FreightCar America, Inc. Files 2023 Annual Report on Form 10-K
Ticker: RAIL · Form: 10-K · Filed: Mar 18, 2024 · CIK: 1320854
Sentiment: neutral
Topics: 10-K, FreightCar America, RAIL, Manufacturing, Financial Report
TL;DR
<b>FreightCar America, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its financial performance and business operations.</b>
AI Summary
FreightCar America, Inc. (RAIL) filed a Annual Report (10-K) with the SEC on March 18, 2024. FreightCar America, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is manufacturing railroad equipment. Key dates mentioned include the fiscal year end of December 31, 2023, and the filing date of March 18, 2024. The report details various financial statement items and disclosures relevant to the 2023 fiscal year.
Why It Matters
For investors and stakeholders tracking FreightCar America, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of FreightCar America's financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. The detailed disclosures within the report, including financial statements and risk factors, are essential for stakeholders to understand the company's compliance with SEC regulations and its ability to navigate the railroad equipment manufacturing industry.
Risk Assessment
Risk Level: medium — FreightCar America, Inc. shows moderate risk based on this filing. The company operates in the railroad equipment manufacturing sector, which can be subject to cyclical demand and significant capital expenditures, as indicated by the business address in Chicago, IL, and the SIC code for Railroad Equipment.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand FreightCar America's performance and outlook in the railroad equipment market.
Key Numbers
- 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
- 2024-03-18 — Filing Date (FILED AS OF DATE)
- 3743 — Standard Industrial Classification (SIC code for Railroad Equipment)
- 125 SOUTH WACKER DRIVE, SUITE 1500, CHICAGO, IL 60606 — Business Address (BUSINESS ADDRESS)
- 000-51237 — SEC File Number (SEC FILE NUMBER)
Key Players & Entities
- FreightCar America, Inc. (company) — CONFORMED NAME
- RAIL (company) — tk
- 10-K (regulator) — ft
- 2024-03-18T00:00:00.000Z (dollar_amount) — dt
- 0000950170-24-032849 (company) — ACCESSION NUMBER
- 20231231 (dollar_amount) — CONFORMED PERIOD OF REPORT
- 20240318 (dollar_amount) — FILED AS OF DATE
- 0001320854 (company) — CENTRAL INDEX KEY
FAQ
When did FreightCar America, Inc. file this 10-K?
FreightCar America, Inc. filed this Annual Report (10-K) with the SEC on March 18, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by FreightCar America, Inc. (RAIL).
Where can I read the original 10-K filing from FreightCar America, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FreightCar America, Inc..
What are the key takeaways from FreightCar America, Inc.'s 10-K?
FreightCar America, Inc. filed this 10-K on March 18, 2024. Key takeaways: FreightCar America, Inc. filed its 10-K report for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal business is manufacturing railroad equipment..
Is FreightCar America, Inc. a risky investment based on this filing?
Based on this 10-K, FreightCar America, Inc. presents a moderate-risk profile. The company operates in the railroad equipment manufacturing sector, which can be subject to cyclical demand and significant capital expenditures, as indicated by the business address in Chicago, IL, and the SIC code for Railroad Equipment.
What should investors do after reading FreightCar America, Inc.'s 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand FreightCar America's performance and outlook in the railroad equipment market. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [medium — market]: The company faces risk due to concentration with its third-largest customer, as indicated by disclosures related to accounts receivable for the period January 1, 2023, to December 31, 2023.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
- 2024-03-18: 10-K Filing Date — Date the annual report was officially submitted to the SEC.
Filing Stats: 4,498 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-03-18 16:29:03
Key Financial Figures
- $0.01 — ch Registered Common stock, par value $0.01 per share RAIL Nasdaq Global Market
- $348 million — estimated sales value of the backlog is $348 million. Our website is www.freightcaramerica
- $14,850 — acklog as of December 31, 2023 includes $14,850 that is not expected to be converted to
Filing Documents
- rail-20231231.htm (10-K) — 3088KB
- rail-ex4_1.htm (EX-4.1) — 36KB
- rail-ex21.htm (EX-21) — 25KB
- rail-ex23_1.htm (EX-23.1) — 4KB
- rail-ex31_1.htm (EX-31.1) — 16KB
- rail-ex31_2.htm (EX-31.2) — 18KB
- rail-ex32.htm (EX-32) — 14KB
- rail-ex97_1.htm (EX-97.1) — 56KB
- img204362769_0.jpg (GRAPHIC) — 17KB
- 0000950170-24-032849.txt ( ) — 17167KB
- rail-20231231.xsd (EX-101.SCH) — 2494KB
- rail-20231231_htm.xml (XML) — 3839KB
Business
Business 3 Item 1B. Unresolved Staff Comments 8 Item 1C. Cybersecurity 8 Item 2.
Properties
Properties 9 Item 3.
Legal Proceedings
Legal Proceedings 9 Item 4. Mine Safety Disclosures 9 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 9 Item 6. Reserved 9 Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 8.
Financial Statements
Financial Statements 20 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 58 Item 9A.
Controls and Procedures
Controls and Procedures 58 Item 9B. Other Information 58 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58 PART III Item 10. Directors, Executive Officers and Corporate Governance 59 Item 11.
Executive Compensation
Executive Compensation 59 Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59 Item 13. Certain Relationships and Related Transactions, and Director Independence 59 Item 14. Principal Accountant Fees and Services 59 PART IV Item 15. Exhibits 59 Item 16. Form 10-K Summary 63
SIGNATURES
SIGNATURES 64 2 PART I
Business
Item 1. Business . OVERVIEW FreightCar America, Inc., a Delaware corporation ("FCA"), with its subsidiaries (the "Company", "we", "us", and "our" refers to FCA and its subsidiaries), is a diversified manufacturer of railcars and railcar components. We design and manufacture a broad variety of railcar types for transportation of bulk commodities and containerized freight products primarily in North America, including box cars, open top hoppers, covered hoppers, and gondolas along with intermodal and non-intermodal flat cars. We and our predecessors have been manufacturing railcars since 1901. Over the last several years, we have introduced a number of new or redesigned railcar types as we continue to diversify our product portfolio. Our primary customers are shippers, railroads, and financial institutions which represented 33%, 16% and 47%, respectively, of our total sales attributable to each type of customer for the year ended December 31, 2023. In the year ended December 31, 2023, we delivered 3,022 railcars, including 2,707 new railcars and 315 rebuilt railcars, compared to 3,184 railcars, including 2,281 new railcars and 903 rebuilt railcars, delivered in the year ended December 31, 2022. Our total backlog of firm orders for railcars increased from 2,445 railcars as of December 31, 2022 to 2,914 railcars as of December 31, 2023. Our backlog as of December 31, 2023 includes a variety of railcar types and the estimated sales value of the backlog is $348 million. Our website is www.freightcaramerica.com. We make available, free of charge, on or through our website items related to corporate governance, including, among other things, our corporate governance guidelines, charters of various committees of our Board of Directors (the "Board") and our code of business conduct and ethics. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, and amendments thereto, are available on our website and on the SEC's website at