FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the fourth quarter ended December 31, 2012, with revenues of $116.6 million and a net loss of $1.0 million, or $(0.08) per diluted share. For the same quarter in 2011, the Company reported revenues of $187.1 million and net income of $8.5 million, or $0.71 per diluted share. Revenues were $160.6 million and net income was $4.8 million, or $0.40 per diluted share, in the third quarter of last year.
“2012 was a good year for FreightCar despite the fact that fourth quarter results were impacted by a decrease in coal car demand and product line change-over costs at both our manufacturing plants,” said Ed Whalen, President and Chief Executive Officer. “As we look forward, 2013 will be a challenging year for our traditional coal car business, but the long term need to replace the Eastern coal car fleet remains. In the near term, we will focus closely on the factors within our control, including improving production efficiency, improving the results of our services business and controlling costs throughout the Company. I am encouraged by the prospects for our non-coal railcar products and the value that our new Shoals facility will bring to our bottom line when operational,” Whalen concluded.
FOURTH QUARTER RESULTS
In line with Company’s expectations, deliveries decreased to 1,308 railcars in the fourth quarter of 2012, which included 528 new railcars and 780 rebuilt railcars. This compares to 2,489 railcars delivered in the fourth quarter of 2011 and 1,618 railcars delivered in the third quarter of 2012. There were 473 units ordered in the fourth quarter of 2012. This compares to 4,481 units ordered in the fourth quarter of 2011 and 225 units ordered in the third quarter of 2012. Total manufacturing backlog was 2,881 units at December 31, 2012, compared to 8,303 units at December 31, 2011 and 3,716 units at September 30, 2012.