Business
FreightCar America, Inc. Reports Second Quarter 2023 Results
Company delivers strong quarterly results realizing significant revenue growth and gross margin expansion Raises guidance for fiscal year 2023 CHICAGO, Aug.
About this update from Freightcar America, Inc.
[{"type":"text","content":"Company delivers strong quarterly results realizing significant revenue growth and gross margin expansion Raises guidance for fiscal year 2023 CHICAGO, Aug. 07, 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 second quarter ended June 30, 2023. Second Quarter 2023 Highlights Revenues of $88.6 million on 760 railcar deliveries, up 56% compared to revenues of $56.8 million on 468 railcar deliveries in the second quarter of 2022Gross margin of 14.6% with gross profit of $13.0 million, compared to gross margin of 11.6% with gross profit of $6.6 million in the second quarter of 2022Net loss of ($18.9) million, or ($0.73) per share and Adjusted Net income of $2.7 million, or $0.02 per share, accounting primarily for non-cash items associated with the loss on debt extinguishment and change in fair market value of warrant liabilityAdjusted EBITDA of $8.0 million, compared to Adjusted EBITDA of $2.3 million in the second quarter of 2022Railcar orders of 381 in the second quarter and 2,341 for the first half of the year, with quarter-end backlog totaling 3,288 railcars for an aggregate value of approximately $382 millionFY23 Adjusted EBITDA guidance raised to $18 - $22 million from prior guidance of $15 - $20 million Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “FreightCar America finished an impressive quarter, with revenues up 56% year-over-year and gross margins of 14.6%. These results were fueled by our steadfast commitments to achieving the highest levels of customer satisfaction and operational excellence, and building a world-class manufacturing campus in Castaños, Mexico. The multi-year project to construct the campus is scheduled to be completed this August, after which we will have four production lines available and even more opportunities to differentiate ourselves within the industry.” Meyer continued, “Consistent with our commitments, we announced the addition of Nick Randall as FreightCar America’s first Chief Operating Officer during the quarter. Nick brings a wealth of experience and will be a great asset as we continue to lay the groundwork for our future. Lastly, we completed the previously announced financing transaction during the quarter to...