Thursday, May 05, 2011

FreightCar America cites pricing pressures

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FreightCar America, Inc. on Thursday reported first-quarter revenue of $72.2 million and a net loss of $1.3 million. Fourth-quarter 2010 revenue was $51.0 million and the net loss was $3.5 million. The company generated revenue of $19.5 million and a net loss of $3.3 million in the first quarter of 2010.

freightcar_america_logo.jpgFreightCar America received orders for 4,027 cars in the first quarter of 2011, compared to 331 in the fourth quarter of 2010 and 3,656 in the first quarter of 2010. Manufacturing backlog was 5,206 units on March 31, 2011 compared to 2,054 units on December 31, 2010 and 3,600 units on March 31, 2010.

“Our sales and order volume for our manufacturing segment for the first quarter of 2011 reflects modestly improving market conditions,” said President and CEO Ed Whalen. “While our backlog has improved quarter over quarter and sequentially and while our utilization of manufacturing capacity has improved, we are still affected by ongoing competitive pricing pressures and associated pressure on margins.”

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