Exhibit 99.1

PRESS RELEASE				AMERICAN RAILCAR INDUSTRIES, INC. 100 Clark Street, St. Charles, Missouri 63301 www.americanrailcar.com

AMERICAN RAILCAR INDUSTRIES, INC. REPORTS RECORD QUARTERLY EARNINGS

FROM OPERATIONS AND EARNINGS PER SHARE

Third Quarter 2012 Highlights

St. Charles, MO, October 24, 2012 – American Railcar Industries, Inc. (ARI or the Company) (NASDAQ: ARII) today reported its third quarter 2012 financial results. “We are pleased with our strong financial performance, operating results and continued growth of our fleet of leased railcars,” said James Cowan, President and CEO of ARI. “The market for tank railcars remains very strong, which provided us with a favorable sales mix during the quarter. Strong tank railcar volumes generated operational leverage and efficiencies which were partially offset by softer demand for hopper railcars. During the quarter we received orders for 2,290 railcars, increasing our backlog to 7,630 railcars.”

Third Quarter Results

Consolidated revenues for the third quarter of 2012 were $168.2 million, up significantly when compared to the $125.8 million for the third quarter of 2011. The increase in revenues was primarily due to an increase in manufacturing segment revenues. The Company shipped approximately 1,460 railcars during the third quarter of 2012, including approximately 310 railcars to leasing customers, compared to the approximately 1,340 railcars shipped during the third quarter of 2011, of which approximately 90 were to leasing customers.

Manufacturing segment revenues were $185.4 million for the third quarter of 2012, an increase of 58% over the $117.5 million for the third quarter of 2011. The primary reasons for the increase were an increase in railcar shipments, improved pricing and a shift in the sales mix to more tank railcars. The increase in railcar shipments was driven by strong leasing customer demand, partially offset by a decline in direct sale shipments. Manufacturing segment revenues for the third quarter of 2012 included estimated revenues of $38.2 million related to railcars built for our lease fleet, compared to $9.1 million in the third quarter of 2011. Such revenues are based on an estimated fair market value of the leased railcars as if they had been sold to a third party, and are eliminated in consolidation. Revenues for railcars built for the Company’s lease fleet are not recognized in consolidated revenues as a railcar sale, but are recognized over the term of the lease in accordance with the monthly lease revenues. Railcars built for the lease fleet represented over 20% of ARI’s railcar shipments during the third quarter of 2012 compared to 7% for the third quarter of 2011.

Consolidated earnings from operations for the third quarter of 2012 set a new quarterly record of $30.3 million, an increase of 152% over the $12.0 million for the third quarter of 2011. Operating margins were 18% for the third quarter of 2012 compared to 10% for the comparable quarter of 2011. The increase in consolidated earnings was primarily due to an increase in manufacturing earnings from operations. Manufacturing earnings from operations were $34.2 million for the third quarter of 2012 compared to $8.7 million for the same period in 2011. This increase is due predominately to the increased volumes, improved sales mix and pricing discussed above, as well as operating leverage and efficiencies achieved as a result of strong tank railcar production volumes, partially offset by softer hopper railcar volumes. The Company also continues to benefit from cost savings achieved by the vertical integration projects put in place during the past several years. Manufacturing earnings from operations for the third quarter of 2012 included $5.0 million of estimated profit on railcars built for our lease fleet that is eliminated in consolidation and is based on an estimated fair market value of revenues as if the railcars had been sold to a third party, less the cost to manufacture.

The Company recorded a loss from joint ventures of $0.8 million for the third quarter of 2012 compared to a loss of $2.2 million for the third quarter of 2011. The improvements from prior year reflect the impact of increased production volumes of railcar castings and axles, which have both followed industry demand for new railcars. Consistent with the sequential decline in volumes for hopper railcars, the industry is also experiencing softness with respect to other car types that the Company does not manufacture but for which our domestic joint ventures provide components.

Adjusted EBITDA, which excludes stock based compensation, was a quarterly record of $36.7 million for the third quarter of 2012, compared to $12.2 million for the third quarter of 2011. Stock based compensation expense was $1.0 million for the third quarter of 2012 compared to income of $3.1 million for the third quarter of 2011. Stock based compensation fluctuates with changes in the Company’s stock price.

Net interest expense was $4.4 million for the third quarter of 2012 compared to $4.5 million for the third quarter of 2011. Interest expense primarily relates to the Company’s 7.5% Senior Notes due in 2014 (the Notes). In September of 2012, the Company redeemed $100.0 million of principal on the Notes at a redemption price of 101.875% utilizing available cash on hand. In conjunction with the partial redemption and the related decrease to interest expense, the Company incurred a $2.3 million charge shown on the consolidated statement of operations in loss on debt extinguishment. The charge was comprised of $1.9 million for the premium the Company paid and a non-cash charge of $0.4 million related to the write-off of deferred financing fees. The impact of the debt redemption, net of cost savings related to lower interest expense for the month of September, reduced the third quarter 2012 net earnings by $1.0 million or by $0.04 per share.

Net earnings for the third quarter of 2012 were a quarterly record of $14.0 million, or $0.66 per share; compared to $4.0 million, or $0.19 per share, for the third quarter of 2011.

Year-to-Date Results

Consolidated revenues for the first nine months of 2012 were $504.0 million compared to $322.5 million for the comparable period in 2011. The increase in revenues was primarily due to an increase in manufacturing segment revenues. The Company shipped approximately 5,870 railcars, including approximately 1,690 railcars to leasing customers during the first nine months of 2012, which was nearly double the approximately 3,060 railcars shipped during the comparable period in 2011, of which approximately 90 were to leasing customers.

Manufacturing segment revenues were $616.5 million for the first nine months of 2012 compared to $280.9 million for the comparable period in 2011. The primary reasons for the revenues increase include increased volumes of shipments, improved pricing and a shift in the sales mix to more tank railcars. The increase in shipments included those shipped for our leasing business. Manufacturing segment revenues for the first nine months of 2012 included estimated revenues of $170.3 million relating to railcars built for the lease fleet, compared to $9.6 million in the comparable period in 2011. Such revenues are based on an estimated fair market value of the leased railcars as if they had been sold to a third party, and are eliminated in consolidation. Revenues for railcars built for the Company’s lease fleet are not recognized in consolidated revenues as a railcar sale, but are recognized over the term of the lease in accordance with the monthly lease revenues. Railcars built for the lease fleet represented over 28% of ARI’s railcar shipments in the first nine months of 2012 compared to 3% for the nine months ended September 30, 2011.

Consolidated earnings from operations for the nine months ended September 30, 2012 were $80.1 million, up substantially from $18.3 million for the same period in 2011. Operating margins were 16% for the first nine months of 2012 compared to 6% for the same period in 2011. The increase in consolidated earnings was primarily due to an increase in manufacturing earnings from operations. Manufacturing earnings from operations were $109.0 million for the third quarter 2012 compared to $16.5 million for the same period in 2011. This increase is due predominately to increased volumes, improved sales mix, pricing and operating leverage and efficiencies as a result of strong production volumes. The Company also continues to benefit from cost savings achieved by the vertical integration projects put in place during the past several years. The increase in volumes included railcars produced for our leasing business. Manufacturing earnings from operations for the first nine months of 2012 included $28.3 million of profit on railcars built for the lease fleet that is eliminated in consolidation and is based on an estimated fair market value of revenues as if the railcars had been sold to a third party, less the cost to manufacture.

The Company recorded break-even earnings from joint ventures for the first nine months of 2012 compared to a loss of $7.2 million for the same period in 2011.

Adjusted EBITDA was $101.5 million for the first nine months of 2012, up by nearly $75 million from $26.8 million for the comparable period in 2011.

Net earnings for the first nine months of 2012 were $39.4 million, or $1.84 per share, compared to a loss of ($0.7) million, or ($0.03) per share, for the same period of 2011.

A reconciliation of the Company’s segment revenues and earnings (loss) from operations, used for corporate management and resource allocation purposes, to the consolidated revenues and earnings (loss) from operations is set forth in the supplemental disclosure attached to this press release. A reconciliation of the Company’s net earnings (loss) to EBITDA and Adjusted EBITDA (both non-GAAP financial measures) is set forth in the supplemental disclosure attached to this press release.

ARI will host a webcast and conference call on Thursday, October 25, 2012 at 10:00 am (Eastern Time) to discuss the Company’s third quarter 2012 financial results. To participate in the webcast, please log-on to ARI’s investor relations page through the ARI website at www.americanrailcar.com. To participate in the conference call, please dial 877-745-9389. Participants are asked to log-on to the ARI website or dial in to the conference call approximately 10 to 15 minutes prior to the start time. An audio replay of the call will also be available on the Company’s website promptly following the earnings call.

About ARI

ARI is a leading North American designer and manufacturer of hopper and tank railcars. ARI leases railcars manufactured by the Company to certain markets. In addition, ARI repairs and refurbishes railcars, provides fleet management services and designs and manufactures certain railcar and industrial components. ARI provides its railcar customers with integrated solutions through a comprehensive set of high quality products and related services.

Forward Looking Statement Disclaimer

This press release contains statements relating to expected financial performance and/or future business prospects, events and plans that are forward-looking statements. Forward-looking statements represent the Company’s estimates and assumptions only as of the date of this press release. Such statements include, without limitation, statements regarding customer demand for the Company’s products, the Company’s strategic objectives and long-term strategies, potential improvements in ARI’s business and the overall railcar industry, the potential for increased order activity, the growth of the Company’s leasing business, improved pricing, anticipated future production rates, anticipated benefits of the partial redemption of the Company’s Notes, the Company’s joint ventures, the Company’s backlog and any implication that the Company’s backlog may be indicative of future sales. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results described in or anticipated by the Company’s forward-looking statements. Other potential risks and uncertainties include, among other things: the impact of an economic downturn, adverse market conditions and restricted credit markets; ARI’s reliance upon a small number of customers that represent a large percentage of revenues and backlog; the health of and prospects for the overall railcar industry; prospects in light of the cyclical nature of the railcar manufacturing business and the current economic environment; anticipated trends relating to shipments, leasing, railcar services, revenues, financial condition or results of operations; the sufficiency of the Company’s liquidity and capital resources, particularly in light of the Company’s recent use of cash to partially redeem the Notes and current plans to expand the Company’s lease fleet; the Company’s ability to manage overhead and variations in production rates; the highly competitive nature of the railcar manufacturing industry; fluctuating costs of raw materials, including steel and railcar components and delays in the delivery of such raw materials and components; fluctuations in the supply of components and raw materials that ARI uses in railcar manufacturing; anticipated production schedules for products and the anticipated financing needs, construction and production schedules of ARI’s joint ventures; the risks associated with potential joint ventures, potential acquisitions or new business endeavors; the implementation, integration with other systems or ongoing management of the Company’s new enterprise resource planning system; the international economic and political risks related to ARI’s joint ventures’ current and potential international operations; the risk of the lack of acceptance of new railcar offerings by ARI’s customers and the risk of initial production costs for the Company’s new railcar offerings being significantly higher than expected; the conversion of ARI’s railcar backlog into revenues; compliance with covenants contained in the Company’s unsecured senior notes; the impact and anticipated benefits of any acquisitions ARI may complete; the impact and costs and expenses of any litigation ARI may be subject to now or in the future; the ongoing benefits and risks related to the Company’s relationship with Mr. Carl Icahn (the chairman of the Company’s board of directors and, through his holdings of Icahn Enterprises L.P., the Company’s principal beneficial stockholder) and certain of his affiliates; and the additional risk factors described in ARI’s filings with the Securities and Exchange Commission. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share amounts)

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts, unaudited)

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts, unaudited)

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED SEGMENT DATA

(In thousands, unaudited)

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

AMERICAN RAILCAR INDUSTRIES, INC. AND SUBSIDIARIES

RECONCILIATION OF NET EARNINGS (LOSS) TO EBITDA AND ADJUSTED EBITDA

(In thousands, unaudited)

EBITDA represents net earnings (loss) before income tax expense (benefit), interest expense (income), loss on debt extinguishment and depreciation of property, plant and equipment. The Company believes EBITDA is useful to investors in evaluating ARI’s operating performance compared to that of other companies in the same industry. In addition, ARI’s management uses EBITDA to evaluate operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s business. EBITDA is not a financial measure presented in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Accordingly, when analyzing the Company’s operating performance, investors should not consider EBITDA in isolation or as a substitute for net earnings (loss), cash flows provided by (used in) operating activities or other statement of operations or cash flow data prepared in accordance with U.S. GAAP. The calculation of EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.

Adjusted EBITDA represents EBITDA before stock based compensation related to stock appreciation rights (SARs). Management believes that Adjusted EBITDA is useful to investors in evaluating the Company’s operating performance, and therefore uses Adjusted EBITDA for that purpose. The Company’s SARs, which settle in cash, are revalued each period based primarily upon changes in ARI’s stock price. Management believes that eliminating the expense (income) associated with stock-based compensation allows management and ARI’s investors to understand better the operating results independent of financial changes caused by the fluctuating price and value of the Company’s common stock. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net earnings (loss), cash flows provided by (used in) operating activities or other statements of operations or cash flow data prepared in accordance with U.S. GAAP. The Company’s calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.