FreightCar America, Inc. today reported results for the fourth quarter ended December 31, 2011, with revenues of $187.1 million and net income of $8.5 million, showing substantial improvement versus the prior quarter and the fourth quarter of 2010. For the third quarter of 2011, the Company reported revenues of $130.1 million and a net loss of $2.4 million,. For the fourth quarter of 2010, the Company reported revenues of $51.0 million and a net loss of $3.5 million.
The Company delivered 2,489 railcars to customers in the fourth quarter of 2011, of which 2,153 were new cars, 62 were used cars and 274 were leased cars. This compares to 1,515 new railcars delivered in the third quarter of 2011 and 694 new railcars delivered in the fourth quarter of 2010.
There were 4,481 units ordered in the fourth quarter of 2011, which included orders for 3,300 rebuilt units. This compares to 2,840 units ordered in the third quarter of 2011 and 331 units ordered in the fourth quarter of 2010. Total manufacturing backlog was 8,303 units at December 31, 2011 compared to 6,311 units at September 30, 2011 and 2,054 units at December 31, 2010.
"The fourth quarter's positive earnings reflect improved railcar demand as the eastern coal car replacement cycle continued, but this was partially offset by lower service volumes," said Ed Whalen, President and Chief Executive Officer.
The Manufacturing segment, which includes new railcar manufacturing, used railcar sales, leasing and major rebuilds, had revenues of $179.2 million in the fourth quarter of 2011 compared to $45.0 million for the fourth quarter of 2010. The increase in revenues reflects an increase in railcars delivered and higher average revenue per railcar. Manufacturing segment revenues were $122.2 million in the third quarter of 2011. Operating income for the Manufacturing segment was $16.5 million in the fourth quarter of 2011, compared to an operating loss of $1.4 million in the fourth quarter of 2010 and operating income of $6.9 million in the third quarter of 2011.
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