FreightCar America, Inc. reported results for the first quarter ended March 31, 2012, with revenues of $219.1 million and net income of $9.7 million. For the same quarter in 2011, the Company reported revenues of $72.2 million and a net loss of $1.3 million. Revenues were $187.1 million and net income was $8.5 million, in the fourth quarter of 2011.
The Company delivered 2,613 railcars to customers in the first quarter of 2012, of which 2,146 were new cars, 80 were used cars and 387 were leased cars. This compares to 875 railcars delivered in the first quarter of 2011 and 2,489 railcars delivered in the fourth quarter of 2011. There were 1,244 units ordered in the first quarter of 2012. This compares to 4,027 units ordered in the first quarter of 2011 and 4,481 units ordered in the fourth quarter of 2011. Total manufacturing backlog was 6,934 units at March 31, 2012 compared to 5,206 units at March 31, 2011 and 8,303 units at December 31, 2011.
"I am pleased with the first quarter's strong results," said Ed Whalen, President and Chief Executive Officer. "We were able to produce railcars at an efficient rate, meeting customers' delivery requirements while lowering manufacturing costs. We received orders for coal and other types of railcars despite the weak demand for coal. Coal demand was negatively impacted by the mild winter, lower electrical power consumption and low natural gas prices. We expect coal demand to remain under pressure in the near term," Whalen concluded.
The Manufacturing segment had revenues of $210.4 million in the first quarter of 2012 compared to $63.2 million for the first quarter of 2011. Manufacturing segment revenues were $179.2 million in the fourth quarter of 2011. Operating income for the Manufacturing segment was $22.7 million in the first quarter of 2012 compared to $0.2 million in the first quarter of 2011 and $16.5 million in the fourth quarter of 2011.
Railcars under lease totaled $44.4 million at the end of the first quarter of 2012 compared to $54.7 million at the end of the fourth quarter of 2011 and $64.9 million at the end of the first quarter of 2011. The decrease in railcars under lease reflects sales of leased railcars.