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FreightCar America, Inc. Reports First Quarter 2017 Results

DRUCKEN
HighlightsFirst quarter revenue of $139.5 million on deliveries of 1,525 unitsFirst quarter net income of $0.6 million, or $0.05 per diluted shareDiversified backlog totaling 2,802 railcars valued at $285 millionTotal cash, cash equivalents, marketable securities and restricted cash of $114.8 million at March 31, 2017Full year 2017 delivery range increased to be between 4,200 and 4,400 railcarsCHICAGO, May 03, 2017 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the first quarter ended March 31, 2017, with net income of $0.6 million, or $0.05 per diluted share, compared to net income of $12.7 million, or $1.03 per diluted share, in the same period last year. First quarter 2017 results included pre-tax restructuring charges of $1.8 million, of which $0.4 million were non-cash expenses, while first quarter 2016 results included a gain on a settlement of retiree benefit plan obligations of $14.3 million."Our cost reduction efforts and operational improvements are beginning to positively impact our results as deliveries and net income exceeded fourth quarter 2016 results. However, overall market conditions remain challenging as demonstrated by continued weakness in orders for new railcars," said Joe McNeely, President and Chief Executive Officer. "While near term uncertainty still exists, we are confident that the cost reduction initiatives that we have implemented, our diversified product offering and our strong balance sheet have positioned the Company to manage through the downturn. Finally, deliveries for 2017, including the cars delivered in the first quarter and orders received to date in the second quarter, are now expected to range between 4,200 and 4,400 railcars."Consolidated revenues were $139.5 million in the first quarter of 2017 compared to $148.6 million in the same quarter of 2016. The Company delivered 1,525 railcars in the first quarter of 2017, which included 1,425 new railcars and 100 leased railcars. This compares to 1,609 railcars delivered in the first quarter of 2016, all of which were new railcars. Orders in the first quarter of 2017 totaled 68 railcars, of which 15 were new railcars and 53 were rebuilt railcars. The Company had a diversified backlog totaling 2,802 railcars at March 31, 2017, valued at $285 million.Consolidated operating income for the first quarter of 2017 was $1.1 million compared to $19.6 million for the first quarter of 2016. Adjusted operating income, which excludes pre-tax restructuring charges totaling $1.8 million in the first quarter of 2017, was $2.9 million compared to adjusted operating income of $5.3 million in the first quarter of 2016, which excluded the gain on settlement of retiree benefit plan obligations of $14.3 million. Adjusted operating income is a non-GAAP financial measure. A reconciliation of adjusted operating income to operating income, the most directly comparable GAAP measure, is provided in the attached supplemental disclosure.Cash, cash equivalents, marketable securities and restricted cash were $114.8 million as of March 31, 2017.The Company will host a conference call and live webcast on Thursday, May 4, 2017 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company's first quarter 2017 financial results. To participate in the conference call, please dial (800) 230-1766, Confirmation Number 422845.  Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call. The live audio-only webcast can be accessed at:Event URL: https://im.csgsystems.com/cgi-bin/confCast Conference ID#: 422845If you need technical assistance, call the toll-free AT&T Conference Casting Support Help Line at (888) 793-6118. Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call.  An audio replay of the conference call will be available beginning at 1:00 p.m. (Eastern Daylight Time) on May 4, 2017 until 11:59 p.m. (Eastern Daylight Time) on June 4, 2017.  To access the replay, please dial (800) 475-6701.  The replay pass code is 422845.  An audio replay of the call will be available on the Company's website within two days following the earnings call.FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars through its JAIX Leasing Company subsidiary. FreightCar America designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Danville, Illinois; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People's Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise. FreightCar America, Inc.Condensed Consolidated Balance Sheets(Unaudited)  March 31,December 31,  2017  2016  (In thousands)Assets  Current assets  Cash and cash equivalents$    98,067 $    92,750 Restricted certificates of deposit   5,720    5,970 Marketable securities    10,996    — Accounts receivable, net   22,167    25,207 Inventories, net   77,501    97,904 Income taxes receivable   13,286    13,283 Other current assets   15,929    6,056 Total current assets   243,666    241,170    Property, plant and equipment, net   44,405    46,347 Railcars available for lease, net    23,962    24,018 Goodwill   21,521    21,521 Deferred income taxes, net   3,798    4,221 Other long-term assets   1,968    1,978 Total assets$    339,320 $    339,255     Liabilities and Stockholders' Equity  Current liabilities  Accounts and contractual payables$    33,302 $    34,536 Accrued payroll and other employee costs   4,215 Full story available on Benzinga.com
Weiter zum vollständigen Artikel bei "Benzinga earnings"
Quelle: Benzinga

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Analysen zu FreightCar America Inc.

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  • Buy
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03.08.2018FreightCar America HoldStifel, Nicolaus & Co., Inc.
07.05.2018FreightCar America HoldStifel, Nicolaus & Co., Inc.
07.11.2017FreightCar America HoldStifel, Nicolaus & Co., Inc.
02.11.2016FreightCar America Market PerformCowen and Company, LLC
13.07.2016FreightCar America HoldStifel, Nicolaus & Co., Inc.
03.08.2018FreightCar America HoldStifel, Nicolaus & Co., Inc.
07.05.2018FreightCar America HoldStifel, Nicolaus & Co., Inc.
07.11.2017FreightCar America HoldStifel, Nicolaus & Co., Inc.
13.07.2016FreightCar America HoldStifel, Nicolaus & Co., Inc.
04.05.2016FreightCar America BuyStifel, Nicolaus & Co., Inc.
02.11.2016FreightCar America Market PerformCowen and Company, LLC
22.06.2016FreightCar America Market PerformCowen and Company, LLC
16.07.2015FreightCar America NeutralUBS AG
28.03.2006Update FreightCar America Inc.: Sector PerformCIBC World Markets
15.10.2012FreightCar America sellUBS AG

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