Friday, June 13, 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.
Updating estimates. While we are maintaining our 2025 rail car delivery estimate of 4,710, we have lowered our second quarter expectations to 850 from 950 and increased our third quarter estimate to 1,790 from 1,690. Our 2025 EBITDA and EPS estimates are unchanged at $45.9 million, and $0.47, respectively. However, our second and third quarter EPS estimates are $0.06 and $0.20, respectively, compared to our prior estimates of $0.07 and $0.19.
Flexible production schedule. With FreightCar’s asset-based lending facility, the company has greater flexibility to manage its production schedule, given that it can borrow against inventory. The company has the ability to produce rail cars associated with firm orders and hold them for delivery to suit customer needs.
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