First Quarter 2015 Highlights
- Record quarterly revenues of $263.8 million vs. prior
year of $182.1 million - up 45%
- Record quarterly earnings per share of $1.64 vs. prior
year of $0.97 - up 69%
- Record quarterly adjusted EBITDA of $72.0 million vs.
prior year of $47.6 million - up 51%
- Record quarterly railcar shipments of 2,668 vs. prior
year of 1,610 - up 66%
American Railcar Industries, Inc. (ARI or the Company)
(Nasdaq:ARII) today reported its first quarter 2015 financial
results. Jeff Hollister, President and CEO of ARI, commented, "In
the first quarter of 2015, we experienced new quarterly records for
both revenue and earnings driven by strong levels of hopper and
tank railcar shipments for direct sale. We continue to benefit from
the growth of our lease fleet, our ability to efficiently produce
high quality hopper and tank railcars and sustain high volumes of
production at our facilities."
"We are investing capital and have plans to further expand our
manufacturing flexibility and repair capacity to address the
anticipated needs of the industry resulting from the pending tank
railcar regulations. The current expansion projects at two of our
existing repair plants are progressing and we expect these projects
will be completed in 2015," Hollister added.
First Quarter Summary
Total consolidated revenues were $263.8 million for the first
quarter of 2015, a new quarterly record and an increase of 45% when
compared to $182.1 million for the same period in 2014. This
increase was primarily driven by increased manufacturing revenues
due to a higher mix of direct sale shipments relative to railcars
shipped for the Company's lease fleet. Because revenues and
earnings related to leased railcars are recognized over the life of
the lease, ARI's quarterly results may vary depending on the mix of
lease versus direct sale railcars that the Company ships during a
given period.
Manufacturing revenues were $221.8 million for the first quarter
of 2015, an increase of 44% compared to the same period in
2014. During the first quarter of 2015, ARI shipped 2,017
direct sale railcars and 651 railcars built for the Company's lease
fleet, compared to 1,130 direct sale railcars and 480 railcars
built for the lease fleet during the same period in
2014. Railcars built for the lease fleet represented 24% of
ARI's railcar shipments during the first quarter of 2015 compared
to 30% for the same period in 2014. Hopper railcar shipments
for direct sale increased significantly in the first quarter of
2015 compared to the same period of 2014 as that market has
strengthened. In contrast, while production of tank railcars
continues at strong levels, a higher percentage of tank railcars
were built for the Company's lease fleet during the first quarter
of 2015 compared to the same period of 2014. This has resulted in a
greater mix of hopper railcars shipped for direct sale, which
generally sell at lower prices than tank railcars due to less
material and labor content.
Manufacturing revenues for the first quarter of 2015 exclude
$83.7 million of estimated revenues related to railcars built for
the Company's lease fleet, compared to $64.0 million for the same
period in 2013. Estimated revenues related to railcars built
for the Company's lease fleet increased due to a higher quantity of
both hopper and tank railcars shipped for lease during the first
quarter of 2015. 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 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.
Railcar leasing revenues were $24.6 million for the first
quarter of 2015, an increase of 109% over the $11.7 million for the
comparable period in 2014. The primary reasons for the increase in
revenue were an increase in the number of railcars on lease and
higher average lease rates. ARI had 8,381 railcars in its lease
fleet as of March 31, 2015, compared to 4,930 railcars as of
March 31, 2014.
Railcar services revenues were $17.4 million for the first
quarter of 2015, an increase of 6% compared to $16.4 million for
the same period in 2014. The primary reasons for the increase
in revenue were a favorable change in the mix of work at the
Company's repair facilities and the additional capacity resulting
from the Company's Brookhaven repair facility that became
operational during the third quarter of 2014.
Consolidated earnings from operations were $60.0 million for the
first quarter of 2015, a new quarterly record and an increase of
64% over the $36.5 million for the same period in 2014. Earnings
continue to benefit from strong sales of tank and hopper railcars.
As a percentage of overall shipments, the Company shipped fewer
railcars for its lease fleet in the first quarter of 2015 than in
the first quarter of 2014. This shift in the mix of railcars for
direct sale versus for lease also benefitted earnings for the
quarter.
Consolidated operating margins increased to 22.8% for the first
quarter of 2015, compared to 20.0% for the same period in
2014. This increase was primarily driven by the growth of the
Company's lease fleet, partially offset by lower operating margins
driven by the higher mix of hopper railcars shipped for direct
sale, as discussed above.
Manufacturing earnings from operations were $44.8 million for
the first quarter of 2015 compared to $33.7 million for the same
period in 2014. This increase was due primarily to a higher mix of
direct sale shipments relative to railcars shipped for our lease
fleet, as discussed above. Estimated profit on railcars built
for the Company's lease fleet was $25.6 million and $19.7 million
for the first quarter of 2015 and 2014, respectively, and is
excluded from manufacturing earnings from operations. Profit
on railcars built for the Company's lease fleet 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.
Railcar leasing earnings from operations were $14.8 million for
the first quarter of 2015 compared to $6.2 million for the same
period in 2014. This increase was due to the growth in the
number of railcars in the Company's lease fleet and higher average
lease rates.
Railcar services earnings from operations were $2.8 million for
the first quarter of 2015 compared to $2.2 million for the same
period in 2014. This increase was primarily due to the
increase in revenues driven by the favorable change in the mix of
work and the additional capacity resulting from the Company's
Brookhaven repair facility, as discussed above.
Selling, general and administrative expenses were $7.7 million
for the first quarter of 2015 compared to $9.4 million for the same
period in 2014. This $1.7 million decrease was primarily due to a
decrease of $2.8 million in share-based compensation expense driven
by the decrease in our stock price of $2 per share during the first
quarter of 2015 compared to an increase of $24 per share during the
same period in 2014. This decrease was partially offset by an
increase of $0.7 million in sales commissions due to a higher
volume of direct sale hopper railcar shipments during the three
months ended March 31, 2015 compared to the same period in 2014 and
an increase of $0.4 million in other corporate expenses.
EBITDA, adjusted to exclude share-based compensation expense
(Adjusted EBITDA), was $72.0 million for the first quarter of 2015,
a new quarterly record, compared to $47.6 million for the
comparable quarter of 2014. The increase resulted primarily from
increased consolidated earnings from operations in addition to
earnings from joint ventures improving by $2.4 million for the
first quarter of 2015 compared to the comparable period in
2014. The improvement experienced by the Company's joint
ventures was driven by increased sales and production levels due to
strong railcar industry demand. A reconciliation of the
Company's net earnings to EBITDA and Adjusted EBITDA (both non-GAAP
financial measures) is set forth in the supplemental disclosure
attached to this press release.
Net earnings for the first quarter of 2015 were $35.0 million,
or $1.64 per share, a new quarterly record, compared to $20.8
million, or $0.97 per share, in the same period in 2014. This
increase was driven primarily by increased consolidated earnings
from operations and improved results from the Company's joint
ventures, as discussed above, partially offset by an increase in
interest expense due to a higher average debt balance and a higher
weighted average interest rate as a result of increased borrowings
to support the growth of the Company's lease fleet.
Cash Flow and Liquidity
The Company's strong earnings have contributed to cash flow from
operations in the first three months of 2015 of $85.6
million. As of March 31, 2015, ARI had working capital of
$382.8 million, including $310.1 million of cash and cash
equivalents. In January 2015, the Company raised $625.5 million to
increase cash, refinance its prior lease fleet financings and
extend the maturity of its debt. The financing provided the
Company with net cash of $211.6 million. As of March 31,
2015, ARI had $621.0 million of debt outstanding under the
refinanced lease fleet financing facility.
At the board meeting in April, the Company's board of directors
declared a cash dividend of $0.40 per share of common stock of the
Company to shareholders of record as of June 18, 2015 that
will be paid on June 30, 2015.
Backlog
ARI's backlog as of March 31, 2015 was 10,471 railcars with
an estimated value of $1.1 billion. Of the total backlog,
2,343, or 22%, were railcars subject to lease with an estimated
market value of $267.5 million. Management expects that the
Company's lease fleet will exceed 10,000 railcars by the end of
2015.
Other
In April 2015, ARI entered into a repair services and support
agreement with ACF to provide repair and retrofit services. ARI
will receive 30% of the net profits (as defined in the agreement)
for Repair Services related to all railcars not owned by ARL or its
subsidiaries and 20% of the net profits for Repair Services related
to all railcars owned by ARL or its subsidiaries, if any, but will
not absorb any losses incurred by ACF. Subject to certain early
termination events, the agreement terminates on December 31,
2020.
Also in April 2015, ARI and ACF entered into a parts purchasing
and sale agreement under which ARI and ACF may, from time to time,
purchase from and sell to each other certain parts for
railcars. The parts will be bought and sold for market price,
as set forth in the agreement. Subject to certain early
termination events, the agreement terminates on December 31,
2020.
Conference Call and Webcast
ARI will host a webcast and conference call on Thursday,
April 30, 2015 at 10:00 am (Eastern Time) to discuss the
Company's first quarter 2015 financial results. In conjunction with
this press release, ARI has posted a supplemental information
presentation to its website. To participate in the webcast,
please log-on to ARI's investor relations page through the ARI
website at www.americanrailcar.com. To participate in the
conference call, please dial 877-745-9389. Participants are asked
to log-on to the ARI website or dial in to the conference call
approximately 10 to 15 minutes prior to the start time. An audio
replay of the call will also be available on the Company's website
promptly following the earnings call.
About ARI
ARI is a leading North American designer and manufacturer of
hopper and tank railcars. ARI provides its railcar customers with
integrated solutions through a comprehensive set of high quality
products and related services. ARI manufactures and sells railcars,
custom designed railcar parts, and other industrial products. ARI
and its subsidiaries also lease railcars manufactured by the
Company to certain markets. In addition, ARI provides railcar
repair services through its various repair facilities, including
mini-shops and mobile units, offering a range of services from full
to light repair. More information about American Railcar
Industries, Inc. is available on its website at
www.americanrailcar.com or call the Investor Relations Department,
636.940.6000.
Forward Looking Statement Disclaimer
This press release contains statements relating to expected
financial performance and/or future business prospects, events and
plans that are forward-looking statements. Forward-looking
statements represent the Company's estimates and assumptions only
as of the date of this press release. Such statements include,
without limitation, statements regarding industry trends, potential
regulatory developments, anticipated customer demand for the
Company's products, the Company's strategic objectives and
long-term strategies, trends related to railcar shipments for
direct sale versus lease, trends relating to operating margins or
manufacturing efficiencies, anticipated benefits regarding the
growth of the Company's leasing business and the mix of railcars in
our lease fleet, anticipated benefits regarding the Company's
current and potential future efforts to expand its railcar repair
business, anticipated benefits of agreements with ACF, anticipated
future production rates, the sufficiency of the Company's short-
and long-term liquidity, the Company's plans regarding future
dividends, the Company's backlog and any implication that the
Company's backlog may be indicative of future revenues. These
forward-looking statements are subject to known and unknown risks
and uncertainties that could cause actual results to differ
materially from the results described in or anticipated by the
Company's forward-looking statements. The payment of future
dividends, if any, and the amount thereof, will be at the
discretion of ARI's board of directors and will depend upon the
Company's operating results, strategic plans, capital requirements,
financial condition, provisions of its borrowing arrangements,
applicable law and other factors the Company's board of directors
considers relevant. Other potential risks and uncertainties
include, among other things: basing financial or other information
on judgments or estimates based on future performance or events;
prospects in light of the cyclical nature of ARI's business; the
health of and prospects for the overall railcar industry;
fluctuations in commodity prices, including oil and gas; the highly
competitive nature of the manufacturing, railcar leasing and
railcar services industries; ARI's reliance upon a small number of
customers that represent a large percentage of revenues and
backlog; the variable purchase patterns of ARI's railcar customers
and the timing of completion, customer acceptance and shipment of
orders; the Company's ability to manage overhead and variations in
production rates; the Company's ability to recruit, retain and
train adequate numbers of qualified personnel; fluctuating costs of
raw materials, including steel, and railcar components and delays
in the delivery of such raw materials and components; fluctuations
in the supply of components and raw materials that ARI uses in
railcar manufacturing; the impact of an economic downturn, adverse
market conditions and restricted credit markets; the ongoing
benefits and risks related to ARI's relationship with Mr. Carl
Icahn, ARI's principal beneficial stockholder, through Icahn
Enterprises L.P, and certain of his affiliates; the sufficiency of
our liquidity and capital resources; the risk of being unable to
market or remarket railcars for sale or lease at favorable prices
or on favorable terms or at all; the impact, costs and expenses of
any litigation ARI may be subject to now or in the future; the
risks associated with the Company's on-going compliance with
environmental, health, safety, and regulatory laws and regulations,
which may be subject to change; the conversion of ARI's railcar
backlog into revenues; the risks associated with the Company's
current joint ventures; the risks, impact and anticipated benefits
associated with potential joint ventures, acquisitions or new
business endeavors; the implementation, integration with other
systems or ongoing management of the Company's new enterprise
resource planning system; risks related to our indebtedness and
compliance with covenants contained in the Company's financing
arrangements; and the additional risk factors described in ARI's
filings with the Securities and Exchange Commission. The Company
expressly disclaims any duty to provide updates to any
forward-looking statements made in this press release, whether as a
result of new information, future events or otherwise.
|
|
|
AMERICAN RAILCAR
INDUSTRIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(In thousands, except share and
per share amounts) |
|
|
|
|
March 31, |
December 31, |
|
2015 |
2014 |
|
(unaudited) |
|
Assets |
|
|
Current assets: |
|
|
Cash and cash equivalents |
$ 310,056 |
$ 88,109 |
Restricted cash |
16,972 |
7,178 |
Accounts receivable, net |
39,735 |
33,618 |
Accounts receivable, due from related
parties |
12,593 |
33,027 |
Income taxes receivable |
11,607 |
33,879 |
Inventories, net |
121,623 |
117,007 |
Deferred tax assets |
6,600 |
7,688 |
Prepaid expenses and other current
assets |
6,164 |
5,353 |
Total current assets |
525,350 |
325,859 |
Property, plant and equipment, net |
160,593 |
160,787 |
Railcars on leases, net |
705,919 |
663,315 |
Deferred debt issuance costs, net |
5,244 |
2,148 |
Goodwill |
7,169 |
7,169 |
Investments in and loans to joint
ventures |
29,694 |
29,168 |
Other assets |
7,587 |
3,963 |
Total assets |
$ 1,441,556 |
$ 1,192,409 |
Liabilities and Stockholders'
Equity |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 77,569 |
$ 68,789 |
Accounts payable, due to related
parties |
3,304 |
2,793 |
Accrued expenses and taxes |
19,946 |
5,208 |
Accrued compensation |
15,759 |
15,046 |
Deferred revenue |
176 |
16,723 |
Short-term debt, including current
portion of long-term debt |
25,772 |
110,612 |
Total current liabilities |
142,526 |
219,171 |
Long-term debt, net of current portion |
595,214 |
298,342 |
Deferred tax liability |
172,042 |
168,349 |
Pension and post-retirement liabilities |
8,145 |
8,544 |
Other liabilities |
2,649 |
2,587 |
Total liabilities |
920,576 |
696,993 |
Stockholders' equity: |
|
|
Common stock, $0.01 par value, 50,000,000
shares authorized, 21,352,297 shares issued and outstanding as of
March 31, 2015 and December 31, 2014 |
213 |
213 |
Additional paid-in capital |
239,609 |
239,609 |
Retained earnings |
287,378 |
260,943 |
Accumulated other comprehensive loss |
(6,220) |
(5,349) |
Total stockholders' equity |
520,980 |
495,416 |
Total liabilities and stockholders'
equity |
$ 1,441,556 |
$ 1,192,409 |
|
|
|
AMERICAN RAILCAR
INDUSTRIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(In thousands, except per share
amounts, unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
Revenues: |
|
|
Manufacturing (including revenues from
affiliates of $121,196 and $41,235 for the three months ended March
31, 2015 and 2014, respectively) |
$ 221,811 |
$ 153,963 |
Railcar leasing |
24,585 |
11,746 |
Railcar services (including revenues from
affiliates of $6,380 and $3,963 for the three months ended March
31, 2015 and 2014, respectively) |
17,380 |
16,406 |
Total revenues |
263,776 |
182,115 |
Cost of revenues: |
|
|
Manufacturing |
(174,534) |
(118,365) |
Railcar leasing |
(7,701) |
(4,491) |
Railcar services |
(13,845) |
(13,365) |
Total cost of revenues |
(196,080) |
(136,221) |
Gross profit |
67,696 |
45,894 |
Selling, general and administrative |
(7,681) |
(9,387) |
Earnings from
operations |
60,015 |
36,507 |
Interest income (including income from
related parties of $557 and $627 for the three months ended March
31, 2015 and 2014, respectively) |
563 |
641 |
Interest expense |
(4,738) |
(1,672) |
Loss on debt extinguishment |
(2,126) |
(1,896) |
Other Income |
6 |
5 |
Earnings (Loss) from joint ventures |
1,797 |
(601) |
Earnings before income taxes |
55,517 |
32,984 |
Income tax expense |
(20,541) |
(12,214) |
Net earnings |
$ 34,976 |
$ 20,770 |
Net earnings per common share—basic and
diluted |
$ 1.64 |
$ 0.97 |
|
|
|
|
|
|
|
AMERICAN RAILCAR
INDUSTRIES, INC. AND SUBSIDIARIES |
SEGMENT
DATA |
(In thousands, unaudited) |
|
|
|
|
|
|
|
|
Revenues |
Earnings (Loss)
from Operations |
|
External |
Intersegment |
Total |
External |
Intersegment |
Total |
|
(in
thousands) |
Three Months Ended March 31,
2015 |
|
|
|
|
|
|
Manufacturing |
$ 221,811 |
$ 83,731 |
$ 305,542 |
$ 44,793 |
$ 25,645 |
$ 70,438 |
Railcar leasing |
24,585 |
— |
24,585 |
14,786 |
(22) |
14,764 |
Railcar services |
17,380 |
102 |
17,482 |
2,840 |
27 |
2,867 |
Corporate/Eliminations |
— |
(83,833) |
(83,833) |
(2,404) |
(25,650) |
(28,054) |
Total Consolidated |
$ 263,776 |
$ — |
$ 263,776 |
$ 60,015 |
$ — |
$ 60,015 |
Three Months Ended March 31,
2014 |
|
|
|
|
|
|
Manufacturing |
$ 153,963 |
$ 64,029 |
$ 217,992 |
$ 33,655 |
$ 19,730 |
$ 53,385 |
Railcar leasing |
11,746 |
— |
11,746 |
6,230 |
31 |
6,261 |
Railcar services |
16,406 |
132 |
16,538 |
2,181 |
38 |
2,219 |
Corporate/Eliminations |
— |
(64,161) |
(64,161) |
(5,559) |
(19,799) |
(25,358) |
Total Consolidated |
$ 182,115 |
$ — |
$ 182,115 |
$ 36,507 |
$ — |
$ 36,507 |
|
|
|
AMERICAN RAILCAR
INDUSTRIES, INC. AND SUBSIDIARIES |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(In thousands, unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
Operating activities: |
|
|
Net earnings |
$ 34,976 |
$ 20,770 |
Adjustments to reconcile net earnings to net
cash provided by operating activities: |
|
|
Depreciation |
10,061 |
7,683 |
Amortization of deferred costs |
152 |
109 |
Loss on disposal of property, plant,
equipment and leased railcars |
— |
45 |
(Earnings) Losses from joint
ventures |
(1,797) |
601 |
Provision for deferred income taxes |
4,717 |
3,892 |
Provision for allowance for doubtful
accounts receivable |
(16) |
31 |
Items related to financing
activities: |
|
|
Loss on debt extinguishment |
2,126 |
1,896 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable, net |
(6,149) |
(40,846) |
Accounts receivable, due from related
parties |
20,391 |
1,035 |
Income taxes receivable |
22,272 |
1,904 |
Inventories, net |
(4,730) |
(15,874) |
Prepaid expenses and other current
assets |
(897) |
(5,147) |
Accounts payable |
8,804 |
10,423 |
Accounts payable, due to related
parties |
511 |
507 |
Accrued expenses and taxes |
(1,077) |
2,679 |
Other |
(3,770) |
2,883 |
Net cash provided by (used in) operating
activities |
85,574 |
(7,409) |
Investing activities: |
|
|
Purchases of property, plant and
equipment |
(4,972) |
(3,585) |
Capital expenditures - leased
railcars |
(48,095) |
(43,947) |
Proceeds from repayments of loans by
joint ventures |
1,250 |
1,125 |
Net cash used in investing activities |
(51,817) |
(46,407) |
Financing activities: |
|
|
Repayments of long-term debt |
(413,275) |
(196,527) |
Proceeds from long-term debt |
625,306 |
318,682 |
Change in interest reserve related to
long-term debt |
(9,794) |
(87) |
Payment of common stock dividends |
(8,541) |
(8,541) |
Debt issuance costs |
(5,271) |
(2,403) |
Net cash provided by financing
activities |
188,425 |
111,124 |
Effect of exchange rate changes on cash and
cash equivalents |
(235) |
(72) |
Increase in cash and cash equivalents |
221,947 |
57,236 |
Cash and cash equivalents at beginning of
period |
88,109 |
97,252 |
Cash and cash equivalents at end of
period |
$ 310,056 |
$ 154,488 |
|
|
|
AMERICAN RAILCAR
INDUSTRIES, INC. AND SUBSIDIARIES |
RECONCILIATION OF NET
EARNINGS TO EBITDA AND ADJUSTED EBITDA |
(In thousands, unaudited) |
|
|
|
|
Three Months
Ended |
|
March
31, |
|
2015 |
2014 |
Net earnings |
$ 34,976 |
$ 20,770 |
Income tax expense |
20,541 |
12,214 |
Interest expense |
4,738 |
1,672 |
Loss on debt extinguishment |
2,126 |
1,896 |
Interest income |
(563) |
(641) |
Depreciation |
10,061 |
7,683 |
EBITDA |
$ 71,879 |
$ 43,594 |
Expense related to stock appreciation rights
compensation |
107 |
4,006 |
Adjusted EBITDA |
$ 71,986 |
$ 47,600 |
EBITDA represents net earnings before income tax expense,
interest expense (income), loss on debt extinguishment and
depreciation of property, plant and equipment. The Company believes
EBITDA is useful to investors in evaluating ARI's operating
performance compared to that of other companies in the same
industry. In addition, ARI's management uses EBITDA to evaluate
operating performance. The calculation of EBITDA eliminates the
effects of financing, income taxes and the accounting effects of
capital spending. These items may vary for different companies for
reasons unrelated to the overall operating performance of a
company's business. EBITDA is not a financial measure presented in
accordance with U.S. generally accepted accounting principles (U.S.
GAAP). Accordingly, when analyzing the Company's operating
performance, investors should not consider EBITDA in isolation or
as a substitute for net earnings, cash flows provided by operating
activities or other statement of operations or cash flow data
prepared in accordance with U.S. GAAP. The calculation of EBITDA is
not necessarily comparable to that of other similarly titled
measures reported by other companies.
Adjusted EBITDA represents EBITDA before share-based
compensation expense related to stock appreciation rights (SARs).
Management believes that Adjusted EBITDA is useful to investors in
evaluating the Company's operating performance, and therefore uses
Adjusted EBITDA for that purpose. The Company's SARs, which settle
in cash, are revalued each period based primarily upon changes in
ARI's stock price. Management believes that eliminating the expense
associated with share-based compensation allows management and
ARI's investors to understand better the operating results
independent of financial changes caused by the fluctuating price
and value of the Company's common stock and certain non-recurring
events. Adjusted EBITDA is not a financial measure presented in
accordance with U.S. GAAP. Accordingly, when analyzing operating
performance, investors should not consider Adjusted EBITDA in
isolation or as a substitute for net earnings, cash flows provided
by operating activities or other statements of operations or cash
flow data prepared in accordance with U.S. GAAP. The Company's
calculation of Adjusted EBITDA is not necessarily comparable to
that of other similarly titled measures reported by other
companies.
CONTACT: AMERICAN RAILCAR INDUSTRIES, INC.
100 Clark Street, St. Charles, Missouri 63301
www.americanrailcar.com
636.940.6000
American Railcar (NASDAQ:ARII)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Railcar (NASDAQ:ARII)
Historical Stock Chart
From Apr 2023 to Apr 2024