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Rail News: Railroading Supplier Spotlight
Rail supplier updates from REMSA, Miller Ingenuity, FreightCar America, American Railcar and Chicago Freight Car Leasing (Aug. 6)
U.S. Rep. David McKinley (R-W.Va.) yesterday toured Warwood Tool Co.'s steel tool manufacturing facility, where he discussed public priorities for the business and rail communities in his state. While there, he met with representatives from Warwood and the Appalachian & Ohio Railroad. The Railway Engineering-Maintenance and Suppliers Association (REMSA) coordinated the event.
Miller Ingenuity signed an exclusive distribution agreement to sell DuraForce Co.'s fastener systems. The self-locking, vibration-proof technology is aimed at extending hardware life and reducing maintenance costs, Miller Ingenuity officials said in a press release. As part of the agreement, Miller Ingenuity will provide additional engineering, operations and sales resources to support the fastener systems.
For second-quarter 2015, FreightCar America Inc. reported net income of $7.4 million, or 60 cents per diluted share, compared with net income of $1.6 million, or 13 cents per diluted share, for second-quarter 2014. Second-quarter revenue came in at $235.6 million, compared with $139.7 million in the same period a year ago. The company delivered 2,611 railcars in 2Q and had a backlog of 14,075 units at the quarter's end.
American Railcar Industries reported second-quarter 2015 net income of $33 million, or $1.54 per share, compared with net income of $32.2 million, or $1.51 per share, in last year's second quarter. Revenue fell to $192 million versus $238 million last year. During 2Q, the company shipped 1,378 direct-sale rail cars and 1,019 cars built for its lease fleet. ARI had a backlog of 8,454 cars at the quarter's end.
Chicago Freight Car Leasing promoted Larry Abraham to director of fleet operations. The company also promoted Matthew Branch to fleet portfolio and marketing manager.
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