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FreightCar America, Inc. Reports Second Quarter 2013 Results

FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2013, with revenues of $47.1 million and a net loss of $3.4 million, or $(0.29) per diluted share. For the same quarter in 2012, the Company reported revenues of $181.2 million and net income of $5.6 million, or $0.46 per diluted share. Revenues were $87.6 million with a net loss of $2.6 million, or $(0.22) per diluted share, in the first quarter of 2013.

“Given the ongoing weakness in our traditional freight railcar market, we continue to focus on the diversification of our product offerings, as exemplified by the successful startup of the Shoals, Alabama facility to produce non-coal cars and the improving returns from our Services business this quarter,” said Ed Whalen, Chief Executive Officer. “We remain vigilant in managing our costs and believe that execution against the factors that are within our control will position us well for the future.”

The Company delivered 710 railcars in the second quarter of 2013, which included 160 new railcars, 200 leased railcars, and 350 rebuilt railcars. This compares to 2,786 railcars delivered in the second quarter of 2012 and 1,073 railcars delivered in the first quarter of 2013. There were 693 units ordered in the second quarter of 2013, which included an order for our recently introduced intermodal well cars. This compares to 961 units ordered in the second quarter of 2012 and 274 units ordered in the first quarter of 2013. Total manufacturing backlog was 2,065 units at June 30, 2013, compared to 5,109 units at June 30, 2012 and 2,082 units at March 31, 2013. Subsequent to quarter end, orders for over 5,500 railcars were received, which include orders for about 4,000 rebuilt coal cars to serve the Eastern coal market.

The Manufacturing segment had revenues of $37.1 million in the second quarter of 2013, compared to $171.8 million in the same period of 2012 and $77.7 million in the first quarter of 2013. Manufacturing segment operating loss was $1.0 million in the second quarter of 2013, compared to operating income of $15.3 million in the second quarter of 2012 and $2.1 million in the first quarter of 2013.

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