NEW YORK (TheStreet) -- Shares of FreightCar America  (RAIL - Get Report)  were falling on heavy trading volume late Tuesday afternoon after reporting an unexpected loss for the 2016 second quarter. 

After yesterday's market close, the Chicago-based rail car manufacturer reported a loss of 4 cents per diluted share, while analysts were looking for adjusted earnings of 43 cents per share. 

Revenue plummeted 46% year-over-year to $126.2 million and missed analysts' estimates of $163.4 million.

The company's rail car deliveries fell 47% to 1,372 rail cars in the most recent period. Costs increased as new car models were introduced, CEO Joe McNeely said in a statement.

FreightCar America hopes to cut annual operating costs by $5 million in part by reducing its workforce by 15% and closing a Johnstown, PA administrative office. 

The stock plunged as much as 16% earlier today. About 1.26 million shares have been traded so far today vs. its average trading volume of roughly 152,070 shares per day. 

Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.

FreightCar America's strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins.

You can view the full analysis from the report here: RAIL

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.