FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2012, with revenues of $181.2 million and net income of $5.6 million, or $0.46 per diluted share. For the same quarter in 2011, the Company reported revenues of $97.6 million and net income of $0.2 million, or $0.02 per diluted share. Revenues were $219.1 million and net income was $9.7 million, or $0.81 per diluted share, in the first quarter of 2012.
The Company delivered 2,786 railcars to customers in the second quarter of 2012, of which 1,815 were new cars, 361 were used cars and 610 were leased cars. This compares to 1,309 railcars delivered in the second quarter of 2011 and 2,613 railcars delivered in the first quarter of 2012. There were 961 units ordered in the second quarter of 2012. This compares to 1,089 units ordered in the second quarter of 2011 and 1,244 units ordered in the first quarter of 2012. Total manufacturing backlog was 5,109 units at June 30, 2012 compared to 4,986 units at June 30, 2011 and 6,934 units at March 31, 2012.
“I am pleased to report solid results for the second quarter despite challenging macroeconomic and industry conditions,” said Ed Whalen, President and Chief Executive Officer. “We had another strong quarter of deliveries and revenues as we drew upon the backlog of orders taken in the second half of last year. Our product diversification efforts resulted in second quarter orders for railcars other than coal including hoppers, gondolas and flat cars. Coal demand continued to remain under pressure in the second quarter. However, coal export activity remains strong and we have also seen a modest rebound in coal demand related to above average power generation needs in the later weeks of the quarter due to higher than normal early summer temperatures. While an uncertain economic outlook persists, we remain focused on operating efficiently, expanding our product offerings, delivering quality products and services to our customers and producing positive returns for our shareholders,” Whalen concluded.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV