FreightCar posts loss as shipments plunge

Aug 05, 2013 | 12:11 PM | Frank Haflich

Tags  FreightCar America, rail cars, earnings report, Ed Whalen, Association of American Railroads, Frank Haflich

LOS ANGELES — FreightCar America Inc. is looking to diversify outside of coal cars with a new plant in Alabama after rail car shipments plunged in the second quarter.

The Chicago-based rail car builder delivered 710 units in the three months ended June 30, down 33.8 percent from 1,073 cars in the first quarter and 74.5 percent from 2,786 cars a year ago.

It posted a second-quarter net loss of nearly $3.44 million in contrast to net income of $5.56 million in the same period last year on revenue that fell 74 percent to $47.11 million. A first-half net loss of $6.08 million was in contrast to net income of $15.3 million a year earlier as revenue tumbled 66.3 percent to $134.72 million. ....

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