FreightCar America Files 10-Q for Q2 2024
Ticker: RAIL · Form: 10-Q · Filed: Aug 12, 2024 · CIK: 1320854
Sentiment: neutral
Topics: 10-Q, earnings, railroad-equipment
TL;DR
FreightCar America's Q2 2024 10-Q is in. Check railcar sales & warrant data.
AI Summary
FreightCar America, Inc. filed its 10-Q for the period ending June 30, 2024. The company, previously known as FCA Acquisition Corp., is based in Chicago, IL, and operates in the railroad equipment industry. The filing covers the second quarter of 2024 and includes financial data related to railcar sales and warrants.
Why It Matters
This filing provides investors with an update on FreightCar America's financial performance and operational status for the second quarter of 2024, crucial for understanding the company's current health and future prospects in the railroad equipment sector.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the railroad equipment industry can be cyclical and sensitive to economic conditions, introducing inherent risks.
Key Numbers
- Q2 2024 — Reporting Period (The financial data covers the second quarter of 2024.)
- 20240630 — Fiscal Year End (Indicates the end of the company's fiscal year.)
Key Players & Entities
- FreightCar America, Inc. (company) — Filer of the 10-Q
- FCA Acquisition Corp. (company) — Former name of FreightCar America, Inc.
- 20240630 (date) — End of the reporting period
- 20240812 (date) — Filing date
- Chicago, IL (location) — Company headquarters
FAQ
What is the primary business of FreightCar America, Inc.?
FreightCar America, Inc. operates in the railroad equipment industry, as indicated by its Standard Industrial Classification code [3743].
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on August 12, 2024.
What is the reporting period for this 10-Q?
The reporting period for this 10-Q is the quarter ending June 30, 2024.
Where is FreightCar America, Inc. headquartered?
FreightCar America, Inc. is headquartered at 125 South Wacker Drive, Suite 1500, Chicago, IL 60606.
Has FreightCar America, Inc. always been known by its current name?
No, the company was formerly known as FCA Acquisition Corp. and changed its name on March 16, 2005.
Filing Stats: 4,500 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-12 16:25:07
Key Financial Figures
- $0.01 — ch registered Common stock, par value $0.01 per share RAIL The Nasdaq Global Ma
Filing Documents
- rail-20240630.htm (10-Q) — 1863KB
- rail-ex31_1.htm (EX-31.1) — 18KB
- rail-ex31_2.htm (EX-31.2) — 18KB
- rail-ex32.htm (EX-32) — 20KB
- 0000950170-24-095480.txt ( ) — 8605KB
- rail-20240630.xsd (EX-101.SCH) — 1280KB
- rail-20240630_htm.xml (XML) — 1617KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION 1.
Financial Statements
Financial Statements: Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Deficit (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 18 4.
Controls and Procedures
Controls and Procedures 24
– OTHER INFORMATION
PART II – OTHER INFORMATION 1.
Legal Proceedings
Legal Proceedings 25 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 3. Defaults Upon Senior Securities 25 4. Mine Safety Disclosures 25 5. Other Information 25 6. Exhibits 25
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. FreightCar America, Inc. Condensed Consolidated Balance Sheets (In thousands, except for share data) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash, cash equivalents and restricted cash equivalents $ 39,370 $ 40,560 Accounts receivable, net of allowance for doubtful accounts of $ 88 and $ 18 respectively 12,815 6,408 VAT receivable 2,895 2,926 Inventories, net 64,479 125,022 Assets held for sale 629 — Related party asset 1,010 638 Prepaid expenses 5,915 4,867 Total current assets 127,113 180,421 Property, plant and equipment, net 30,489 31,258 Railcars available for lease, net — 2,842 Right of use asset operating lease 2,620 2,826 Right of use asset finance lease 44,507 40,277 Other long-term assets 2,492 1,835 Total assets $ 207,221 $ 259,459 Liabilities, Mezzanine Equity and Stockholders' Deficit Current liabilities Accounts and contractual payables $ 45,102 $ 84,417 Related party accounts payable 1,083 2,478 Accrued payroll and other employee costs 5,255 5,738 Accrued warranty 1,361 1,602 Customer deposits 8,709 — Current portion of long-term debt — 29,415 Other current liabilities 6,616 13,711 Total current liabilities 68,126 137,361 Warrant liability 52,342 36,801 Accrued pension costs 1,165 1,046 Lease liability operating lease, long-term 2,909 3,164 Lease liability finance lease, long-term 45,747 41,273 Other long-term liabilities 2,016 2,562 Total liabilities 172,305 222,207 Commitments and contingencies Mezzanine equity Series C Preferred stock, $ 0.01 par value, 85,412 shares authorized, 85,412 shares issued and outstanding at each of June 30, 2024 and December 31, 2023, respectively. Liquidation value $ 103,712 and $ 95,048 at June 30, 2024 and December 31, 2023, respectively. 83,745 83,458 Sto