Business
FreightCar America, Inc. Reports Fourth Quarter and Full Year 2022 Results
Fiscal year 2022 revenue up 80%, generating $11.5 million of cash from operations Expects continued momentum and growth in fiscal 2023 Provides revenue,
About this update from Freightcar America, Inc.
[{"type":"text","content":"Fiscal year 2022 revenue up 80%, generating $11.5 million of cash from operations Expects continued momentum and growth in fiscal 2023 Provides revenue, deliveries and Adjusted EBITDA guidance for 2023 CHICAGO, March 27, 2023 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer of railroad freight cars, today reported results for the fourth quarter and full year ended December 31, 2022. Fiscal Year 2022 Highlights Revenues of $364.8 million, up 79.6% year-over-year, on deliveries of 3,184 railcars, up 83.9% year-over-yearGross margin of 7.1% with gross profit of $25.8 million, compared to gross margin of 5.6% with gross profit of $11.5 million in fiscal year 2021Net loss of ($38.8) million, or ($1.56) per share and adjusted net loss of ($23.5) million, or ($0.95) per share, accounting for primarily non-cash items including $8.1 million pension settlement loss and $4.5 million impairment on leased railcarsAdjusted EBITDA of $8.4 million, compared to adjusted EBITDA loss of ($7.2) million in fiscal year 2021Subsequent to year end, issued non-convertible preferred stock with its financial partner to reduce debt and provide growth capital Fourth Quarter 2022 Highlights Revenues of $129.0 million, up 71.9% year-over-year, with deliveries of 1,150 railcars, up 90.4% year-over-yearGross margin of 3.6% with gross profit of $4.6 million, compared to gross margin of 8.8% with gross profit of $6.6 million in the fourth quarter of 2021Net loss of ($9.7) million, or ($0.37) per share and adjusted net loss of ($8.1) million, or ($0.31) per share, accounting for primarily non-cash items including a $4.5 million impairment on leased railcars, one-time Mexican VAT costs of $1.9 million and non-cash income of $4.7 million due to the change in fair market value of the warrant liabilityAdjusted EBITDA of $1.2 million, equivalent to the fourth quarter of 2021Quarter-end backlog totaled 2,445 railcars with an aggregate value of approximately $288 million Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “FreightCar America finished another strong year of transformation as we continued to ramp-up our operations in Castaños, delivered 3,184 railcars and generated $11.5 million in positive operating cash flow. In the fourth quarter, while we were ...