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Railcar builder FreightCar America posted a loss of $107 million, or $3.57 per share, in the third quarter and revenue of $113.3 million on deliveries of 961 railcars, compared to revenue of $61.9 million on 503 railcar deliveries in the third quarter of 2023, up 83% and 91%, respectively.
Shares of FCA fell 2.11% to $13.60 in pre-market trading.
The Chicago-based company (NASDAQ: RAIL) reported adjusted net income of $7.3 million, or 8 cents per share, driven by a $110 million noncash loss on warrant liability due to a significant appreciation in share price.
Adjusted earnings before interest, taxes, depreciation and amortization of $10.9 million was up from adjusted EBITDA of $3.5 million in the third quarter of 2023.
Gross margin fell to 14.3% on gross profit of $16.2 million, compared to gross margin of 14.9% with gross profit of $9.2 million in the third quarter of 2023.
The manufacturer ended the quarter with a backlog of 3,611 units valued at $372 million.
Nick Randall, president and chief executive, in an earnings release said, “Our pipeline is invigorated, with consistent demand across a broad range of railcar types. As we head into the fourth quarter, we are well positioned to sustain this momentum.”
FCA revised fiscal 2024 guidance upward and now estimates revenue of $560 million-$600 million, adjusted EBITDA of $37 million-$39 million and deliveries of 4,300-4,700 railcars.
Find more articles by Stuart Chirls here.
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