The following is a summary of the FreightCar America, Inc. (RAIL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• FreightCar's Q1 revenue showed a dramatic increase of 99% YoY, recording $161 million, along with a noteworthy number of rail car deliveries (1,223 units).

• An improvement was seen in gross margins, standing at 7.1%, whereas the adjusted EBITDA increased YoY to reach $6.1 million.

• The first quarter saw new orders for 384 units, valued at $45.2 million. Despite these milestones, the full-year projections were kept unchanged.

• The adjusted net income for the first quarter stood at $4.9 million or $0.02 per share.

Business Progress:

• FreightCar has successfully completed the buildout of their new facility and a significant resizing in capacity, resulting in consistent production and shipping of over 1,000 units at their new facility in Mexico.

• The launch of the fourth production line at the Mexico facility enables the company to produce a wide array of rail car products at a much higher capacity, eyeing a production of approximately 1,000 units (or more) per quarter.

• Their projection for 2024 encompasses deliveries between 4,000 to 4,400 rail cars, marking an expected growth of around 39% at the midpoint of the range.

• FreightCar remains optimistic over potential growth opportunities, despite assuming challenges concerning interest rates and customer hesitancy, boosted by the improvement in service metrics.

More details: FreightCar America IR

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