Business
FreightCar America, Inc. Reports First Quarter 2022 Results
First quarter 2022 revenue up 188% year-over-year and gross profit of $10.1 million Company raises railcar delivery outlook and provides revenue guidance for
About this update from Freightcar America, Inc.
[{"type":"text","content":"First quarter 2022 revenue up 188% year-over-year and gross profit of $10.1 million Company raises railcar delivery outlook and provides revenue guidance for fiscal year 2022 CHICAGO, May 10, 2022 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (“FCA” or the “Company”) (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today reported results for the first quarter ended March 31, 2022. Business Highlights First quarter 2022 revenue of $93.2 million, up 188% year-over-year, on deliveries of 783 railcarsGross profit of $10.1 million with gross margin of 10.8%, positive for the sixth consecutive quarterManufacturing operating income of $8.5 million, positive for the fourth consecutive quarterFirst quarter 2022 net loss of ($25.8) million, or ($1.11) per share, primarily driven by a $20.7 million non-cash charge related to the change in fair market value of warrant liability and $4.2 million of stock compensationFirst quarter 2022 Adjusted EBITDA of $3.3 millionQuarter-end backlog totaled 2,395 railcars with an aggregate value of approximately $250 million2022 delivery outlook raised from between 2,600 and 2,900 railcars to 2,800 and 3,000 railcars, an increase of approximately 68% vs 2021 at the mid-point of the range Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “We remain very pleased with our progress and the momentum we continue to build. In spite of persistent inflationary and supply chain challenges, we closed the first quarter of 2022 with significantly improved results and expect our performance to only get better as industry conditions improve and we continue to scale the Company. Our efforts to take FreightCar America to the next stage of growth, with equal focus on cost discipline and manufacturing excellence, are starting to pay off.” First Quarter Results Consolidated revenues were $93.2 million in the first quarter of 2022, compared to $32.4 million in the first quarter of 2021. The Company delivered 783 railcars in the first quarter of 2022, compared to 309 railcars in the first quarter of 2021.Net loss in the first quarter of 2022 was ($25.8) million, or ($1.11) per share, compared to net loss of ($39.1) million, or ($1.96) per share, in the first quarter of 2021.Adjusted EBITDA for the first quarter of 2022 was $3.3 million, compared to Adjusted EBITDA loss of ($1....