American Railcar backlog at three-year high

American Railcar Industries reported Wednesday that its backlog swelled to approximately 7,110 cars as of Sept. 30, the largest since June 2008. The backlog includes approximately 1,700 cars for lease. The company had a backlog of approximately 1,050 cars on Dec. 31, 2010. Third-quarter 2011 shipments were approximately 1,340 cars compared with approximately 420 forthe same period in 2010.

Total revenue for the third quarter was $125.8 million compared with $64.8 million for the third quarter of 2010. Net earnings per share were $0.19 compared to a net loss per share of $(0.29) for the prior-year period. Gross profit was $15.0 million for the third quarter of 2011 compared with $2.3 million for the same period in 2010.

Adjusted EBITDA was $12.2 million for the third quarter of 2011, compared with $1.5 million for the same period in 2010.

James Cowan, president and CEO of ARI, said in a statement: “Our orders of over 9,100 railcars during the first nine months of 2011 have given us our largest backlog since June 2008. Revenues, railcar shipments, and gross profit have increased in the third quarter of 2011 compared to the second quarter of 2011 and the third quarter of 2010. We have continued to ramp up production to meet customer demand with approximately 1,340 deliveries for the third quarter. Our railcar services segment also reported strong results, with gross profit margin at 27% on revenues of $17.2 million for the third quarter of 2011.”