FreightCar America Posts Wider-than-expected Q1 Loss - Quick Facts

(RTTNews) - FreightCar America, Inc. (RAIL), a manufacturer of railroad freight cars, reported late Friday a first-quarter net loss of 6.9 million or $0.58 per share, wider than prior year's net loss of $2.6 million, or $0.22 per share.

On average, analysts polled by Thomson Reuters expected loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues of $56.1 million declined from last year's $87.6 million. Analysts expected revenues of $87.68 million.

The company delivered 753 railcars in the quarter, including 363 new and 390 rebuilt railcars. This is compared to 1,073 railcars delivered last year, including 448 new cars and 625 rebuilt cars.

Total manufacturing backlog was 7,727 units at March 31, 2014, compared to 2,082 units at March 31, 2013.

Joe McNeely, Chief Executive Officer, said, "The severe winter weather experienced across much of the country had a significant negative impact on our business, causing supply disruptions and production inefficiencies. These interruptions, along with production line changeovers, resulted in railcar deliveries 30 percent lower than we had planned for the first quarter."

Looking ahead, the company continues to expect to deliver approximately 7,000 cars in 2014, despite the first quarter's disruptions.