumping 54 percent year-over-year from $26.0 million.
Profit in the first six months of 2013 was $41.6 million, versus $25.4 million in the same period in 2012. From January to June, total revenue was $354.5 million, up from $335.8 million in the first half of last year.