- FreightCar America, Inc. RAIL reported first-quarter revenue growth of 188% year-over-year to $93.2 million, beating the consensus of $71.3 million.
- The company delivered 783 railcars in Q1 versus 309 railcars in Q1 2020.
- The gross margin for the quarter was 10.8%, up by 672 bps. The operating loss narrowed to $(0.655) million from $(14.49) million in 1Q21.
- Manufacturing operating income was $8.5 million for the quarter, versus a loss of $(6.02) million in 1Q21.
- EPS loss was $(1.11) versus $(1.96) last year.
- Adjusted EBITDA was $3.29 million, and the margin was 3.5% for the quarter.
- Net cash flows provided by operating activities were $7.65 million, compared to cash used of $(22.27) million a year earlier.
- Quarter-end backlog totaled 2,395 railcars with a value of ~$250 million.
- FY22 Outlook: FreightCar America expects revenue of $320 million - $340 million, above the consensus of $300.8 million.
- FreightCar America raised its FY22 delivery outlook from 2,600 - 2,900 railcars to 2,800 - 3,000 railcars, an increase of ~68% vs. 2021 at the mid-point of the range.
- Mike Riordan, CFO, said, "We remain on track to achieve our strategic priorities for 2022, which include positive Adjusted EBITDA, the completion of the fabrication shop and the expansion of the wheel and axle shop by mid-year."
- FreightCar also announced that Jim Meyer intends to retire from his position as President and CEO in 2023 after the appointment of his successor to ensure a smooth transition. He will remain a member of the board following the transition.
- Price Action: RAIL shares are trading lower by 22.7% at $3.92 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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