FreightCar America Q3 Railcar Deliveries More Than Double



FreightCar America reported Q3/14 revenues of $190.3 million and net income of $6.4 million compared to revenues of $75.9 million and a net loss of $0.9 million in Q3/13. The company noted that its manufacturing segment had Q3/14 revenues of $181.5 million compared to $66.9 million in Q3/13. Operating income for the manufacturing segment was $16.2 million in Q3/14, compared to $4.3 million in Q3/13.

The company said it delivered 2,354 railcars in Q3/14, which included 1,554 new and 800 rebuilt railcars. This compares to 937 railcars delivered in Q3/13, which included 194 new and 743 rebuilt railcars. There were 1,635 railcars delivered in Q2/14, which included 835 new and 800 rebuilt railcars.

Total manufacturing backlog was 13,514 units at September 30, 2014, compared to 7,129 units at September 30, 2013, and 8,493 units at June 30, 2014. Non-coal cars comprised 8,914 units, or 66%, of the total backlog at September 30, 2014, compared to 2,518 units at September 30, 2013, and 4,745 units at June 30, 2014.

“We were pleased with the company’s continued improved performance in the quarter,” said Joe McNeely, president and chief executive officer. “Strong market conditions resulted in record quarterly orders of 7,375 railcars which raised our backlog to over 13,500 railcars, valued at approximately $1.1 billion. Our backlog includes 3,700 coal car rebuilds and over 8,900 new non-coal cars, reflecting the significant progress we have made in our product diversification strategy. We continue to expect to deliver approximately 7,000 railcars for the full year 2014. The recent strong order activity will help us carry this momentum into 2015, during which we anticipate delivering 9,000 to 10,000 railcars, which includes approximately 2,600 rebuilds.”


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