FreightCar America Reports Q1 Loss on Substantially Fewer Deliveries

FreightCar America reported Q1/18 revenue of $82.97 million was down 40.5% from $139.54 million in Q1/17. The Q1/18 net loss of $6.4 million compared to net income of $.638 million in the same quarter in 2017.

FreightCar America delivered 1,094 railcars in Q1/18, which included 891 new railcars, 81 rebuilt railcars and 122 leased railcars compared to 1,525 railcars delivered in Q1/17, which included 1,425 new railcars and 100 leased railcars.

The company had a diversified backlog totaling 2,054 railcars at March 31, 2018, valued at approximately $143 million.

“While challenging industry dynamics continue to put pressure on pricing, FreightCar America is focusing its efforts on areas which we can control,” said Jim Meyer, president and CEO of FreightCar America. “During the first quarter, we delivered nearly 1,100 units, received orders totaling 756 new and rebuilt railcars and continued to have positive conversations across our client base. In particular, we’re seeing increased demand for our rebuild capabilities as it relates to coal car conversions, the large majority of which we were the original manufacturer. As a result, we have grown more confident in our ability to capitalize on that opportunity this year and we are raising the lower end of our delivery outlook by 500 railcars. We now expect to deliver between 4,000 and 4,300 railcars during fiscal 2018.”

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