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FreightCar America, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $113.3 million from $61.9 million in the same quarter the previous year. This increase is attributed to a higher volume of railcar deliveries.
Cost of sales for the quarter was $97.1 million, leading to a gross profit of $16.2 million, compared to $9.2 million in the previous year.
Selling, general, and administrative expenses remained consistent at $7.5 million for both the current and prior year quarters.
The company reported an operating income of $8.7 million for the quarter, compared to $1.4 million in the previous year.
A loss of $110.0 million was recorded from the change in fair market value of Warrant liability, compared to a gain of $4.3 million in the previous year.
Net loss for the quarter was $107.0 million, compared to a net income of $3.2 million in the previous year. After preferred dividends, net loss attributable to common stockholders was $111.9 million, compared to a loss of $0.9 million in the previous year.
Cash provided by operating activities was $39.0 million, while cash used in investing and financing activities was $3.7 million and $31.0 million, respectively.
FreightCar had a working capital of $63.3 million as of September 30, 2024. The company acknowledges its dependence on positive operating results and potential financing to meet future obligations.
The filing also details various financial agreements, including an amendment to the revolving credit facility extending its maturity date and reducing its maximum amount.
FreightCar America does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on manufacturing and delivering railcars, with a backlog of 3,611 units as of September 30, 2024, valued at approximately $372 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Freightcar America Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.