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FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the third quarter ended September 30, 2012, with revenues of $160.6 million and net income of $4.8 million, or $0.40 per diluted share. For the same quarter in 2011, the Company reported revenues of $130.1 million and net loss of $2.4 million, or $(0.20) per diluted share. Revenues were $181.2 million and net income was $5.6 million, or $0.46 per diluted share, in the second quarter of this year.
“I am pleased to report solid results for the third quarter despite challenging macroeconomic conditions and lackluster coal car demand,” said Ed Whalen, President and Chief Executive Officer. “While an uncertain economic outlook persists, we remain focused on maintaining efficient operations while undertaking investments to further diversify our railcar product and service offerings. Coal car replacement needs remain, but continued softness in coal demand will likely depress new coal car orders in the near term.”
The Company delivered 1,618 railcars to customers in the third quarter of 2012, of which 998 were new cars and 620 were rebuilt cars, in line with our previously stated reduced expectations for the second half of 2012. This compares to 1,515 railcars delivered in the third quarter of 2011 and 2,786 railcars delivered in the second quarter of 2012. In addition, the Company sold 240 leased railcars in the third quarter of 2012 with proceeds from those sales included in revenues. There were 225 units ordered in the third quarter of 2012. This compares to 2,840 units ordered in the third quarter of 2011 and 961 units ordered in the second quarter of 2012. Total manufacturing backlog was 3,716 units at September 30, 2012 compared to 6,311 units at September 30, 2011 and 5,109 units at June 30, 2012.
The Manufacturing segment had revenues of $152.5 million in the third quarter of 2012 compared to $122.2 million for the third quarter of 2011 and $171.8 million in the second quarter of 2012. Operating income for the Manufacturing segment was $13.9 million in the third quarter of 2012 compared to $6.9 million in the third quarter of 2011 and $15.3 million in the second quarter of 2012.