Tuesday, August 13, 2024
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.
Second quarter financial results. FreightCar America generated second quarter adjusted net income to common stockholders of $1.772 million or $0.05 per share compared to $0.424 million or $0.02 per share during the prior year period. We had forecast $1.582 million and $0.05 per share. Revenue and rail car deliveries increased to $147.4 million and 1,159 compared to $88.6 million and 760 during the second quarter of 2023. On a year-over-year basis, adjusted EBITDA increased 50.6% to $12.1 million. While EPS was in line with our estimates, railcar deliveries, revenues and adjusted EBITDA exceeded our estimates of 980, $127.1 million, and $9.5 million, respectively. The weighted average diluted share count of ~32.3 million was also higher than our estimate of 31.1 million. Second quarter free cash flow amounted to $55.9 million based on net cash flows provided by operating activities of $57.2 million and $1.3 million of net cash flows used in investing activities.
Full Year 2024 corporate guidance. Management raised its full year 2024 guidance ranges. Railcar deliveries are expected to be in the range of 4,300 to 4,700, revenue is expected to be in the range of $560 million to $600 million, and adjusted EBITDA is expected to be in the range of $35 to $39 million. Previously, railcar deliveries were expected to be in the range of 4,000 to 4,400, revenue was expected to be in the range of $520 million to $572 million, and adjusted EBITDA was expected to be in the range of $32 million to $38 million.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.