According to Cowen and Company’s recently conducted second-quarter 2022 Rail Equipment and Rail Shipper Surveys, the outlook for railcar orders is positive, and rail shipping rates will continue to increase. Details follow, plus insights on the Class I railroads, ahead of earnings.
FreightCar America closed first-quarter 2022 with “significantly improved results” in spite of “persistent inflationary and supply chain challenges,” President and CEO Jim Meyer said during a May 10 earnings report that also announced his 2023 retirement.
For FreightCar America (FCA), the benefits of transitioning its manufacturing to Castaños, Mexico were evident in 2021 with “positive gross margin for the fifth consecutive quarter and manufacturing operating income for the third consecutive quarter, despite persistent supply chain challenges and inflationary pressures,” President and CEO Jim Meyer said during a fourth-quarter and full-year 2021 earnings announcement on March 22.
With restructuring complete and railcar manufacturing operations transitioned from Cherokee, Ala., to Castaños, Mexico, FreightCar America is “poised for growth and a strong future,” President and CEO Jim Meyer reported on Feb. 9.
For third-quarter 2021, FreightCar America, Inc., reported achieving its fourth consecutive quarter of positive gross margin and second consecutive quarter of positive manufacturing operating income—despite a “difficult” railcar model launch—and reiterated its 2021 delivery outlook.
For second-quarter 2021, FreightCar America, Inc. said it has attained its third consecutive quarter of positive gross margin and first quarter of manufacturing operating income since 2018 and has raised its 2021 delivery outlook for the second time, and announced plans to add two additional production lines at its Castaños, Mexico plant within one year.
Railway Age Editor-in-Chief William C. Vantuono and Financial Editor David Nahass recently spoke with FreightCar America, Inc. President and CEO Jim Meyer about the efforts to turn the historic, 120-year-old company around by consolidating manufacturing in Mexico and positioning it to meet the needs of the market.
“We are already seeing the early benefits of moving our manufacturing footprint” to Mexico, FreightCar America, Inc. (FCA) President and CEO Jim Meyer said during the company’s first-quarter earnings report, noting “the leverage from our new operations and cost structure will serve us well in the improving market.”
FreightCar America, Inc. (FCA) reported its fourth-quarter 2020 results on March 24, including revenue of $60.6 million, up 35% year-over-year on deliveries of 477 railcars.
FreightCar America (FCA) has reported its third-quarter 2020 results, including consolidated revenues of $25.2 million on deliveries of 163 railcars—a 38% drop from the year-earlier period’s $40.7 million on deliveries of 467 railcars—as the industry “remains in a cyclical downturn, which was intensified by the pandemic.” The company continues to move all railcar production to its new Mexico facility by early 2021.