Titagarh Wagons Limited (TWL) and FreightCar America Inc. have agreed to wind up and dissolve their joint venture company, Titagarh FreightCar Private Ltd. The joint venture was incorporated in India in 2008 with the objective of manufacturing and selling aluminum coal-carrying rail cars in India. Soon after its incorporation, the joint venture company had begun obtaining approval from the Indian Railways Research Designs and Standards Organization (RDSO) for aluminum car designs adapted for use on the Indian rail system. However, "over time it became clear that approval from the RDSO would not be obtained in an acceptable timeframe," according to a press release.
FreightCar America also recently reported a fourth-quarter net loss of $1 million, or 8 cents per diluted share, compared with net income of $8.5 million, or 71 cents per diluted share, in fourth-quarter 2011. Revenue dropped to $116.6 million compared with $187.1 million for the same period a year ago. For the full year, net income rose to $19.1 million, or $1.60 per share, from $4.9 million, or 41 cents per diluted share, in 2011. Annual revenue climbed to $677.4 million compared with $487 million in the previous year. "Fourth-quarter results were impacted by a decrease in coal car demand and product line change-over costs at both our manufacturing plants," said President and Chief Executive Officer Ed Whalen in a prepared statement. "As we look forward, 2013 will be a challenging year for our traditional coal car business, but the long term need to replace the Eastern coal car fleet remains."
ABB has obtained a contract from Ozz Electric for the supply and commissioning of DC traction power equipment for the Leslie Barn, the Toronto Transit Commission's new streetcar maintenance and storage facility. ABB will provide four 2MW/600Vdc transformer and traction rectifier units, DC switchgear and various DC distribution equipment, according to a press release. ABB also will provide technical support.
Connected Controls Corp. announced that Brake-Boss™ Digital Air Brake tester has been authorized for use in Canada by Transport Canada. The new version enables users to comply with Transport Canada regulations for the No. 1 air brake test, as well as complete many other brake testing procedures on trains from one to more than 200 cars in length, according to a company press release.
Kelso Technologies Inc. has become an associate member of the Association of American Railroads. "Kelso has worked hard over the past several years to be accepted by the railroad industry by successfully delivering next-generation technology advancements for workplace safety, environmental protection and economic operational efficiency issues," said Chief Executive Officer James Bond in a press release. Kelso supplies pressure-relief valves for tank cars and manway equipment.
Trinity Industries Inc. reported fourth-quarter net income rose to $71.3 million, or 90 cents per diluted share, from $56.1 million, or 70 cents per diluted share, in fourth-quarter 2011. Revenue for the quarter grew 11 percent to $1 billion compared with $914.3 million a year earlier. For all of 2012, net income climbed to $255.2 million, or $3.19 per diluted share, from $142.2 million, or $1.77 per diluted share, in 2011. Revenue increased 30 percent to $3.8 billion from $2.9 billion in 2011. Results for 2011 included adjustments for flood-related insurance settlements. The company reported rail group orders totaling 5,620 new rail cars and shipments of 4,960 cars during the fourth quarter, and shipments of 19,360 cars for the full year.
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