Business
FreightCar America, Inc. Reports Fourth Quarter and Full Year 2023 Results
Company delivers solid results with Gross Profit up 62% on significant year-over-year margin expansion Provides revenue, deliveries and Adjusted EBITDA
About this update from Freightcar America, Inc.
[{"type":"text","content":"Company delivers solid results with Gross Profit up 62% on significant year-over-year margin expansion Provides revenue, deliveries and Adjusted EBITDA guidance for 2024 CHICAGO, March 18, 2024 (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, 2023. Fiscal Year 2023 Highlights Revenues of $358.1 million, down 1.8% year-over-year, on deliveries of 3,022 railcars, down 5.1% year-over-yearGross margin of 11.7% with gross profit of $41.8 million, compared to gross margin of 7.1% with gross profit of $25.8 million in fiscal year 2022Net loss of ($23.6) million, or ($1.18) per share and adjusted net loss of ($1.0) million, or ($0.39) per share, accounting for primarily non-cash items including $14.9 million loss on extinguishment of debt, $4.1 million impairment on leased railcars and $2.2 million on the change in fair market value of warrant liabilityAdjusted EBITDA of $20.1 million, compared to Adjusted EBITDA of $8.4 million in fiscal year 2022Announced that on May 1, 2024, Nick Randall, the Company’s current Chief Operating Officer, will succeed Jim Meyer as President and Chief Executive Officer and become a member of the Company’s Board of Directors, while Mr. Meyer will assume the role of Executive Chairman of the Board Fourth Quarter 2023 Highlights Revenues of $126.6 million on 1,021 railcar deliveries, a decrease of 1.9% compared to revenues of $129.0 million on 1,150 railcar deliveries in the fourth quarter of 2022Gross margin of 9.6% with gross profit of $12.1 million, compared to gross margin of 3.6% with gross profit of $4.6 million in the fourth quarter of 2022Net loss of ($2.9) million, or ($0.24) per share and Adjusted Net income of $2.4 million, or ($0.07) per share, accounting primarily for non-cash items associated with a $4.1 million impairment on leased railcars as well as change in fair market value of warrant liabilityAdjusted EBITDA of $6.5 million, compared to Adjusted EBITDA of $1.2 million in the fourth quarter of 2022 Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “We continued to deliver both solid financial results and margin growth for 2023. Our team continues to remove cost and create eff...