16 unchanged sentences
The railcar industry has previously experienced sharp cyclical downturns and at such times operated with minimal backlog.
+Added: As a result of the current macroeconomic environment, the North American railcar industry is experiencing reduced order volumes and backlog.
The impacts of such an economic downturn may magnify the adverse effect on our business.
−Removed: Shortages of skilled labor and/or qualified employees have adversely impacted and could continue to impact our operations.
+Added: Shortages of skilled labor and/or qualified employees could impact our operations.
We depend on skilled labor in the manufacture, maintenance, and repair of railcar products and on other qualified employees in all aspects of our business.
−Removed: Some of our facilities are located in areas where demand for skilled laborers exceeds supply.
We have experienced shortages of qualified employees and/or skilled labor and increased turnover at certain facilities, resulting in increased labor costs from temporary workers and operating inefficiencies.
35 unchanged sentences
Furthermore, any material change in the quotas, regulations, tariffs, or duties on imports imposed by the U.S.
−Removed: government and agencies, or on exports by the government of Mexico or its agencies, could affect our ability to export products that we manufacture in Mexico.
+Added: government and agencies – including, but not limited to, tariffs imposed under Section 232 of the Trade Expansion Act of 1962, Section 301 of the Trade Act of 1974, or the International Emergency Economic Powers Act (IEEPA) – or on exports by the government of Mexico or its agencies, could affect our ability to export products that we manufacture in Mexico.
Because we have operations outside the U.S., we could be adversely affected by final judgments of non-compliance with the U.S.
3 unchanged sentences
We face aggressive competition in the end markets we serve.
−Removed: In addition to price, we face competition in respect to product performance and technological innovation, quality, reliability of delivery, customer service, and other factors.
+Added: In addition to price, we face competition in respect to product performance and innovation, quality, reliability of delivery, customer service, and other factors.
The effects of this competition, which is often intense, could reduce our revenues and operating profits, limit our ability to grow, increase pricing pressure on our products, and otherwise affect our financial results.
19 unchanged sentences
As a result of these quarterly fluctuations, we believe that comparisons of our sales and operating results between quarterly periods may not be meaningful and should not be relied upon as indicators of future performance.
−Removed: Changes in the price and demand for steel could lower our margins and profitability.
+Added: Changes in the availability, price, and demand for steel could lower our margins and profitability.
The principal material used in our manufacturing segment is steel.
1 unchanged sentence
Steel prices may experience further volatility as a result of scrap surcharges assessed by our suppliers and other market factors.
−Removed: We have experienced, and may continue to experience, increases in the costs of steel, components, and certain other inputs that represent a substantial portion of our cost of revenues.
+Added: We have experienced increases in the costs of steel, components, and certain other inputs that represent a substantial portion of our cost of revenues.
We typically use contract-specific purchasing practices, existing supplier commitments, contractual price escalation provisions, and other arrangements with our customers to mitigate the effect of this volatility on our operating profit.
10 unchanged sentences
Our inability to produce, protect and disseminate relevant and/or reliable data and information pertaining to our business in an efficient, cost-effective, secure, and well-controlled fashion may have significant negative impacts on confidentiality requirements and obligations and trade secret or other proprietary needs and expectations and, therefore, our future operations, profitability, and competitive position.
−Removed: We rely on information technology infrastructure and architecture, including hardware, network, software, people, and processes to provide useful and confidential information to conduct our business.
+Added: We rely on information technology infrastructure and architecture, including hardware, network, software, people, and processes, provided both internally and by third‑party service providers to deliver the secure, reliable, and confidential information necessary to conduct our business.
This includes correspondence and commercial data and information interchange with customers, suppliers, legal counsel, governmental agencies, and consultants, and to support assessments and conclusions about future plans and initiatives pertaining to market demands, operating performance, and competitive positioning.
−Removed: Any material failure or interruption of service, including potential disruption from periodic financial or operating system upgrades, could adversely affect our relations with suppliers and customers, place us in violation of confidentiality and data protection laws, rules, and regulations, and result in negative impacts to our market share, operations, profitability, and reputation.
−Removed: We face risks related to cybersecurity attacks and other breaches of our information systems and technology.
+Added: Any material failure or interruption of service, including potential disruption from periodic financial or operating system upgrades, could adversely affect our relations with suppliers and customers, place us in violation of confidentiality and data privacy and protection laws, rules, and regulations, and result in negative impacts to our market share, operations, profitability, and reputation.
+Added: We face risks related to cybersecurity attacks and other breaches of our information systems and technology, including those arising from our deployment and use of artificial intelligence ("AI") tools.
We rely on the proper functioning and availability of our information technology systems, some of which are dependent on services provided by third parties, in operating our business.
5 unchanged sentences
Likewise, data privacy breaches from our systems could expose personally identifiable information of our employees or contractors, sensitive customer data, or vendor data to unauthorized persons, adversely impacting our customer service, employee relationships, and our reputation.
+Added: Our use of AI tools in our business may introduce new or enhanced cybersecurity and data‑integrity risks, including vulnerabilities related to data inputs, model outputs, and reliance on third‑party AI platforms.
+Added: Any failure of these AI systems, or any exploitation of AI‑related vulnerabilities, could increase the likelihood or impact of unauthorized access, data loss, or other security incidents.
Information technology security threats to network and data security are increasing in frequency and sophistication, and cyberattacks pose a risk to the security of our information technology systems, including those of third-party service providers with whom we have contracted, as well as the confidentiality, integrity, and availability of the data stored on those systems.
28 unchanged sentences
(v) restrictive covenants under our indebtedness restricting our financial and operating flexibility;
−Removed: and (iv) although the parent entity has not secured any debt with its assets, our subsidiaries that have issued debt have pledged their specific assets to secure such indebtedness, and such assets could be foreclosed upon in connection with an event of default.
+Added: and (vi) although the parent entity has not secured any debt with its assets, our subsidiaries that have issued debt have pledged their specific assets to secure such indebtedness, and such assets could be foreclosed upon in connection with an event of default.
Litigated disputes and other claims could increase our costs and weaken our financial condition.
33 unchanged sentences
Some of these proposals would require industries to meet stringent new standards that may require substantial reductions in carbon emissions.
−Removed: While the Company cannot assess the direct impact of these or other potential regulations, we do recognize that new climate change protocols could affect demand for our products and/or affect the price of materials, input factors, and manufactured components.
+Added: While the Company cannot assess the direct impact of these or other potential regulations, we do recognize that climate change and any related protocols could affect demand for our products and/or affect the price of materials, input factors, and manufactured components.
Potential opportunities could include greater demand for certain types of railcars, while potential challenges could include decreased demand for certain types of railcars or other products and higher energy costs.
76 unchanged sentences
government actions relative to the federal budget, taxation policies, government expenditures, U.S.
−Removed: borrowing/debt ceiling limits, and trade policies, including tariffs, could adversely affect our business and operating results.
+Added: borrowing/debt ceiling limits, and trade policies, including both domestic and foreign tariffs, could adversely affect our business and operating results.
Periods of impasse, deadlock, and last-minute accords may continue to permeate many aspects of U.S.
26 unchanged sentences
See Note 15 of the Consolidated Financial Statements for further information on our potential exposure to environmental liabilities.
−Removed: Some of our customers place orders for our products in reliance on their ability to utilize tax benefits, which could be discontinued or allowed to expire without extension thereby reducing demand for certain of our products.
−Removed: There is no assurance that the U.S.
−Removed: government will reauthorize, modify, or otherwise not allow the expiration of tax benefits.
−Removed: For example, changes to income tax laws and regulations have resulted in the phase-out of bonus depreciation, which began in 2023 and will continue through 2026.
−Removed: In such instances where benefits are allowed to expire or are otherwise modified or discontinued, the demand for our products could decrease, thereby creating the potential for a material adverse effect on our financial condition or results of operations.
Changes in accounting standards or inaccurate estimates or assumptions in the application of accounting policies could adversely affect our financial results .
26 unchanged sentences
The initiation of any such litigation or an unfavorable result could have a material adverse effect on our financial condition and results of operations.
−Removed: See Note 15 of the Consolidated Financial Statements for more detailed information on any material pending legal proceedings other than ordinary routine litigation incidental to our business.
There can be no assurance that we will continue to pay dividends at current levels or will repurchase shares of our common stock.
15 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.