Business
FreightCar America, Inc. Reports Fourth Quarter and Full Year 2020 Results
Fourth quarter revenues up 35% year-over-year and 140% sequentially Potential of new operating structure exemplified by positive gross margin in fourth
About this update from Freightcar America, Inc.
[{"type":"text","content":"Fourth quarter revenues up 35% year-over-year and 140% sequentially Potential of new operating structure exemplified by positive gross margin in fourth quarter CHICAGO, March 24, 2021 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the fourth quarter and full year ended December 31, 2020. Business Highlights Fourth quarter revenue of $60.6 million, up 35% year-over-year, on deliveries of 477 railcarsAchieved revised 2020 delivery guidance of 750 railcars, despite transitioning manufacturing from Shoals to CastañosFourth quarter net loss of $14.4 million, or $0.87 per share, which included $13.3 million of impairment, restructuring and other charges, the majority of which were non-cashAdjusted EBITDA was $1.7 million, which excludes the previously mentioned adjustmentsCompleted the early termination of the lease and exited the Cherokee, Alabama (“Shoals”) manufacturing facility on February 28, 2021, as plannedSuccessfully ramping up the new manufacturing footprint in Castaños which will support a 2021 delivery outlook of between 1,400 to 1,600 railcars, or nearly double last year’s total productionYear-end backlog totaled 1,389 railcars with an aggregate value of approximately $146 million “In spite of the ongoing pandemic which brought additional economic and operational challenges to our business, 2020 was a transformative year for FreightCar America. We moved our manufacturing footprint to Castaños and into the newest purpose-built railcar manufacturing facility in North America and began shipping product from there in the fourth quarter. We hired a highly experienced workforce and strengthened our balance sheet to provide both growth capital and a better overall financial foundation for the business,” said Jim Meyer, President and Chief Executive Officer of FreightCar America, Inc. “While there were a lot of moving parts in the fourth quarter, we delivered sequential and year-over-year improvement in revenues as well as positive gross margin during the period.” Meyer concluded, “We believe that we are fundamentally transforming FreightCar America’s ability to compete and win, and are now preparing the business to pivot from restructuring to growing. Our customers are very pleased by the progress and are providing us with highly favorable feedback on the new facility and team. Lastly, eve...