- FreightCar America, Inc. (NASDAQ:RAIL) reported fourth-quarter revenue growth of 23.8% year-over-year to $75.02 million, beating the consensus of $67 million.
- The company delivered 604 railcars in Q4 versus 505 railcars prior quarter and 477 railcars in Q4 2020.
- The gross margin for the quarter was 8.8%, down by 31 bps.
- EPS was $0.06 versus $(0.87) in 4Q20, beating the consensus of $(0.15).
- The operating profit recovered to $68 thousand from a loss of $(9.12) million a year ago.
- Adjusted EBITDA declined by 31.1% Y/Y to $1.2 million, and margin contracted by 128 bps to 1.6%.
- The quarter-end backlog totaled 2,323 railcars with an aggregate value of ~$240.2 million.
- Inventories increased to $56 million from $38.8 million as of December 31, 2020, reflecting higher production and raw material costs.
- Year-end total liquidity was $41.2 million, including cash and equivalents of $26.2 million.
- The company used cash in operating activities of $55.39 million in FY21, compared to $58.91 million a year ago.
- FY22 Outlook: FreightCar America expects continued strong progress in FY22 with sequential improvement in gross margin.
- FreightCar America raised its FY22 delivery outlook from 2,350 - 2,650 railcars to 2,600 - 2,900 railcars, versus 1,731 deliveries in FY21.
- The company said it is on track to double its annual railcar production capacity to 4,000 - 5,000 railcars during 2023.
- Recently, FreightCar America promoted Michael A. (Mike) Riordan to Chief Financial Officer effective March 21, 2022.
- Riordan has served as the company's Corporate Controller and Chief Accounting Officer since November 2020 and replaces Terence Rogers, who will leave after a transition period.
- Price Action: RAIL shares are trading higher by 15.1% at $5.02 on the last check Tuesday.
