Freightcar america, inc. reports first quarter 2023 results

Company reaffirms fiscal 2023 revenue, adjusted ebitda, and delivery outlook strong order intake with backlog extending into 2024 chicago, may 09, 2023 (globe newswire) -- freightcar america, inc. (nasdaq: rail) (“freightcar america” or the “company”), a diversified manufacturer of railroad freight cars, today reported results for the first quarter ended march 31, 2023. first quarter 2023 highlights revenues of $81.0 million on deliveries of 738 railcars, compared to revenues of $129.0 million on deliveries of 1,150 railcars in the prior quarter and revenues of $93.2 million on deliveries of 783 railcars in the first quarter of 2022 gross margin of 9.2% with gross profit of $7.5 million, compared to gross margin of 3.6% with gross profit of $4.6 million in the prior quarter and gross margin of 10.8% with gross profit of $10.1 million in the first quarter of 2022 net loss of ($5.0) million, or ($0.19) per share and adjusted net loss of ($5.7) million, or ($0.21) per share, accounting primarily for non-cash income associated with the change in fair market value of warrant liability adjusted ebitda of $2.1 million, compared to adjusted ebitda of $1.2 million in the prior quarter and adjusted ebitda of $3.3 million in the first quarter of 2022 railcar orders of 1,960 in the first quarter, with quarter-end backlog totaling 3,667 railcars for an aggregate value of approximately $413 million signed deal to issue non-convertible preferred stock with financial partner to reduce debt and provide additional growth capital 2023 revenue, adjusted ebitda, and delivery outlook reaffirmed jim meyer, president and chief executive officer of freightcar america, commented, “we were pleased with our first quarter results, which were in line with our expectations.
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