Business
FreightCar America, Inc. Reports Second Quarter 2021 Results
Third consecutive quarter of positive gross margin and first quarter of manufacturing operating income since 2018 Company raises 2021 delivery outlook for
About this update from Freightcar America, Inc.
[{"type":"text","content":"Third consecutive quarter of positive gross margin and first quarter of manufacturing operating income since 2018 Company raises 2021 delivery outlook for second time and announces plan to add two additional production lines within a year CHICAGO, Aug. 16, 2021 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2021. Business Highlights Second quarter revenue of $37.4 million, up 114% year-over-year, on deliveries of 313 railcarsGross margin of $3.6 million, positive for the third consecutive quarterManufacturing operating income was $1.9 million, the first positive result in three yearsSecond quarter net loss of ($2.6) million, or ($0.13) per share, included $3.5 million non-cash income related to the change in fair market value of warrant liabilityAdjusted EBITDA loss was ($1.5) million, which excludes the previously mentioned non-cash incomeQuarter-end backlog totaled 2,200 railcars with an aggregate value of approximately $224 million2021 delivery outlook raised to between 1,750 and 1,850 railcars, up from between 1,600 and 1,750 railcarsSubsequent to quarter end, approved plans to build additional manufacturing lines, increasing Castaños plant capacitySubsequent to quarter end, entered into an amended financing agreement with current partner, opening up a $25 million line of credit to support working capital needs “We are pleased to have achieved the majority of our goals for the quarter, which included our third consecutive quarter of positive gross margin, positive operating income at the manufacturing level, and a solid mix of new business awarded,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “For the first half of fiscal 2021, our Adjusted EBITDA loss decreased to $2.0 million compared to a loss of $23.2 million in the same period of 2020. This improvement, in the face of multiple supply chain constraints and significant raw material inflation, truly highlights the potential of our new footprint.” Meyer continued, “We remain encouraged by signs of an improving demand environment across our end-markets. Sales inquiries remain positive, and we have raised our 2021 outlook again for railcar deliveries. Additionally, we are thrilled to share that our Board of Directors has approved plans to add two more production lines at...