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FreightCar America, Inc. Reports Second Quarter 2017 Results

DRUCKEN
HighlightsSecond quarter revenue of $118.7 million on deliveries of 1,096 unitsSecond quarter net loss of $0.4 million, or $0.04 per diluted shareOrders for 1,520 railcars received during the quarter, increasing backlog to 3,226 railcars valued at a total of approximately $293 millionTotal cash, cash equivalents, marketable securities and restricted cash of $138.3 million at June 30, 2017Full year 2017 delivery range increased to between 4,300 and 4,500 railcarsCHICAGO, Aug. 02, 2017 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ:RAIL) today reported results for the second quarter ended June 30, 2017, with a net loss of $0.4 million, or $0.04 per diluted share, compared to a net loss of $0.5 million, or $0.04 per diluted share, in the same period last year."Although the second quarter was in line with the Company's outlook, we are not satisfied with these results. Continued manufacturing inefficiencies, unfavorable operating leverage and the current competitive environment more than offset the cost savings achieved to date. We will accelerate our cost reduction efforts with a particular focus on reducing material costs and achieving manufacturing excellence as we move forward," said Jim Meyer, the Company's new President and Chief Executive Officer.Mr. Meyer concluded, "Based upon our current backlog and production schedule, we increased our full year 2017 delivery range to be between 4,300 and 4,500 railcars."Consolidated revenues were $118.7 million in the second quarter of 2017 compared to $126.2 million in the same quarter of 2016. The Company delivered 1,096 railcars in the second quarter of 2017, all of which were new railcars. In addition, 100 railcars previously on lease were sold to a third party in the second quarter of 2017. This compares to 1,372 railcars delivered in the second quarter of 2016, all of which were new railcars. Orders in the second quarter of 2017 totaled 1,520 new railcars. The Company had a diversified backlog totaling 3,226 railcars at June 30, 2017, valued at approximately $293 million.Consolidated operating loss for the second quarter of 2017 was $0.9 million compared to an operating loss of $0.6 million for the second quarter of 2016. Adjusted operating loss, which excludes pre-tax restructuring and impairment charges consisting primarily of a non-cash write-down of certain manufacturing assets at our idled Danville manufacturing facility totaling $0.4 million in the second quarter of 2017, was $0.6 million for the second quarter of 2017 compared to $0.6 million for the second quarter of 2016. Adjusted operating income (loss) is a non-GAAP financial measure. A reconciliation of adjusted operating income (loss) to operating income (loss), the most directly comparable GAAP measure, is provided in the attached supplemental disclosure.Cash, cash equivalents, marketable securities, restricted cash and restricted certificates of deposit increased $39.6 million since December 31, 2016 to $138.3 million as of June 30, 2017. The increase is attributable to the receipt of an $11.9 million income tax refund and reductions in working capital.The Company will host a conference call and live webcast on Thursday, August 3, 2017 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company's second quarter 2017 financial results. To participate in the conference call, please dial (800) 230-1096, Confirmation Number 427475.  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#: 427475If 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 August 3, 2017 until 11:59 p.m. (Eastern Daylight Time) on September 3, 2017.  To access the replay, please dial (800) 475-6701.  The replay pass code is 427475.  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)    June 30, December 31,  2017 2016  (In thousands)Assets  Current assets  Cash and cash equivalents$101,293 $92,750 Restricted cash and restricted certificates of deposit 6,080  5,970 Marketable securities 30,932  — Accounts receivable, net 15,433  25,207 Inventories, net 74,092  97,904 Income taxes receivable 603  13,283 Other current assets 5,915  6,056 Total current assets 234,348  241,170    Property, plant and equipment, net 42,025  46,347 Railcars available for lease, net 23,786  24,018 Goodwill 21,521  21,521 Deferred income taxes, net 5,052  4,221 Other long-term assets 1,959  1,978 Total assets$328,691 $339,255    Liabilities and Stockholders' Equity  Current liabilities  Accounts and contractual payables$28,678 $34,536 Accrued payroll and other employee costs 1,862  3,117 Reserve for workers' compensation 3,941  4,444 Accrued warranty 7,973  8,324 Customer deposits and deferred revenue 216  371 Other current liabilities 3,421  3,343 Total current liabilities 46,091  54,135 Accrued pension costs 6,699Full 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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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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