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Rail News: Financials

IPO, new plant help FreightCar America boost second-quarter sales, net income


What a difference a year can make. Just ask officials at FreightCar America Inc. After completing an initial public offering, repaying outstanding debt and opening a new manufacturing facility, the car builder posted much-improved second-quarter results compared with the same period last year.

FrieghtCar America posted sales of $230.7 million and net income of $9.1 million compared with sales of $94.9 million and a net loss of $4.3 million during the same 2004 period.

Orders totaled 5,104 units, a 60 percent increase compared with second-quarter 2004, and the builder’s total backlog reached 15,867 units — nearly double the backlog recorded in June 2004.

"We are extremely pleased with the performance of our company in the second quarter, both in executing the orders on hand and replenishing our backlog of unfilled orders," said President and Chief Executive Officer John Carroll in a prepared statement. "We successfully increased our deliveries of new rail cars during the quarter by raising the output rates in our existing and subcontracted facilities, and beginning production in our facility in Roanoke, Virginia."

Open since June, the plant is housed in a former Norfolk Southern Corp. shop and produces aluminum, steel and stainless steel cars. Start-up has gone "much better than planned," said Carroll, and the facility achieved production goals several weeks ahead of schedule.

Formerly Johnstown America Corp., FreightCar America builds coal, flat, intermodal and coil steel cars, mill gondolas and motor vehicle carriers.

Contact Progressive Railroading editorial staff.

More News from 7/27/2005