FreightCar America, Inc. reported results for the fourth quarter and full year ended Dec. 31, 2024 that included full year revenue and gross profit up 56% and 60%, respectively. The company generated full year operating cash flow of $45 million and adjusted free cash flow of $22 million. For 2025, FreightCar America projects sequential growth across deliveries, revenue and adjusted EBITDA.
Fourth Quarter 2024 Highlights
- Revenues of $137.7 million, compared to revenues of $126.6 million in the fourth quarter of 2023, up 8.8% on stable railcar deliveries of 1,019, compared to 1,021 in the prior period.
- Gross margin of 15.3% with gross profit of $21.0 million, compared to gross margin of 9.6% with gross profit of $12.1 million in the fourth quarter of 2023.
- Net income of $34.6 million, or $1.01 per share and Adjusted net income of $8.0 million, or $0.21 per share, driven by a $26.1 million non-cash adjustment on warrant liability.
- Adjusted EBITDA of $13.9 million, compared to Adjusted EBITDA of $6.5 million in the fourth quarter of 2023, up 113.8%.
- Ended the quarter with a backlog of 2,797 units valued at $266.5 million.
Fiscal Year 2024 Highlights
- Revenues of $559.4 million, up 56.2% year-over-year, on deliveries of 4,362 railcars, up 44.3% year-over-year.
- Gross margin of 12.0% with gross profit of $67.0 million, compared to gross margin of 11.7% with gross profit of $41.8 million in fiscal year 2023.
- Net loss of ($75.8) million, or ($3.12) per share and Adjusted net income of $24.5 million, or $0.15 per share, accounting for primarily non-cash items including a ($99.5) million non-cash adjustment warrant liability due to share price appreciation.
- Adjusted EBITDA of $43.0 million, compared to Adjusted EBITDA of $20.1 million in fiscal year 2023, up 113.9%.
- Delivered “positive free cash flow and optimized balance sheet through lower cost refinancing,” which is expected to result in savings of approximately $9.2 million in the first year.
- Entered tank car space with a “significant multi-year conversion order.”
“This was a year of strong operational performance as we executed our strategic initiatives to drive substantial profitable growth,” said President and CEO Nick Randall. “We delivered $43 million in adjusted EBITDA for the full year, representing a 114% increase vs. the prior year. On the commercial front, we continued to gain market share, expanded our presence in key railcar markets, and secured a multi-year tank car retrofit program, strengthening our competitive position. Additionally, we recently lowered our cost of capital through refinancing, reinforcing our financial flexibility for the future. As we move into 2025, we are squarely focused on solidifying our position and enhancing cash generation. With a stronger market presence, an optimized capital structure and a relentless drive for operational excellence, we are well positioned to build on our momentum. We remain committed to delivering profitable growth and driving long-term value for our stakeholders.”
Fiscal Year 2025 Outlook
