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FreightCar America, Inc. Reports Third Quarter 2013 Results

Stocks in this article: RAIL

FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the third quarter ended September 30, 2013, with revenues of $75.9 million and a net loss of $0.9 million, or $(0.08) per diluted share. For the same quarter in 2012, the Company reported revenues of $160.6 million and net income of $4.8 million, or $0.40 per diluted share. Revenues were $47.1 million with a net loss of $3.4 million, or $(0.29) per diluted share, in the second quarter of 2013.

“While the outlook for the broader coal car market remains mixed, we are encouraged by the resilience in the Eastern coal car market, as evidenced by the large rebuild orders we received during the quarter,” said Joe McNeely, Chief Executive Officer. “With the successful startup of the Shoals facility plus the recently announced organizational changes, we are well positioned to effectively execute on our strategic priorities while preserving our financial strength. We are focused on diversifying our railcar product offerings, maintaining our market leadership in coal cars and maximizing the value of our services business.”

The Company delivered 937 railcars in the third quarter of 2013, which included 194 new railcars and 743 rebuilt railcars. This compares to 1,618 railcars delivered in the third quarter of 2012 and 710 railcars delivered in the second quarter of 2013. There were 6,001 units ordered in the third quarter of 2013, which included an order for approximately 4,000 rebuilt coal cars. This compares to 225 units ordered in the third quarter of 2012 and 693 units ordered in the second quarter of 2013. Total manufacturing backlog was 7,129 units at September 30, 2013, compared to 3,716 units at September 30, 2012 and 2,065 units at June 30, 2013.

The Manufacturing segment had revenues of $66.9 million in the third quarter of 2013, compared to $152.5 million for the same period of 2012 and $37.1 million in the second quarter of 2013. Manufacturing segment operating income was $4.3 million in the third quarter of 2013, compared to $13.9 million in the third quarter of 2012 and a loss of $1.0 million in the second quarter of 2013. Manufacturing segment operating income for the current quarter reflects $3.3 million of Shoals start-up and Danville carrying costs.

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