Market demand for a range of railcar types boosted revenue and deliveries for FreightCar America in the third quarter, and the builder revised its guidance upward for fiscal 2024.
High numbers of migrant crossings in September disrupted freight rail operations, including Trinity Industries’ and FreightCar America’s ability to send new rail cars into the U.S., executives said on recent earnings calls.
Looming rail car retirements and high rates for rail car scrapping — not rail volumes — are driving the rail car market, according to the CEOs of rail car leasing companies and rail equipment manufacturers.
Rail car manufacturer FreightCar America is eyeing opportunities to manufacture tank cars that would carry nonflammable materials should its competitors be busy manufacturing DOT-117 tank cars.
High utilization rates show a demand for rail cars, executives for FreightCar America said during a third-quarter 2022 earnings call Tuesday.
Despite economic headwinds, the rail car manufacturing market will find support in the second half of 2022 amid tight rail car supply and improving rail service metrics, FreightCar America executives said on an earnings call.
The railcar manufacturer sees elevated scrapping levels and higher leasing rates.
An internal process audit can be easier than you think, ships waiting for berths in San Pedro Bay have finally decreased, and Canada can’t quit with border issues.
High scrapping rates and aging fleets provide support for railcar manufacturing as the company anticipates 2022 financial results that won’t be “obscured by restructuring activities.”
Although customers may have pulled back from ordering in the third quarter, that pullback is temporary and customers will still need new railcars eventually, FreightCar America executives said during Monday’s third-quarter earnings call.
Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Nuvocargo launches more efficient cross-border billing solution; Mexico implements new customs requirement; Freightcar America expands manufacturing plant in Mexico; and Morrison Express Corp. expands in Dallas area.
Rising rail traffic and lower numbers of railcars in storage should benefit FreightCar America, as should anticipated market demand to replace an aging railcar fleet, executives said during Monday’s first-quarter earnings call.
An anticipated increase in North American rail traffic, coupled with FreightCar America’s move of its manufacturing to Mexico, should provide support to the company in 2021, executives said.
FreightCar America makes Terry Rogers its permanent CFO, the Association of American Railroads reports weekly U.S. rail volumes rose 0.3% year-over-year, and The Broe Group updates its progress on a Savannah, Georgia-area industrial park.
Market conditions hastened the railcar manufacturer’s decision to move all of its railcar production to Mexico, according to company executives during the third-quarter earnings call.
The rail equipment and technology provider is one of many companies that have laid off or furloughed employees because of the lower-volume environment exacerbated by the coronavirus pandemic.
“Depressed railcar demand” and the need to cut costs factored into the manufacturer’s decision.
Although the order volume for new railcars could be “lumpy” industry-wide, the railcar manufacturer hopes to take advantage of increased inquiries.
The manufacturer is still producing new railcars but expects market conditions to be rough for a while.
The railcar manufacturer shut down the Shoals facility for seven days after an employee contracted the coronavirus.
FreightCar America’s fourth-quarter results highlight the weakened railcar demand environment.
Remaining employees will complete the final order before decommissioning equipment at the facility.
FreightCar America sees net loss more than double as it navigates the downside of railcar demand. The company’s cost restructuring remains on track.
FreightCar America entered a joint venture to build a new manufacturing facility in Mexico as part of its cost improvement initiative.
