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Rail News: Financials

Updates from ARI, Trinity, Wabtec, DMF, AIG Rail, Railpower, Smiths Detection, Greenstone Holdings and Boxcar Services

News continues to pour in from rail industry suppliers and service providers:

• American Railcar Industries Inc. (ARI) entered into a non-binding memorandum of understanding with Amtek Auto Ltd. to form one or more joint ventures that would manufacture, sell and supply freight cars and components in India and other South East Asian countries. Each party would own half the joint ventures and contribute half the start-up costs to build a manufacturing facility. Plant construction might begin in the second half and car production in India might start in 2009. ARI also reported fourth-quarter revenue of $161.9 million, net earnings of $7.9 million and car shipments totaling 1,590 units compared with $165.3 million, $6.1 million and 1,687 units, respectively, in fourth-quarter 2006. The company recorded its best-ever financial performance in 2007, setting revenue and earnings records, and reaching a backlog of 11,929 cars by Dec. 31.

• Trinity Industries Inc. reported fourth-quarter earnings from continuing operations of $78.5 million, up 37 percent year over year and the company's highest fourth-quarter earnings. Revenue reached $1.1 billion and net income totaled $78.3 million compared with $835 million and $56.5 million, respectively, in fourth-quarter 2006. TrinityRail® shipped 6,740 rail cars and received orders for 7,310 cars in the quarter. As of Dec. 31, TrinityRail's order backlog stood at 31,870 cars valued at about $2.7 billion vs. 35,930 cars valued at $2.9 billion on Dec. 31, 2006.

• Wabtec Corp. reported fourth-quarter earnings per diluted share totaled a record 58 cents and bested fourth-quarter 2006's 53 cents. Quarterly sales increased 24 percent to a record $365 million. For the full year, earnings per diluted share jumped 29 percent to an all-time-high $2.23 and sales rose 25 percent to a record $1.4 billion.

• Hi-rail equipment supplier Diversified Metal Fabricators (DMF) promoted Danielle Brooks to president. Doug Davis will continue to serve as chief executive officer, but will hand over daily management and operational responsibilities to Brooks, who joined the company in 1993. DMF also recently marked its 30th anniversary.

• Chicago-based rail-car lessor AIG Rail Services Inc. appointed Mark Burns vice president of rail car leasing. A 30-year rail industry veteran, he previously served GE Railcar in various capacities.

• Railpower Technologies Corp. named Michael Gillispie vice president of marketing and sales for North America. He previously was director of field services. Gillispie joined Railpower in 2006 as manager of systems engineering. He has about 30 years' experience in the North American rail industry, including stints with large locomotive manufacturers.

• Amtrak contracted Smiths Detection to provide hand-held detection systems designed to screen passengers, trains and stations for explosives. Smiths Detection's SABRE 4000 system — which also can detect narcotics, chemical warfare agents and toxic industrial chemicals — can detect explosives in 10 seconds and complete an analysis in 20 seconds.

• Greenstone Holdings Inc. delivered 500 gallons of its GreenShield™ chemical sealer to ECORail Products Inc., which plans to produce environmentally safe ECOtie, ECOdeck and ECOwash products for the rail industry.

• Boxcar Services L.L.C. launched a redesigned Web site at The site features new elements to enable rail-car lessees, lessors and shippers to search car inventory, locate track trends and relay their car or system needs to Boxcar Services personnel. The company provides car inventory and financial services to the rail shipping and logistics sectors.

Contact Progressive Railroading editorial staff.

More News from 2/21/2008