American Railcar Industries, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, total consolidated revenues were $100.0 million for the third quarter of 2018, a decrease of 17% when compared to $120.7 million for the same period in 2017. This decrease was primarily driven by decreased revenues in the manufacturing segment, partially offset by increased revenues in railcar services segment. Consolidated earnings from operations were $21.9 million for the third quarter of 2018, an increase of 12% from $19.5 million for the same period in 2017. Excluding the impact of this early lease termination gain, consolidated earnings from operations would have been $11.7 million and consolidated operating margins would have been 11.7% for the three months ended September 30, 2018. Net earnings for the third quarter of 2018 were $13.1 million, or $0.69 per basic and diluted share, compared to $8.9 million, or $0.46 per basic and diluted share, in the same period in 2017. This increase was driven largely by the early lease termination payment, which had a positive impact of $0.39 per share, and 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 a decrease in earnings from operations (excluding the gain on early lease termination). Adjusted EBITDA was $39.5 million for the third quarter of 2018 compared to $34.6 million for the same period in 2017. The increase was primarily due to the early lease termination payment, partially offset by a decrease in earnings from operations. EBITDA was $35.0 million against $34.7 million a year ago. Consolidated revenues for the first nine months of 2018 were $362.8 million compared to $344.4 million for the comparable period in 2017. Consolidated earnings from operations for the first nine months of 2018 were $60.3 million, a decrease of 5% from $63.6 million for the comparable period in 2017. Consolidated earnings from operations for the first nine months of 2018 and 2017 excluded $4.1 million and $14.2 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 lower earnings from operations in the company's manufacturing segment and increased selling, general, and administrative expenses, partially offset by increased earnings from operations in the company's leasing segment, which included a gain on an early lease termination. Net earnings for the first nine months of 2018 were $35.3 million, or $1.85 per basic and diluted share compared to $30.3 million, or $1.59 per basic and diluted share, for the comparable period in 2017. 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%, and a gain on the early termination of a lease, which increased earnings per share by $0.39, 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 $0.14. Adjusted EBITDA was $113.8 million for the first nine months of 2018, an increase of $6.1 million from $107.7 million for the comparable period in 2017. The increase was primarily the result of increased railcar shipments for direct sale and the impact of the early lease termination gain, partially offset by lower earnings from operations. EBITDA was $108.8 million against $110.2 million a year ago. Net cash provided by operating activities was $90.8 million against $91.1 million reported a year ago. Purchases of property, plant and equipment were $7.4 million against $4.8 million a year ago. Capital expenditures - leased railcars was $73.7 million against $132.4 million a year ago.