FreightCar America swings to Q2 loss, shares skid 24%
FreightCar America Inc. (Nasdaq:RAIL) has fallen 24% today after announcing ahead of the opening it had swung to a loss in the second quarter. For the quarter ended June 30, sales were $141.3 million, down from $195.3 million a year ago. Net loss was $0.88 million, or $0.08 per share, compared with a profit of $11.4 million, or $0.93 per share, for the same period a year earlier. Analysts had been expecting earnings per share of $0.24 on revenues of $131.9 million.
“The combination of a sharp increase in input costs, specifically steel and aluminum, and pricing pressures has reduced margins. These industry challenges have had a significant impact on our financial results for the quarter,” said Chris Ragot, president and CEO, in a statement.
At 10:32 a.m. ET, shares of Chicago-based FreightCar America are at $27.46, down $8.67 from Friday’s close. Shares have ranged from $27 to $47.47 during the past year.
For detailed price information and recent news stories about FreightCar America Inc., click RAIL.
“The combination of a sharp increase in input costs, specifically steel and aluminum, and pricing pressures has reduced margins. These industry challenges have had a significant impact on our financial results for the quarter,” said Chris Ragot, president and CEO, in a statement.
At 10:32 a.m. ET, shares of Chicago-based FreightCar America are at $27.46, down $8.67 from Friday’s close. Shares have ranged from $27 to $47.47 during the past year.
For detailed price information and recent news stories about FreightCar America Inc., click RAIL.
About the Author
Reporter Dianna Heitz is based in SmallCapInvestor.com's Washington, DC bureau.
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