Business
FreightCar America, Inc. Reports Third Quarter 2021 Results
Fourth consecutive quarter of positive gross margin, second consecutive quarter of positive manufacturing operating income Company reiterates delivery outlook
About this update from Freightcar America, Inc.
[{"type":"text","content":"Fourth consecutive quarter of positive gross margin, second consecutive quarter of positive manufacturing operating income Company reiterates delivery outlook for fiscal year 2021 CHICAGO, Nov. 15, 2021 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the third quarter ended September 30, 2021. Business Highlights Third quarter revenue was $58.3 million, up 131% year-over-year, on deliveries of 505 railcarsGross margin was $1.5 million, positive for the fourth consecutive quarter, despite difficult launch of new modelManufacturing operating income was $0.2 million, the second consecutive positive resultThird quarter net income was $0.7 million, or $0.03 per shareAdjusted EBITDA loss was ($3.5) millionQuarter-end backlog totaled 1,895 railcars with an aggregate value of approximately $198 million2021 delivery outlook reiterated at between 1,750 and 1,850 railcarsTotal cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit (“total cash”) was $27.5 million as of September 30, 2021Subsequent to quarter end, collected $10.2 million from its value-added tax (VAT) receivable in Mexico “Overall, we are pleased with FreightCar America’s continuing momentum, including our fourth consecutive quarter of positive gross margin,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. “However, our results for the quarter were impacted by the difficult launch of a new railcar model. That event aside, which is now well behind us, we wholeheartedly believe in the business transformation we’ve completed and remain focused on returning to long-term growth and profitability.” Meyer continued, “While industry demand fundamentals remain strong, the pace of recovery is being gated by certain external factors starting with raw material cost inflation. Sales inquiries, however, continue to be very healthy and support our footprint expansion announced earlier this year.” Meyer concluded, “We are also pleased to announce that subsequent to quarter-end, we received a portion of the outstanding VAT receivable in Mexico. As of today, we have received $10.2 million of the outstanding VAT receivable, which was $30.1 million on September 30, 2021.” Third Quarter Results Consolidated revenues were $58.3 million in the third quarter of 2021, compa...