FCA’s Castaños, Mexico facility produces range of railcar types, including a portfolio of more than 20 conversion designs, along with open top hopper (manual and automatic), covered hopper (thru and stub sill, including plastic pellet), gondola, flat, intermodal, box, and well (articulated and standalone) cars.
“We again demonstrate the power of our disciplined approach to growth and operational excellence,” Randall reported Nov. 12. “Delivering another solid quarter, that continues the momentum for a record-setting year out of our operating facility. Our team has consistently followed through on our commitments, with robust product shipments and adaptable operating capabilities. This reinforces our ability to meet our customers’ needs while improving our gross margins, and further demonstrates the power of our value proposition. We continue to showcase our ability to secure business through innovative solutions, and our ease of doing business which has led to a consistent higher quality of earnings.”
Among FCA’s highlights for the third quarter, ending Sept. 30, 2024:
- Revenues of $113.3 million on 961 railcar deliveries, compared with revenues of $61.9 million on 503 railcar deliveries in the third-quarter 2023, up 83% and 91% respectively.
- Gross margin of 14.3% with gross profit of $16.2 million, vs. gross margin of 14.9% with gross profit of $9.2 million in the same quarter last year.
- Net loss of ($107.0) million, or ($3.57) per share and adjusted net income of $7.3 million, or $0.08 per share, which FCA said was “driven by a ($110.0) million non-cash loss on warrant liability due to a significant appreciation in share price.”
- Adjusted EBITDA of $10.9 million, compared with adjusted EBITDA of $3.5 million in third-quarter of 2023, up 211%.
- FCA ended the quarter with a backlog of 3,611 units valued at $372 million.
Fiscal Year 2024 Outlook
FCA narrowed and raised the mid-point of its previously issued full-year EBITDA guidance “[g]iven our strong order activity and delivery performance year to date,” said FCA Chief Financial Officer Mike Riordan, who noted that the company reaffirmed its revenue and delivery guidance. “As we move forward, I am confident in our ability to achieve profitable growth and cash generation across the enterprise with an even stronger financial profile.”
For more financial details, visit the FCA Investor Relations webpage.
