Friday, April 25, 2025
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Robust first quarter order activity. During the first quarter ending on March 31, FreightCar America received orders for a total of 1,250 railcars valued at approximately $141 million. Based on the Railway Supply Institute’s American Railway Car Institute Committee (ARCI) first quarter 2025 reporting statistics, industry orders totaled 5,085 railcars, while deliveries amounted to 7,810. Freight Car’s orders represented approximately 25% of all new railcars ordered during the quarter and 36% of FreightCar America’s addressable market.
2025 corporate guidance. Railcar deliveries are expected to be in the range of 4,500 to 4,900, revenue is expected to be in the range of $530 million to $595 million, and adjusted EBITDA is expected to be in the range of $43 to $49 million. Our current 2025 estimates include railcar deliveries of 4,700 units, revenue of $562.5 million, and EBITDA of $45.4 million. While first quarter orders of 1,250 was above our estimate of 1,000, our estimate for first quarter deliveries is unchanged.
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