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.
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