Business
FreightCar America, Inc. Reports Second Quarter 2020 Results
Provides second half fiscal 2020 outlook to deliver 750 to 1,000 railcars Announces start of production at the Castaños, Mexico joint venture plant CHICAGO,
About this update from Freightcar America, Inc.
[{"type":"text","content":"Provides second half fiscal 2020 outlook to deliver 750 to 1,000 railcars\n Announces start of production at the Castaños, Mexico joint venture plant CHICAGO, Aug. 10, 2020 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2020. Business Highlights Second quarter revenue of $17.5 million on deliveries of 100 railcarsSecond quarter net loss of $12.8 million, or $0.97 per shareTotal cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit of $52.4 million as of June 30, 2020Second quarter backlog totaled 1,839 railcars, with an aggregate value of approximately $207 millionStarted production at Castaños, Mexico joint venture facility in JulySecond half 2020 delivery outlook forecasted to range between 750 and 1,000 railcarsCompany continues to prioritize employee and community safety, and is strictly adhering to pre-established health and safety protocols including those necessary in response to the global pandemic “During the second quarter, FreightCar America restarted two of the four production lines in Shoals, and managed through the disruption brought on by the global COVID-19 pandemic. I am very proud of how our team responded, as we focused equally on health, safety and meeting customer expectations,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “In addition to these important undertakings, we continued to move forward with our vision to become the highest quality and lowest cost producer. In July, we started production at the new joint venture plant in Castaños, Mexico along with preparation for the certification process. We were able to hire an extremely experienced workforce and are happy to welcome them to the team.” Meyer added, “The pandemic-related disruption further contributed to a difficult demand environment across our industry, which was already in the midst of a cyclical downtown. This further challenged both railcar orders and production scheduling during the second quarter. Of note, we had one additional week of operational downtime in our Shoals facility in the quarter as we halted production to protect the health and safety of our workforce. And while the recovery pattern remains opaque, we are encouraged by the recent improvement in order inquiries f...