Welcome to our dedicated page for FreightCar America news (Ticker: RAIL), a resource for investors and traders seeking the latest updates and insights on FreightCar America stock.
FreightCar America, Inc. (symbol: RAIL) is a leading manufacturer of railcars and components, serving diverse transportation needs primarily in North America. With a proud heritage dating back to 1901, FreightCar America is renowned as the home of the aluminum railcar and has earned a reputation for building high-quality railcars for over a century.
The company designs and produces a wide range of railcar types, including box cars, hoppers, covered hoppers, gondolas, and flat cars. These railcars cater to both intermodal and non-intermodal freight transportation, serving an extensive clientele that includes shippers, railroads, and financial institutions.
FreightCar America operates through two main segments: Manufacturing and Parts. The Manufacturing segment encompasses new railcar manufacturing, used railcar sales, leasing, and major rebuilds, whereas the Parts segment, along with corporate activities, forms Corporate and Other. The company's revenue is predominantly derived from its Manufacturing segment, with all revenue generated within the United States.
Recent achievements and projects highlight FreightCar America's commitment to innovation and customer satisfaction. The company has enhanced its production facilities and leveraged its vast design knowledge and experience in aluminum railcar building to expand its product line, providing significant cost benefits to customers.
Quality is a core value at FreightCar America. Every employee is dedicated to achieving a high degree of excellence, ensuring that every railcar meets rigorous standards. This commitment extends to customer service, beginning with the first customer contact and continuing throughout the life of each railcar.
Latest News: The company has recently raised its outlook for fiscal year 2023. Investors, analysts, and members of the media interested in the latest updates can access the Second Quarter 2023 Conference Call & Webcast Information. Further details and forward-looking statements are also available.
For investor inquiries, contact: RAILIR@Riveron.com
FreightCar America (Nasdaq: RAIL) will hold a conference call on May 17, 2021, at 11:00 a.m. EDT to review its Q1 2021 financial results. The earnings release will be available before market opens on the same day. Investors can join the live webcast or call in at (877) 407-0789, using passcode 13719213. An audio replay will be available from 2:00 p.m. that day until May 31, 2021. FreightCar America designs and manufactures various types of railroad freight cars, operating globally with facilities in multiple countries.
FreightCar America (NASDAQ: RAIL) reported 4Q 2020 revenues of $60.6 million, a 35% increase year-over-year and 140% sequentially on deliveries of 477 railcars. The company aims for 1,400 to 1,600 railcar deliveries in 2021, nearly double from 2020. Despite a net loss of $14.4 million for 4Q, adjusted EBITDA was $1.7 million. FreightCar exited the Shoals facility and transitioned to a new manufacturing site in Castaños, Mexico, strengthening its operational foundation despite facing pandemic challenges.
FreightCar America (Nasdaq: RAIL) will host a conference call on March 24, 2021, at 11:00 a.m. EDT to discuss its fourth quarter and full-year 2020 financial results. The earnings release will be published before market open on the same day. Interested parties can join the live webcast or dial in by phone. An audio replay will be available from 2:00 p.m. on March 24 until April 7, 2021. FreightCar America, headquartered in Chicago, manufactures railroad freight cars and supplies related services, with facilities in Mexico, Pennsylvania, and China.
FreightCar America has appointed Terence R. Rogers as the new Chief Financial Officer, effective February 15, 2021. Previously serving as interim CFO, Rogers brings nearly 40 years of finance experience. The company is in the midst of a strategic repositioning, transitioning production to Mexico. CEO Jim Meyer emphasized the importance of Rogers' leadership in enhancing the company's competitive position and aiming for long-term growth. FreightCar America manufactures and leases freight cars, focusing on producing high-quality railcars for diverse needs.
FreightCar America, Inc. (NASDAQ: RAIL) announced that stockholders approved a new secured term loan with CO Finance LVS VI LLC during a Special Meeting on November 24, 2020. This financing will enhance the company’s balance sheet and support production needs at its Castaños, Mexico facility. CEO Jim Meyer highlighted this as a crucial step towards strategic growth and stockholder value creation. FreightCar America designs and manufactures various freight cars and components, emphasizing their commitment to operational expansion and financial stability.
FreightCar America, Inc. (NASDAQ: RAIL) reported third-quarter 2020 revenue of $25.2 million with a net loss of $40.3 million, or $3.03 per share. The company made significant moves to restructure, including the acquisition of its Castaños, Mexico facility, which received AAR certification and is now shipping railcars. Backlog totaled 1,776 railcars valued at approximately $195 million. The second half delivery guidance is narrowed to 750-850 railcars. To support its transformation, FreightCar secured a $40 million secured term loan and an asset-backed credit facility.
FreightCar America, Inc. (Nasdaq: RAIL) will hold a conference call on November 10, 2020, at 11:00 a.m. EST to discuss third-quarter 2020 financial results. The earnings report will be released post-market on November 9, 2020. Participants can join the call by dialing (877) 407-0789 or listening via the webcast. An audio replay will be available from November 10, 2020, 2:00 p.m. EST until November 24, 2020. FreightCar America manufactures a variety of railroad freight cars and provides railcar leasing services, with headquarters in Chicago, Illinois.
FreightCar America (NASDAQ: RAIL) has completed its acquisition of the remaining 50% interest in the Castaños, Mexico joint venture, now owning 100% of the facility expected to host all railcar manufacturing by February 2021.
Additionally, the company has secured a $40 million term loan to enhance its balance sheet and facilitate growth. This loan includes a warrant allowing the lender to purchase up to 23% of the company's stock. FreightCar America anticipates a $25 million reduction in fixed costs from this new manufacturing setup. A special stockholder meeting is scheduled for late November to approve the stock issuance related to the loan.
FreightCar America (NASDAQ: RAIL) is progressing in its strategy to become a low-cost, high-quality railcar producer. Significant developments include the early termination of its lease at the Cherokee, Alabama facility, effective February 28, 2021, reducing fixed costs by ~$20 million annually. The new joint venture facility in Castaños, Mexico, has completed AAR certification audits and is nearly ready for full-scale production. Additionally, the company secured a new asset-backed credit facility of up to $20 million for operational flexibility.
FreightCar America (NASDAQ: RAIL) announced plans to acquire its partner’s 50% stake in the Castaños, Mexico joint venture and consolidate production there by January. The move includes closing the Cherokee, Alabama facility, reducing costs to adapt to low railcar demand exacerbated by COVID-19. The consolidation is expected to save over $20 million annually and lower production breakeven to under 2,000 railcars. The Castaños facility, now operational, can scale production significantly as demand grows. The company ended Q2 with $52.4 million in cash and plans to complete negotiations by year-end.
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