FreightCar America, Inc. (NASDAQ: RAIL) today reported results for its third quarter ended September 30, 2011, with revenues of $130.1 million and a net loss of $2.4 million, or $(0.20) per diluted share. For the second quarter of 2011, the Company reported revenues of $97.6 million with net income of $0.2 million, or $0.02 per diluted share. For the third quarter of 2010, the Company reported revenues of $41.3 million and a net loss of $4.7 million, or $(0.39) per diluted share.
The Company delivered 1,515 railcars to customers in the third quarter of 2011, all of which were new railcars. This compares to 1,309 new and leased railcars delivered in the second quarter of 2011 and 600 new railcars delivered in the third quarter of 2010. There were 2,840 units ordered in the third quarter of 2011, compared to 1,089 units ordered in the second quarter of 2011 and 17 units ordered in the third quarter of 2010. Total manufacturing backlog was 6,311 units at September 30, 2011 compared to 4,986 units at June 30, 2011 and 2,417 units at September 30, 2010.
“The third quarter’s positive operating results reflect improved demand for our railcars, improved margins, and higher operating leverage due to the cost containment efforts implemented in prior quarters,” said Ed Whalen, President and Chief Executive Officer.
“Third quarter 2011 Manufacturing segment revenues, gross profit and operating income improvement from the prior quarter, reflects the coal car replacement cycle that began earlier this year and improvement in the overall railcar market. The demand for coal remains mixed. While export coal loadings continued their strong showing and coal stockpiles have decreased, third quarter 2011 total coal loadings were 2.2% below third quarter 2010 levels due to flooding in the Midwest and Canada. In addition, electricity demand was flat as compared to the same period last year due to low industrial demand.”
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