ARI fourth-quarter revenue of $196.8 million was "more than twice the comparable $95.3 million for the fourth quarter of 2010," the company said. Net earnings of 24 cents per share in the quarter compared with a net loss of 37 cents per share in the fourth quarter of 2010. Adjusted EBITDA was $23.7 million in 4Q11, compared with $2.5 million in 4Q10, the company said.
The company also noted late Wednesday that railcar shipments for the fourth quarter were approximately 2,170 railcars, which more than doubled the approximately 950 railcars for the same period in 2010. ARI's backlog as of Dec. 31, 2011 was approximately 6,530 railcars, including approximately 2,200 railcars for lease; it had approximately 1,050 railcars in its backlog as of Dec. 31, 2010.
"We took orders for over 10,000 railcars during 2011, the second highest total in Company history, surpassed only by orders in 2005," said ARI President and CEO
James Cowan. "Revenues, railcar shipments, and gross profit increased in the fourth quarter of 2011 compared to the third quarter of 2011, and versus the comparable period of 2010. We substantially ramped up production in 2011 to meet our customer demand and delivered over 2,100 railcars during the fourth quarter."
For the full year ended Dec. 31, ARI logged net earnings of $4.3 million, or 20 cents per share, compared with a net loss of $27 million, or $1.27 per share, in 2010. Total revenue was $519.4 million compared with $273.6 million in 2010.
Revenue increased primarily due to an increase in railcar shipments, partially offset by a slight decrease in revenues from our railcar services segment., the company said. Approximately 5,230 railcars were shipped in 2011, compared with approximately 2,090 railcars in 2010.