FreightCar America, Inc. Reports Third Quarter 2022 Results

About this update from Freightcar America, Inc.

[{"type":"text","content":"Third quarter 2022 revenue up 47% year-over-year Company reaffirms revenue and delivery outlook for fiscal year 2022 CHICAGO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) or (the “Company”), a diversified manufacturer of railroad freight cars, today reported results for the third quarter ended September 30, 2022. Third Quarter 2022 Highlights Revenues of $85.7 million, up 47.1% year-over-year, with deliveries of 783 railcars, up 55% year-over-yearGross margin of 5.3% with gross profit of $4.6 million, compared to gross margin of 2.6% with gross profit of $1.5 million in the third quarter of 2021Manufacturing operating income of $3.1 million, compared to $163 thousand in the third quarter of 2021Net loss of ($17.8) million, or ($0.69) per share and adjusted net loss of ($5.4) million, or ($0.21) per share, accounting for primarily non-cash items including an $8.1 million pre-tax pension settlement lossAdjusted EBITDA of $1.6 million, compared to Adjusted EBITDA loss of ($3.5) million in the third quarter of 2021Quarter-end backlog totaled 2,529 railcars with an aggregate value of approximately $276 million2022 revenue outlook reaffirmed at between $340 million and $360 million and deliveries of between 3,000 and 3,200 railcars Jim Meyer, President and Chief Executive Officer of FreightCar America, commented, “FreightCar America delivered another quarter of strong top-line growth while also producing another record number of railcars at the Castaños facility. That said, our financial results were muted by the combined impacts of delivering lower margin orders accepted at the bottom of the cycle and elevated freight costs. We expect margins to strengthen starting in the fourth quarter as these orders are completed.” Meyer continued, “While there is much more work to accomplish, we continued to make solid progress on our strategic and performance initiatives in Castaños. The new fabrication shop started operating in the third quarter and our expanded wheel mounting and axle machining facility achieved AAR certification just after the close of the quarter, both of which will bring meaningful efficiencies going forward. We continue to invest in the business and work to position ourselves as a world class manufacturer in Northern Mexico, anchored by the new purpose-built facility and an exceptional workforc...

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