American Railcar Industries reported profit in the fourth quarter of 2012 was a record $24.4 million, spiking 382 percent from $5.1 million in the fourth quarter of 2011.
Quarterly revenue was $207.7 million, up 6 percent from $196.8 million in the same quarter in the previous year, driven primarily by an increase in revenue for the manufacturing and leasing segments.
Fourth quarter railcar shipments were about 2,000 railcars, including 390 railcars to leasing customers.
“The shipment of tank railcars remained strong, which provided us with a favorable sales mix during the quarter,” said James Cowan, president and CEO of ARI, in a written statement. “Strong tank railcar volumes generated operational leverage and efficiencies that were partially offset by lower shipments of hopper railcars. During the quarter we received orders for 1,430 railcars, resulting in a backlog of 7,060 railcars.”
For the full year of 2012, the company’s profit was a record $63.8 million, rising 1,372 percent from $4.3 million in 2011. Annual revenue was $711.7 million, up from $519.4 million, driven by an increase in manufacturing segment revenue.
The company shipped about 7,880 railcars, including 2,100 railcars to leasing customers, during 2012, which was 51 percent higher than the approximately 5,230 railcars shipped during 2011, of which about 350 were to leasing customers.