FreightCar America (RAIL) Misses Q3 EPS by 12c
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FreightCar America (NASDAQ: RAIL) reported Q3 EPS of $0.00, $0.12 worse than the analyst estimate of $0.12. Revenue for the quarter came in at $113.5 million versus the consensus estimate of $129.4 million.
“We are focused on making continued improvements in our production processes and reducing our overhead costs. We are encouraged with the progress of the production improvements initiated in the third quarter and their contribution to the bottom line improvement from last quarter,” said Joe McNeely, President and Chief Executive Officer. “We remain on track with our cost reduction efforts, which we continue to believe will improve pre-tax operating results by $5 million when fully implemented by the middle of next year.”
Mr. McNeely concluded, “Looking forward, we now expect to deliver between 5,400 and 5,700 railcars for the full year 2016. We anticipate that deliveries in 2017 will include deliveries of a significant portion of the existing backlog along with certain new car orders, which cannot be estimated at this point given the softness in the market demonstrated by the recent ARCI statistics for new railcar orders.”
For earnings history and earnings-related data on FreightCar America (RAIL) click here.
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