Freightcar america, inc. reports second quarter 2023 results

Company delivers strong quarterly results realizing significant revenue growth and gross margin expansion raises guidance for fiscal year 2023 chicago, aug. 07, 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 second quarter ended june 30, 2023. second quarter 2023 highlights revenues of $88.6 million on 760 railcar deliveries, up 56% compared to revenues of $56.8 million on 468 railcar deliveries in the second quarter of 2022 gross margin of 14.6% with gross profit of $13.0 million, compared to gross margin of 11.6% with gross profit of $6.6 million in the second quarter of 2022 net loss of ($18.9) million, or ($0.73) per share and adjusted net income of $2.7 million, or $0.02 per share, accounting primarily for non-cash items associated with the loss on debt extinguishment and change in fair market value of warrant liability adjusted ebitda of $8.0 million, compared to adjusted ebitda of $2.3 million in the second quarter of 2022 railcar orders of 381 in the second quarter and 2,341 for the first half of the year, with quarter-end backlog totaling 3,288 railcars for an aggregate value of approximately $382 million fy23 adjusted ebitda guidance raised to $18 - $22 million from prior guidance of $15 - $20 million jim meyer, president and chief executive officer of freightcar america, commented, “freightcar america finished an impressive quarter, with revenues up 56% year-over-year and gross margins of 14.6%.
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