American Railcar Industries, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenues of $146,528,000 compared to $109,020,000 a year ago. This increase was primarily driven by increased revenues in the manufacturing segment and slight increases in the railcar leasing and railcar services segments. Earnings from operations were $17,361,000 compared to $22,150,000 a year ago. Earnings before income taxes were $13,097,000 compared to $19,693,000 a year ago. Net earnings were $9,192,000 or $0.48 per basic and diluted share compared to $10,899,000 or $0.57 per basic and diluted share a year ago. This decrease was driven largely by an impairment loss recorded on certain of the company's leased railcars, which had a negative impact of $0.13 per share, and a decrease in earnings from operations, as discussed above, partially offset by lower income tax expense as a result of the Tax Cuts and Jobs Act, which was enacted in December 2017 and decreased the federal income tax rate from 35% to 21%. Adjusted EBITDA was $37,459,000 compared to $37,022,000 a year ago.

For the six months, the company reported total revenues of $262,766,000 compared to $223,701,000 a year ago. Earnings from operations were $38,402,000 compared to $44,065,000 a year ago. Consolidated earnings from operations for the first six months of 2018 and 2017 excluded $1.5 million and $10.9 million, respectively, of profit on railcars built for the lease fleet that is eliminated in consolidation. The decrease in consolidated earnings from operations was primarily driven by slightly lower earnings from operations in each of the company's operating segments, including the $3.6 million impact of an impairment loss to the leasing segment, representing an impairment loss recorded on certain of the Company's leased railcars, and increased selling, general, and administrative expenses. Earnings before income taxes were $30,560,000 compared to $37,054,000 a year ago. Net earnings were $22,183,000 or $1.16 per basic and diluted share compared to $21,467,000 or $1.12 per basic and diluted share a year ago. This increase was primarily driven by lower income tax expense as a result of the Tax Cuts and Jobs Act, which was enacted in December 2017 and decreased the federal income tax rate from 35% to 21%, partially offset by lower earnings from operations and the impact of an impairment loss recorded on certain of the company's leased railcars, which reduced earnings per share by $0.13. Net cash provided by operating activities was $51,367,000 compared to $52,152,000 a year ago. Purchases of property, plant and equipment was $4,542,000 compared to $3,422,000 a year ago. Capital expenditures - leased railcars was $19,269,000 compared to $103,765,000 a year ago. Adjusted EBITDA was $74,362,000 compared to $73,113,000 a year ago.

The company reported loss on asset impairment for the second quarter of 2018. The company reported loss on asset impairment of $3,554,000 for the second quarter of 2018 compared to nil a year ago.