FreightCar America reported a net loss of $3.4 million in the second quarter of 2013, compared with a profit of $5.6 million in the second quarter of 2012.
Quarterly revenue for the freight railcar manufacturer was $47.1 million, plummeting from $181.2 million in the same period last year. Revenue from the manufacturing segment was $37.1 million, down year-over-year from $171.8 million, while revenue from the services segment was $10.1 million, up from $9.4 million.
The company delivered 710 railcars in the second quarter, including 160 new railcars, 200 leased railcars and 350 rebuilt railcars. Last year, the company delivered 2,786 railcars in the second quarter. Furthermore, there were 693 units ordered in the second quarter of 2013, compared with 961 units ordered in the second quarter of 2012, and the total manufacturing backlog was 2,065 units, versus 5,109 units.
“Given the ongoing weakness in our traditional freight railcar market, we continue to focus on the diversification of our product offerings, as exemplified by the successful startup of the Shoals, Ala., facility to produce non-coal cars and the improving returns from our services business this quarter,” said Ed Whalen, CEO of FreightCar America, in a written statement. “We remain vigilant in managing our costs and believe that execution against the factors that are within our control will position us well for the future.”