- FreightCar America, Inc. RAIL reported second-quarter revenue growth of 114% year-over-year to $37.35 million, which misses the consensus of $44 million. It delivered 313 railcars in Q2 versus 309 railcars prior quarter and 100 railcars in Q2 2020.
- The company reported a gross profit of $3.64 million, compared to a loss of $(6.14) million a year ago. The gross margin for the quarter was 9.7%.
- Loss per share narrowed to $(0.13) versus $(0.97) in 2Q20, and topped the consensus of $(0.20).
- The operating loss reduced to $(2.54) million from $(12.95) million a year ago.
- FreightCar America used cash in operating activities year-to-date of $44.11 million, compared to $20.78 million a year ago.
- Adjusted EBITDA loss decreased to $(1.48) million from $(10.35) million in 2Q20.
- The company's quarter-end backlog totaled 2,200 railcars with a value of ~$224 million.
- Total cash, cash equivalents, restricted cash equivalents, marketable securities, and restricted certificates of deposit were $20.7 million as of June 30, 2021.
- FreightCar America raised its FY21 delivery outlook to 1,750 - 1,850 railcars, up from the prior view of 1,600 - 1,750 railcars.
- "Sales inquiries remain positive, and we have raised our 2021 outlook again for railcar deliveries. Additionally, we are thrilled to share that our Board of Directors has approved plans to add two more production lines at the Castaños manufacturing facility, which will double our capacity within a year," commented President and CEO Jim Meyer.
- Price Action: RAIL shares are trading higher by 10.2% at $5.74 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
