Business
FreightCar America, Inc. Reports First Quarter 2020 Results
‘Back to Basics’ transformational actions and focus on protecting liquidity position Company to navigate pandemic CHICAGO, May 11, 2020 (GLOBE NEWSWIRE) --
About this update from Freightcar America, Inc.
[{"type":"text","content":"‘Back to Basics’ transformational actions and focus on protecting liquidity position Company to navigate pandemic\nCHICAGO, May 11, 2020 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the first quarter ended March 31, 2020.\n Business Highlights First quarter revenue of $5.2 million on deliveries of 11 unitsFirst quarter net loss of $16.9 million, or $1.29 per diluted share, compared to a net loss of $1.12 per diluted share in the first quarter of 2019Total cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit of $60.5 million at March 31, 2020First quarter backlog totaled 1,939 railcars, up from 1,650 railcars at year-end 2019, with an aggregate value of approximately $221 millionCompany continues to prioritize employee and community safety, and adhere to pre-established safety protocolsCompany is still planning to be in production at its Castaños, Mexico facility by the end of 2020Due to the increased uncertainty caused by the COVID-19 pandemic, the Company is withdrawing its guidance for fiscal 2020 “First and foremost, I would like to thank all of our employees for their commitment to health and safety in these unprecedented times. Safety has always been our number one priority, and I am extremely proud of the team’s ability to respond in this environment, while continuing to meet the needs of our customers,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “There are a number of unknowns as we move through the challenges of this pandemic, but there are several items that give our team comfort right now. The ‘Back to Basics’ transformational strategy we have adhered to over the last two-and-a-half years is proving critical in this environment. We significantly improved our cost structure and manufacturing footprint, both of which position our business to capitalize on market upcycles and, just as importantly, compete and survive during tough industry conditions.” Meyer added, “We were obviously disappointed with our delivery figures for the quarter, a result of timing and weakness in the backlog, line startups in the quarter and lost production days at the end of the quarter due to COVID-19. However, our Shoals facility is back in production, and based on what we know today, we expect deliveries to ...