Q2 2024 FreightCar America Inc Earnings Call Transcript
Key Points
- Revenues grew 66% year-over-year on deliveries of 1,159 railcars.
- Achieved a record adjusted EBITDA of $12.1 million at the new facility.
- Captured historically high levels of orders and inquiries in the first half of the year.
- Secured a significant multiyear tank car conversion order, expanding product offerings.
- Raised forecasted revenue to between $560 million and $600 million, up approximately 62% year-over-year at the midpoint.
- Gross margin decreased to 12.5% from 14.6% in the prior year.
- SG&A expenses increased to $8.5 million from $5.9 million in the prior year.
- Lower gross margin performance due to delivering all new cars versus car conversions.
- Customers are taking longer to analyze the timing of their new railcar purchases.
- No immediate inventory build or revenue recognition from the tank car conversion order until 2026.
Welcome to FreightCar America's second quarter 2024 earnings conference call.
(Operator Instructions) Please note that this conference is being recorded. An audio replay of the conference call will be available on the company's website within a few hours after this call.
I would now like to turn the call over to Chris O'Dea with Riveron Investor Relations.
Thank you, and welcome. Joining me today are Nick Randall, President and Chief Executive Officer; Mike Riordan, Chief Financial Officer; and Matt Tonn, Chief Commercial Officer.
I'd like to remind everyone that statements made during the conference call relating to the company's expected future performance, future business prospects or future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.
Participants are directed to FreightCar America's Form 10-K for a description of certain business risks, some of which may be
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