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.
Increasing longer-term rail car delivery estimates. While we have maintained our rail car delivery estimates for 2025 through 2027, we have increased our delivery estimates for 2028 through 2030. We now forecast rail car deliveries of 5,500, 5,750, and 6,000, respectively, compared with our prior estimates of 5,000, 5,000, and 5,000. While we had previously assumed that RAIL would operate four production lines with an aggregate capacity of 5,000 rail cars through 2030, we now assume the company will operate five production lines with a total capacity of 6,250 rail cars beginning in 2028. Our prior assumption had been that the company could begin producing a new line of higher-margin tank cars using existing capacity at the expense of lower margin products. Because we think tank cars could add an incremental 500 or more orders beginning in 2028, the tank cars would be incremental to existing orders with five production lines.
Updating earnings estimates. We forecast 2025 EBITDA and EPS of $45.9 million and $0.47, respectively, while our 2026 estimates are $48.6 million and $0.53. While our 2025 and 2026 EBITDA estimates are unchanged, we have increased our forward estimates, which may be found in the financial model at the end of this report. While our earnings estimates have increased, gross margin as a percentage of sales remains unchanged at 13.0%, 13.3%, 13.5%, and 13.8% in 2027, 2028, 2029, and 2030, respectively, while selling, general, and administrative expense as a percentage of sales increased modestly.
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*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.
CHICAGO, July 21, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today announced that it will release its second quarter 2025 financial results on Monday, August 4, 2025, after the market close and host a teleconference to discuss its second quarter 2025 results on the following day. Teleconference details are as follows:
Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.
An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, August 5, 2025, until 11:59 p.m. (Eastern Time) on Tuesday, August 19, 2025. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13754875. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.
About FreightCar America
FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.
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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*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.
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.
First quarter financial results. FreightCar America reported net income of $1.604 million or $0.05 per share compared to our estimate of $1.223 million or $0.03 per share. The variances to our estimates were largely revenue and margin driven. As expected, revenue and rail car deliveries declined to $96.3 million and 710, respectively, compared to $161.1 million and 1,223 during the first quarter of 2024. Our estimates were $82.5 million and 700. During the quarter, a portion of RAIL’s railcar production capacity was utilized for custom fabrications by its Aftermarket segment. Management expected lower deliveries to be reflected in first quarter revenues. Gross profit and margin improved to $14.4 million and 14.9%, respectively, compared to $11.4 million and 7.1% during the prior year period. Adjusted EBITDA increased to $7.3 million compared to $6.1 million during the first quarter of 2024. RAIL generated free cash flow of $12.5 million and ended the quarter with $54.1 million in cash.
No Change to 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. Compared to 2024, railcar deliveries, revenue, and adjusted EBITDA are expected to increase 7.7%, 0.6%, and 7.0%, respectively, at the midpoints of guidance.
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.
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.
First quarter financial results. FreightCar America earned adjusted net income of $1.604 million or $0.05 per share compared to our estimate of $1.223 million or $0.03 per share. The variance to our estimates were largely revenue and margin driven. As expected, revenue and rail car deliveries declined to $96.3 million and 710, respectively, compared to $161.1 million and 1,223 during the first quarter of 2023. Our estimates were $82.5 million and 700. During the quarter, a portion of RAIL’s railcar production capacity was utilized to build spare parts for its Aftermarket segment. Management expected lower deliveries to be reflected in first quarter revenues. Gross profit and margin improved to $14.4 million and 14.9%, respectively, compared to $11.4 million and 7.1% during the prior year period. Adjusted EBITDA increased to $7.3 million compared to $6.1 million during the first quarter of 2023. RAIL generated free cash flow of $12.5 million and ended the quarter with $54.1 million in cash.
Favorable outlook. First quarter sales activity was strong with 1,250 railcars ordered. With a backlog of 3,337 units valued at $318 million, we expect deliveries to accelerate throughout the year.
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.
Strong Order Intake Supports Reaffirmed Full Year Guidance
CHICAGO, May 05, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts and components, today reported results for the first quarter ended March 31, 2025.
FirstQuarter 2025Highlights
Revenues of $96.3 million, consistent with expectations, decreased 40.2% from $161.1 million in the first quarter of 2024, with planned railcar deliveries of 710 units compared to 1,223 units in the prior-year period
Gross margin of 14.9% with gross profit of $14.4 million, compared to gross margin of 7.1% with gross profit of $11.4 million in the first quarter of 2024
Net income of $50.4 million, or $1.52 per share and Adjusted net income of $1.6 million, or $0.05 per share, primarily reflecting a $52.9 million non-cash adjustment due to change in warrant liability
Adjusted EBITDA of $7.3 million, compared to Adjusted EBITDA of $6.1 million in the first quarter of 2024, up 20.5%
Generated Operating Cash Flow of $12.8 million, compared to $25.3 million of cash used in the first quarter of 2024, a $38.1 million increase year over year
Generated Adjusted Free Cash Flow of $12.5 million, compared to $30.5 million of cash used in the first quarter of 2024, a $43.0 million increase year over year
Ended the quarter with a backlog of 3,337 units valued at $318 million
“We continued to solidify our position as the fastest-growing railcar manufacturer in North America, driven by strong commercial execution and operational discipline. In line with our expectations for the first quarter, we achieved robust margins, once again outperforming our industry peers, reflecting our commitment to differentiated product offerings and exceptional commercial discipline. Order activity remained strong, with 1,250 railcars ordered during the quarter valued at approximately $141 million, underscoring our ongoing momentum and expanding market share,” commented Nick Randall, President and Chief Executive Officer of FreightCar America.
Randall continued, “Looking forward, our healthy backlog and growing inquiry pipeline position us for a meaningful ramp up in deliveries for the remainder of the year. While the industry has experienced some delays in order placements, we have continued to capture significant market share through our agility and superior responsiveness to customer needs. We reaffirm our previously announced full-year guidance and remain confident in our ability to deliver profitable growth and increased market share, further strengthening our long-term competitive position.”
FiscalYear2025 Outlook
The Company has reaffirmed outlook for fiscal year 2025 as follows:
Fiscal2025 Outlook
Year-over-Year GrowthatMidpoint
Railcar Deliveries
4,500 – 4,900 Railcars
7.7%
Revenue
$530 – $595 million
0.6%
AdjustedEBITDA1
$43 – $49 million
7.0%
1. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA guidance due to the inherent difficulty in forecasting and quantifying adjustments necessary to calculate such non-GAAP measure without unreasonable effort. Material changes to such adjustments, including warrant liability and non-core operating items, could affect future GAAP results.
Mike Riordan, Chief Financial Officer of FreightCar America, added, “We remain in a strong financial position, generating consistent operating and free cash flow, marking our fourth consecutive quarter of positive operating cash flow, while ending the quarter with over $50 million in cash on hand. Our disciplined approach continues to drive margin strength and consistent cash generation, reinforcing our balance sheet and providing significant financial flexibility. We are firmly on track to achieve our full year guidance targets and remain committed to sustainable value creation through continued operational efficiency, commercial execution and delivering positive free cash flow for the year.”
FirstQuarter 2025 ConferenceCall&Webcast Information
The Company will host a conference call and live webcast on Tuesday, May 6, at 11:00 a.m. (Eastern Time) to discuss its first quarter 2025 financial results. FreightCar America invites shareholders and other interested parties to listen to its financial results conference call.
FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.
Forward-LookingStatements
This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse geopolitical, economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
Non-GAAPFinancialMeasures
This press release includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as EBITDA, Adjusted EBITDA, Adjusted net income (loss), Adjusted EPS, Free cash flow and Adjusted free cash flow. These non-GAAP measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP and may also be inconsistent with similar measures presented by other companies. Reconciliations of these measures to the applicable most closely comparable GAAP measures, and reasons for the Company’s use of these measures, are presented in the attached pages.
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.
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.
Orders Highlight Continued Strength Across Diverse Product Offerings
CHICAGO, April 24, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL) (“FreightCar America” or the “Company”), a diversified manufacturer and supplier of railroad freight cars, railcar parts, and components, today announced that it received total orders valued at approximately $141 million, representing a total of 1,250 railcars, during the quarter ended March 31, 2025. These orders underscore ongoing demand for FreightCar America’s railcar offerings and reflect continued market share gains.
FreightCar America continues to gain share within its core railcar markets, driven by strategic initiatives aimed at increasing operational efficiency, product innovation, and commercial excellence. The orders represent approximately 25% of all new railcars ordered in the quarter, and 36% in our addressable market, marking the largest new railcar market share quarter intake in 15 years.
Nick Randall, President and Chief Executive Officer of FreightCar America, commented, “We are pleased to see sustained customer interest across our product portfolio, particularly in gondolas, open-top hoppers and covered hopper cars, which remain an integral part of our diverse portfolio of railcar types. Our manufacturing agility and ability to capture these opportunities highlights our competitive strengths.”
Randall continued, “We have been monitoring recent tariff developments and based on our current understanding, railcars sold by FreightCar America in North America are not subject to tariffs due to their compliance with the United States-Mexico-Canada Agreement. We continue to monitor any tariff developments. With our supply chain strategy, operational excellence initiatives at our manufacturing facility and continued commercial momentum, we remain confident in our forward trajectory.”
Certain orders referenced in this release are subject to customary documentation and completion of terms.
About FreightCar America
FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.
Forward-Looking Statements
This press release contains statements relating to our expected financial performance, financial condition, and/or future business prospects, events and/or plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties relate to, among other things, the cyclical nature of our business; adverse economic and market conditions, including inflation; material disruption in the movement of rail traffic for deliveries; fluctuating costs of raw materials, including steel and aluminum; delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion; delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings; potential unexpected changes in laws, rules, and regulatory requirements, including tariffs and trade barriers (including recent United States tariffs imposed or threatened to be imposed on China, Canada, Mexico and other countries and any retaliatory actions taken by such countries); and other competitive factors. The factors listed above are not exhaustive. New factors emerge from time to time that may cause our business not to develop as we expect, and it is not possible for us to predict all of them. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
CHICAGO, April 21, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today announced that it will release its first quarter 2025 financial results on Monday, May 5, 2025, after the market close and host a teleconference to discuss its first quarter 2025 results on the following day. Teleconference details are as follows:
Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.
An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, May 6, 2025, until 11:59 p.m. (Eastern Time) on Tuesday, May 20, 2025. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13753235. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.
About FreightCar America
FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.
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.
No direct tariff impact. While the Trump administration recently announced sweeping new tariffs, goods from Mexico and Canada that comply with the United States-Mexico-Canada Agreement (USMCA) trade agreement remain exempt from tariffs, except for automobile exports and steel and aluminum, which fall under separate tariffs. FreightCar America sources most of its raw materials, including aluminum, from the United States.
Return to business as usual. FreightCar America, along with customers in its addressable markets, have greater certainty regarding tariff policies, which could promote a return to business as usual for those that might have previously deferred orders due to uncertainty. While the Trump administration’s trade policies could have implications for U.S. and global economic growth, we believe the tariffs are negotiable. Importantly, because RAIL continues to increase its market share serving an industry that is in a replacement cycle, we do not anticipate a change in RAIL’s near-term sales trajectory despite the potential for slower economic growth.
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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.
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.
Shelf registration. FreightCar recently filed a universal shelf registration statement pertaining to the offer and sale from time to time of up to $200 million in aggregate of the company’s common stock, preferred stock, debt securities, new warrants, rights or units, and the resale by a selling stockholder, affiliates of PIMCO, of up to 17,038,583 shares of common stock. PIMCO has now registered the shares associated with its warrants which enables them to sell shares over time following the exercise of the warrants. The warrants are already reflected in RAIL’s fully diluted share count and in our financial model.
Cleaner financial reporting. The change in the fair market value of the warrant liability fluctuates each quarter in line with the change in RAIL’s stock price during the period. The valuation adjustment reflects accounting for the warrant holder’s investment. For the full year 2024, the company recognized a $99.5 million non-cash adjustment due to the change in the fair market value of the warrant liability. All shares underlying the warrants have been reflected as part of the weighted shares outstanding since their issuance in prior years. Eliminating the warrant liability and need to report on the change in its fair market value could narrow the difference between GAAP and adjusted earnings.
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.
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.
Full year 2024 financial results. FreightCar America generated 2024 adjusted net income to common stockholders of $4.4 million or $0.15 per share compared to a loss of $11.0 million or $(0.39) per share in 2023 and our estimate of $5.5 million or $0.17 per share. Gross margin as a percentage of revenue increased to 12.0% compared to 11.7% in FY 2023. Revenue and rail car deliveries increased to $559.4 million and 4,362 compared to $358.1 million and 3,022 in 2023. We had forecast revenue of $577.4 million and deliveries of 4,550. Adjusted EBITDA increased to $43.0 million compared to $20.1 million in 2023 and our estimate of $38.3 million. Full year adjusted free cash flow amounted to $21.7 million versus $(17.6) million in 2023.
Full Year 2025 corporate guidance. Management issued full year 2025 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. Compared to 2024, railcar deliveries, revenue, and adjusted EBITDA are expected to increase 7.7%, 0.6%, and 7.0%, respectively, at the midpoints of guidance.
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.
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.
Full year 2024 financial results. FreightCar America generated 2024 adjusted net income to common stockholders of $4.5 million or $0.15 per share compared to a loss of $11.0 million or $(0.39) per share in 2023 and our estimate of $5.5 million or $0.17 per share. Gross margin as a percentage of revenue increased to 12.0% compared to 11.7% in FY 2023. Revenue and rail car deliveries increased to $559.4 million and 4,362 compared to $358.1 million and 3,022 in 2023. We had forecast revenue of $577.4 million and deliveries of 4,550. Adjusted EBITDA increased to $43.0 million compared to $20.1 million in 2023 and our estimate of $38.3 million. Full year adjusted free cash flow amounted to $21.7 million versus $(17.6) million in 2023.
Full Year 2025 corporate guidance. Management issued full year 2025 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. Compared to 2024, railcar deliveries, revenue, and adjusted EBITDA are expected to increase 7.7%, 0.6%, and 7.0%, respectively, at the midpoints of guidance. Our current 2025 estimates include railcar deliveries of 4,675 units, revenue of $580.6 million and EBITDA of $44.9 million.
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.
