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FreightCar America reports developments tied to its railroad freight car manufacturing and railcar aftermarket businesses. The company designs, produces and supplies railroad freight cars, railcar parts and components, and provides repair, rebody and conversion services that return idled rail assets to service.
Recurring news for RAIL includes quarterly and annual results, railcar deliveries, backlog, gross margin, adjusted EBITDA, cash flow, and outlook commentary. Company updates also cover aftermarket revenue trends, component distribution through Carly Railcar Components, annual meeting matters, investor conference appearances, and other governance or corporate communications.
FreightCar America reported a significant 80% increase in fiscal year 2022 revenues, totaling $364.8 million from 3,184 railcar deliveries. Gross profit surged to $25.8 million, with a gross margin of 7.1%. Despite a net loss of ($38.8) million due to non-cash items, adjusted EBITDA improved to $8.4 million. The company anticipates continued momentum in fiscal 2023, projecting revenues between $400 - $430 million and adjusted EBITDA of $15 - $20 million. The current backlog stands at 2,445 railcars, valued at approximately $288 million.
FreightCar America announced an agreement to issue non-convertible preferred stock to improve its capital structure. This issuance, scheduled for May 22, 2023, involves approximately 85,000 shares at a price of $1,000 each. Proceeds will fully retire term loan debt and provide working capital for growth initiatives, particularly in Castaños. The company expects around $10 million improvement in annual operating cash flows from cost savings. CFO Mike Riordan highlighted the transaction's role in lowering interest costs and enhancing operational capacity amidst strong demand for railcars.
FreightCar America (NASDAQ: RAIL) will disclose its Q4 and full year 2022 financial results on March 27, 2023, post-market. A conference call with a live webcast is scheduled for March 28, 2023, at 11:00 a.m. ET, available through the company's Investor Relations page. Participants can dial in by calling (877) 407-0789 or (201) 689-8562, using passcode 13736892. An audio replay will be accessible from 2:00 p.m. ET on March 28 until April 12, 2023. FreightCar America, a manufacturer of railroad freight cars, operates facilities in Chicago, Johnstown, and Mexico.
FreightCar America reported a 47% increase in third-quarter 2022 revenue, reaching $85.7 million with 783 railcars delivered. This marks a 55% rise in deliveries year-over-year. The gross margin improved to 5.3%, up from 2.6% in Q3 2021, resulting in a gross profit of $4.6 million. However, the company faced a net loss of $17.8 million, largely due to non-cash items. The backlog stands at 2,529 railcars, valued at approximately $276 million. FreightCar America reaffirmed its full-year revenue outlook of $340 million to $360 million.
FreightCar America, Inc. (NASDAQ: RAIL) announces its upcoming third quarter 2022 financial results will be released on November 7, 2022, post-market close. The company will conduct a conference call and live webcast the following day, November 8, at 11:00 a.m. ET. Key highlights include a listen-only webcast available on the Investor Relations page of their website. Audio replays of the call will be accessible from the same day until November 23, 2022. FreightCar America manufactures railroad freight cars and provides leasing services across multiple locations worldwide.
FreightCar America, Inc. (Nasdaq: RAIL), a prominent manufacturer of railroad freight cars, announced its participation in the 15th Annual Cowen Global Transportation & Sustainable Mobility Conference on September 7-8, 2022. Jim Meyer, CEO, and Michael Riordan, CFO, will host a fireside chat on September 7 from 2:40 PM to 3:10 PM CT. The session will be accessible via a live webcast on the company's Investor Relations page. FreightCar America specializes in the design and production of various railcars and has operations in multiple locations, including the US and Mexico.
FreightCar America reported a 52% increase in revenue for Q2 2022, totaling $56.8 million. Deliveries rose to 468 railcars, boosting net income to $14.5 million or $0.58 per share. The company's gross margin improved to 11.6%, with adjusted EBITDA of $2.3 million. FreightCar raised its revenue outlook for 2022 to between $340 million and $360 million, anticipating deliveries of 3,000 to 3,200 railcars. The strong backlog stands at 2,972 railcars, valued at approximately $320 million.
FreightCar America (NASDAQ: RAIL) will release its Q2 2022 financial results on August 8, 2022, after market close. A conference call and webcast for investors will take place on August 9, 2022, at 11:00 a.m. Eastern Time. Participants can access the live presentation on the company's Investor Relations page. A replay will be available from August 9, 2022, at 2:00 p.m. until August 24, 2022. FreightCar America specializes in manufacturing railroad freight cars and leasing services, with facilities in the U.S., Mexico, and China.
FreightCar America (Nasdaq: RAIL) has appointed three new independent directors to its Board: Rodger L. Boehm, José De Nigris, and Travis D. Kelly. This move, announced on June 28, 2022, expands the board to eight members. Chairman William Gehl expressed optimism about their extensive experience in financial and strategic leadership. Boehm has a background in operations at McKinsey & Company, De Nigris has significant automotive industry expertise, and Kelly has led Isola Group LLC as CEO. This change aims to enhance governance and operational excellence.
FreightCar America reported a first-quarter 2022 revenue of $93.2 million, a 188% increase year-over-year, driven by the delivery of 783 railcars. The company achieved a gross profit of $10.1 million, marking the sixth consecutive quarter of positive gross margins. However, a net loss of ($25.8 million), or ($1.11) per share, was recorded, largely due to a non-cash charge of $20.7 million. The company raised its delivery outlook for 2022 to between 2,800 and 3,000 railcars, expecting revenue of $320 million to $340 million this fiscal year.