FreightCar America, Inc. Reports Second Quarter 2017 Results

Highlights
  • Second quarter revenue of $118.7 million on deliveries of 1,096 units
  • Second quarter net loss of $0.4 million, or $0.04 per diluted share
  • Orders for 1,520 railcars received during the quarter, increasing backlog to 3,226 railcars valued at a total of approximately $293 million
  • Total cash, cash equivalents, marketable securities and restricted cash of $138.3 million at June 30, 2017
  • Full year 2017 delivery range increased to between 4,300 and 4,500 railcars

CHICAGO, Aug. 02, 2017 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the second quarter ended June 30, 2017, with a net loss of $0.4 million, or $0.04 per diluted share, compared to a net loss of $0.5 million, or $0.04 per diluted share, in the same period last year.

"Although the second quarter was in line with the Company's outlook, we are not satisfied with these results. Continued manufacturing inefficiencies, unfavorable operating leverage and the current competitive environment more than offset the cost savings achieved to date. We will accelerate our cost reduction efforts with a particular focus on reducing material costs and achieving manufacturing excellence as we move forward," said Jim Meyer, the Company's new President and Chief Executive Officer.

Mr. Meyer concluded, "Based upon our current backlog and production schedule, we increased our full year 2017 delivery range to be between 4,300 and 4,500 railcars."

Consolidated revenues were $118.7 million in the second quarter of 2017 compared to $126.2 million in the same quarter of 2016. The Company delivered 1,096 railcars in the second quarter of 2017, all of which were new railcars. In addition, 100 railcars previously on lease were sold to a third party in the second quarter of 2017. This compares to 1,372 railcars delivered in the second quarter of 2016, all of which were new railcars. Orders in the second quarter of 2017 totaled 1,520 new railcars. The Company had a diversified backlog totaling 3,226 railcars at June 30, 2017, valued at approximately $293 million.

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