Freightcar america, inc. reports third quarter 2023 results

Company delivers another strong quarterly gross margin with further expansion reaffirms ebitda guidance; adjusts full year revenue and railcar delivery guidance down chicago, nov. 06, 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 third quarter ended september 30, 2023. third quarter 2023 highlights revenues of $61.9 million on 503 railcar deliveries, a decrease of 27.8% compared to revenues of $85.7 million on 783 railcar deliveries in the third quarter of 2022 gross margin of 14.9% with gross profit of $9.2 million, compared to gross margin of 5.3% with gross profit of $4.6 million in the third quarter of 2022 net income of $3.2 million, or ($0.03) per share and adjusted net income of $176 thousand, or ($0.14) per share adjusted ebitda of $3.5 million, compared to adjusted ebitda of $1.6 million in the third quarter of 2022 railcar orders of 1,015 in the third quarter and 3,356 year-to-date, with quarter-end backlog totaling 3,800 railcars for an aggregate value of approximately $452 million updated fy23 guidance range of $365 to $380 million for revenue and 3,150 to 3,300 for railcar deliveries; reaffirmed fy23 adjusted ebitda guidance of $18 to $22 million jim meyer, president and chief executive officer of freightcar america, commented, “our results this quarter underscore the power of disciplined commercial decision making combined with running the most efficient manufacturing operation in the industry.
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