• First quarter revenue of $139.5 million on deliveries of 1,525 units
  • First quarter net income of $0.6 million, or $0.05 per diluted share
  • Diversified backlog totaling 2,802 railcars valued at $285 million
  • Total cash, cash equivalents, marketable securities and restricted cash of $114.8 million at March 31, 2017
  • Full year 2017 delivery range increased to be between 4,200 and 4,400 railcars

CHICAGO, May 03, 2017 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the first quarter ended March 31, 2017, with net income of $0.6 million, or $0.05 per diluted share, compared to net income of $12.7 million, or $1.03 per diluted share, in the same period last year. First quarter 2017 results included pre-tax restructuring charges of $1.8 million, of which $0.4 million were non-cash expenses, while first quarter 2016 results included a gain on a settlement of retiree benefit plan obligations of $14.3 million.

"Our cost reduction efforts and operational improvements are beginning to positively impact our results as deliveries and net income exceeded fourth quarter 2016 results. However, overall market conditions remain challenging as demonstrated by continued weakness in orders for new railcars," said Joe McNeely, President and Chief Executive Officer. "While near term uncertainty still exists, we are confident that the cost reduction initiatives that we have implemented, our diversified product offering and our strong balance sheet have positioned the Company to manage through the downturn. Finally, deliveries for 2017, including the cars delivered in the first quarter and orders received to date in the second quarter, are now expected to range between 4,200 and 4,400 railcars."

Consolidated revenues were $139.5 million in the first quarter of 2017 compared to $148.6 million in the same quarter of 2016. The Company delivered 1,525 railcars in the first quarter of 2017, which included 1,425 new railcars and 100 leased railcars. This compares to 1,609 railcars delivered in the first quarter of 2016, all of which were new railcars. Orders in the first quarter of 2017 totaled 68 railcars, of which 15 were new railcars and 53 were rebuilt railcars. The Company had a diversified backlog totaling 2,802 railcars at March 31, 2017, valued at $285 million.

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