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FreightCar America Inc. has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's operations as a manufacturer and supplier of railcars and railcar components, with a focus on North America. FreightCar America reported revenues of $559.4 million for 2024, an increase from $358.1 million in 2023, attributed to higher railcar deliveries.
The company delivered 4,362 railcars in 2024, compared to 3,022 in 2023. The backlog of firm orders decreased to 2,797 railcars as of December 31, 2024, with an estimated sales value of $267 million.
Gross profit for 2024 was $67.0 million, up from $41.8 million in 2023, with a gross margin of 11.98%. The increase in gross profit was driven by higher railcar deliveries and favorable product mix.
Selling, general, and administrative expenses increased to $32.9 million in 2024 from $27.5 million in 2023, due to higher legal, stock-based compensation, and insurance expenses.
Operating income was $37.3 million for 2024, compared to $10.5 million in 2023, reflecting higher revenues and a litigation settlement gain.
Interest expense decreased to $6.9 million in 2024 from $15.0 million in 2023, following the extinguishment of previous debt agreements.
The company reported a net loss of $75.8 million for 2024, compared to a net loss of $23.6 million in 2023. The loss was impacted by a $99.5 million charge related to the fair market value of warrant liability.
FreightCar America ended the year with $44.5 million in cash and cash equivalents. The company secured a new term loan of $115 million and established a new revolving credit facility of $35 million in early 2025.
The company continues to focus on its manufacturing and aftermarket segments, with an emphasis on expanding its product offerings and maintaining customer relationships.
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. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.