We’ve been updating you on the industry’s expectations for increased deliveries of new railcars in 2021. This morning, FreightCar America Inc. reported first quarter 2021 earnings. Quoting two items from their press release: “First quarter revenue of $32.4 million, up 523% year-over-year, on deliveries of 309 railcars” and “2021 delivery outlook raised to between 1,600 and 1,750 railcars, up from between 1,400 and 1,600 railcars”.
We were stunned to see the statement including the words “up 523%” and had to double-check it on the company’s website. Nonetheless, while these results are just for one quarter and many factors can impact the performance of any one company at a moment in time, this news does appear to support the long-anticipated boom in railcar acquisition coming off last year’s pandemic results.
If one visits the company’s website, one will see the following statement regarding the company’s industry focus: “FreightCar America, Inc. is a diversified manufacturer of railroad freight cars that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open-top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars, and coal cars, and also specializes in the conversion of railcars for repurposed use.
In short; these are the types of railcars that serve a wide range of industries in North America and we are pleased to see this positive report.
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