American Railcar Industries, Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of $132,396,000 against $167,507,000 a year ago. This decrease was primarily due to decreased revenues in the manufacturing and railcar services segment, partially offset by increased revenues in the railcar leasing segment. Earnings from operations were $17,100,000 against $37,353,000 a year ago. Earnings before income taxes were $14,027,000 against $32,684,000 a year ago. Net earnings were $111,852,000 against $22,286,000 a year ago. This increase was driven primarily by the impact of the aforementioned Tax Act, partially offset by decreased consolidated earnings from operations. Net earnings per basic and diluted share were $5.86 against $1.16 a year ago. EBITDA was $33,726,000 against $51,333,000 a year ago. Adjusted EBITDA was $33,794,000 against $51,796,000 a year ago. Net earnings, excluding tax adjustments (non-GAAP) were $4,580,000 against $22,286,000 a year ago. Basic and diluted earnings per share, excluding tax adjustments (non-GAAP) were $0.24 against $1.16 a year ago.

For the full year ended, the company reported total revenues of $476,843,000 against $639,133,000 a year ago. This decrease was driven by a number of factors, including a lower volume of hopper and tank car shipments, lower competitive pricing on both hopper and tank railcars and the higher percentage of shipments going to lease fleet during 2017 compared to 2016, which results in revenue recognized over the life of the lease rather than recognizing all of the revenues in the current period. These decreases were partially offset by slight increases in railcar leasing and railcar services segment. Earnings from operations were $80,712,000 against $130,109,000 a year ago. Earnings before income taxes were $66,217,000 against $114,200,000 a year ago. Net earnings were $142,177,000 against $72,663,000 a year ago. This increase was driven primarily by the impact of the 2017 Tax Act, resulting in the tax benefit of $107 million or $5.62 per share and an increase in other income, primarily driven by gains realized on the sale of short-term investments, both partially offset by decreased earnings from operations as discussed earlier and lower earnings from ARI's joint ventures due to a decline in industry demand and the idling of the Ohio Castings joint venture in early 2017. Net earnings per basic and diluted share were $7.45 against $3.74 a year ago. EBITDA was $143,976,000 against $187,434,000 a year ago. Adjusted EBITDA was $141,504,000 against $188,005,000 a year ago. Net cash provided by operating activities was $131,546,000 against $180,503,000 a year ago. Purchases of property, plant and equipment was $7,058,000 against $23,068,000 a year ago. Capital expenditures leased railcars were $163,785,000 against $90,332,000 a year ago. Net earnings, excluding tax adjustments (non-GAAP) were $34,905,000 against $72,663,000 a year ago. Basic and diluted earnings per share, excluding tax adjustments (non-GAAP) were $1.83 against $3.74 a year ago.

For the 2018, the company expects tax rate to come in around 25%.