Monday, August 06, 2012

FreightCar America 2Q revenue, net income rise

Written by  Luther S. Miller, Senior Consulting Editor

FreightCar America, Inc. on Monday reported second-quarter revenue of $181.2 million and net income of $5.6 million, or 46 cents per diluted share, compared with revenue of $97.6 million and net income of $200,000, or two cents per diluted share, in the second quarter of 2011. Revenue was $219.1 million and net income was $9.7 million, or 81 cents per diluted share, in the first quarter of 2012.

The company delivered 2,786 railcars in the second quarter of 2012, including 1,815 new cars, 361 used cars, and 610 leased cars. This compares with 1,309 cars delivered in the second quarter of 2011 and 2,613 delivered in the first quarter of 2012.

New car orders totaled 961 units in the second quarter, compared with 1,089 units ordered in the second quarter of 2011 and 1,244 units ordered in the first quarter of 2012. Total manufacturing backlog was 5,109 units at June 30, 2012, compared with 4,986 units at June 30, 2011 and 6,934 units at March 31, 2012.

"I am pleased to report solid results for the second quarter despite challenging macroeconomic and industry conditions," said President and CEO Edward J. Whalen. "We had another strong quarter of deliveries and revenues as we drew upon the backlog of orders taken in the second half of last year. Our product diversification efforts resulted in second quarter orders for railcars other than coal including hoppers, gondolas, and flat cars. Coal demand continued to remain under pressure in the second quarter. However, coal export activity remains strong."