Business
FreightCar America, Inc. Reports Fourth Quarter and Full Year 2021 Results
Fiscal Year 2021 revenue up 87% and year-end order book increased 67% versus 2020 Company expects continued strong progress in 2022 with sequential
About this update from Freightcar America, Inc.
[{"type":"text","content":"Fiscal Year 2021 revenue up 87% and year-end order book increased 67% versus 2020 Company expects continued strong progress in 2022 with sequential improvement in gross margin and is raising full year delivery guidance CHICAGO, March 22, 2022 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (“FCA” or the “Company”) (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today reported results for the fourth quarter and full year ended December 31, 2021. Business Highlights Fourth quarter 2021 revenue of $75.0 million, up 23.8% year-over-year, on deliveries of 604 railcarsGross margin of $6.6 million, positive for the fifth consecutive quarterManufacturing operating income of $4.9 million, positive for the third consecutive quarterFourth quarter 2021 net income of $1.2 million, or $0.06 per shareFourth quarter 2021 Adjusted EBITDA of $1.2 millionQuarter-end backlog totaled 2,323 railcars with an aggregate value of approximately $240.2 million2022 delivery outlook raised from between 2,350 and 2,650 railcars to between 2,600 and 2,900 railcars, versus 1,731 deliveries in fiscal 2021 “2021 was a year of many accomplishments for FreightCar America, most notably building a strong foundation for the future with the successful transition of our manufacturing footprint to Castaños, Mexico,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “We have already begun to see the benefits of the transition, as evidenced by positive gross margin for the fifth consecutive quarter and manufacturing operating income for the third consecutive quarter, despite persistent supply chain challenges and inflationary pressures.” Meyer concluded, “The Company is on track to double its annual railcar production capacity to between 4,000 to 5,000 railcars during 2023, which we expect to be well timed with an increase in the railcar demand cycle. FreightCar America is now extremely well positioned for growth, and we are anticipating solid performance, starting in the first quarter of 2022. We believe that our performance in 2022 will demonstrate the true potential for the business.” Fourth Quarter Results Consolidated revenues were $75.0 million in the fourth quarter of 2021, compared to $58.3 million in the third quarter of 2021 and $60.6 million in the fourth quarter of 2020. The Company delivered 604 railcars in the four...