[해외주식] 프레이트카 아메리카 최종 매도 4개월 수익(FreightCar America (NASDAQ : RAIL)

지난해 2020년 11월 29일 매수한 프레이트카 아메리카 인데요.

4개월 가량 보유하고 최종 매도했습니다.

수익률은 90% 에 육박합니다.

 

지난해 $2.86에 매수했고요.  $5.6 정도에서 매도 완료했습니다.

그리 큰 금액으로 매매하지는 않았습니다만 수익률 면에서는 압도적이네요.

 

관련해서 뉴스를 좀 검색해 봤는데요.

 

20년대비 21년에도 순손실을 기록했지만 유의미한 것은 아니고요.

대신에 앨라배마 주 체로키에있는 Shoals 제조 시설의 임대를 조기 종료했으며 올해 2 월 28 일 시설을 종료했고  Shoals 시설이 폐쇄됨에 따라 FreightCar America의 제조 운영은 멕시코의 Castaños로 완전히 이전되었고

향후 철도 차량의 생산관련 경쟁력이 더 있을 것 같다는 얘기이고요.

특히 철도차량 인도에 있어서 20년 3분기에 163 railcars 인도와 비교해 4분기에는 477 railcars로 수량이 대폭 늘어났고 19년도 4분기 439 railcars와 비교해도결과가좋습니다. 멕시코생산 캐파는 더 늘어날 수 있을 것 같고 향후에 연간 차량인도분 역시 더 늘어날 것 같다는 전망.

 

FreightCar America eyes improving opportunities in 2021

Company sustained a net loss of $14.4 million in the fourth quarter of 2020

 

FreightCar America (NASDAQ: RAIL) is looking forward to the opportunities that 2021 has to offer, now that it has moved all of its manufacturing operations from Alabama to Mexico.

That opportunity includes shifting to a positive balance sheet. The company sustained a net loss of $14.4 million in the fourth quarter of 2020 compared with a net loss of $9.5 million in the fourth quarter of 2019 (see below).

“We believe that we are fundamentally transforming FreightCar America’s ability to compete and win and are now preparing the business to pivot from restructuring to growing,” said FreightCar America President and CEO Jim Meyer in a statement.

As planned, the company completed the early termination of its lease of the Shoals manufacturing facility in Cherokee, Alabama, and it exited the facility on Feb. 28 of this year. 

With the closing of the Shoals facility, FreightCar America’s manufacturing operations have fully moved to Castaños, Mexico. 

“It is fair to say that the heaviest of the heavy lifting of our transformation is complete,” Meyer said in a fourth-quarter earnings call on Wednesday.

 

The completion of the move has enabled FreightCar America to shift its focus on growth, according to Meyer. The facility in Mexico has the capacity to produce 2,000 railcars per year, and the company has the ability to add additional capacity should market conditions warrant.

The company’s board of directors has also approved the first expansion of the new Castaños facility, which will include a large fabrication shop and additional wheel and axle capability.

FreightCar America described the potential rail traffic growth in 2021 as “promising,” and company leaders are encouraged by the interest in ordering new railcars. 

FreightCar America has a delivery guidance of 1,400 to 1,600 railcars in 2021. Although that figure is lower historically than previous years, FreightCar America expects that figure to grow after the industrial economy improves. Furthermore, that figure is also nearly double last year’s total production, according to the company.

The year-end backlog for 2020 was 1,389 railcars with an aggregate value of approximately $146 million.

As FreightCar America looks ahead, one issue will be finding a way to mitigate the cost pressure coming from higher steel prices. The higher steel prices, along with the continued pressure on railcar sales pricing driven by the last year’s downturn, could put company margins under pressure, Meyer said. 

 

However, the company has “the ability to be modestly selective on the business we can pursue” now that it has finished the restructuring of its manufacturing operations, Meyer said.

“Even with the ongoing pandemic, we are seeing encouraging signs of stabilization in the market and possibly even the early stages of recovery. As a result, we believe we can more than double our total deliveries in 2021 and begin to scale the footprint for 2022 assuming conditions warrant,” Meyer said. 

Fourth-quarter financial results

FreightCar America sustained a net loss of $14.4 million, or $0.87 per share, in the fourth quarter of 2020 compared with a net loss of $9.5 million, or $0.75 per share, in the fourth quarter of 2019. 

The net loss included $19 million in noncash impairment charges related to leased railcars, partially offset by $12.9 million in noncash restructuring gains, much of it related to the terminal of the lease at Shoals, FreightCar America said.  

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter of 2020 was a loss of $11.6 million. But adjusted EBITDA was a positive $1.7 million. In the fourth quarter of 2019, EBITDA was a loss of $5.9 million and adjusted EBITDA was a loss of $12.6 million. 

The two left columns reflect financial results from the fourth quarter of 2020 and the fourth quarter of 2019, respectively. The two right columns reflect results for 2020 versus 2019. (FreightCar America)

Consolidated revenues were $60.6 million in the fourth quarter, compared with $25.2 million in the third quarter of 2020 and $44.9 million in the fourth quarter of 2019.

 

FreightCar America delivered 477 railcars in the fourth quarter, higher than the 163 railcars delivered in the third quarter of 2020 and the 439 railcars delivered in the fourth quarter of 2019. 

The company said it achieved its revised 2020 delivery guidance of 750 railcars despite transitioning manufacturing from Shoals to Castaños.

Last year, FreightCar America also faced the lowest freightcar demand cycle since 2009, executives said. 

 

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FreightCar America, Inc. Reports Fourth Quarter and Full Year 2020 Results

March 24, 2021 08:00 ET | Source: FreightCar America, Inc.

 

Fourth quarter revenues up 35% year-over-year and 140% sequentially

Potential of new operating structure exemplified by positive gross margin in fourth quarter

CHICAGO, March 24, 2021 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the fourth quarter and full year ended December 31, 2020.

Business Highlights        

• Fourth quarter revenue of $60.6 million, up 35% year-over-year, on deliveries of 477 railcars
• Achieved revised 2020 delivery guidance of 750 railcars, despite transitioning manufacturing from Shoals to Castaños
• Fourth quarter net loss of $14.4 million, or $0.87 per share, which included $13.3 million of impairment, restructuring and other charges, the majority of which were non-cash
• Adjusted EBITDA was $1.7 million, which excludes the previously mentioned adjustments
• Completed the early termination of the lease and exited the Cherokee, Alabama (“Shoals”) manufacturing facility on February 28, 2021, as planned
• Successfully ramping up the new manufacturing footprint in Castaños which will support a 2021 delivery outlook of between 1,400 to 1,600 railcars, or nearly double last year’s total production
• Year-end backlog totaled 1,389 railcars with an aggregate value of approximately $146 million

“In spite of the ongoing pandemic which brought additional economic and operational challenges to our business, 2020 was a transformative year for FreightCar America. We moved our manufacturing footprint to Castaños and into the newest purpose-built railcar manufacturing facility in North America and began shipping product from there in the fourth quarter. We hired a highly experienced workforce and strengthened our balance sheet to provide both growth capital and a better overall financial foundation for the business,” said Jim Meyer, President and Chief Executive Officer of FreightCar America, Inc. “While there were a lot of moving parts in the fourth quarter, we delivered sequential and year-over-year improvement in revenues as well as positive gross margin during the period.”

Meyer concluded, “We believe that we are fundamentally transforming FreightCar America’s ability to compete and win, and are now preparing the business to pivot from restructuring to growing. Our customers are very pleased by the progress and are providing us with highly favorable feedback on the new facility and team. Lastly, even with the ongoing pandemic, we are seeing encouraging signs of stabilization in the market and possibly even the early stages of recovery. As a result, we believe we can more than double our total deliveries in 2021 and begin to scale the footprint for 2022 assuming conditions warrant. Towards that end, our Board of Directors recently approved the first expansion of the new facility, which includes a large fabrication shop and additional wheel and axle capability. We continue to believe that we have the right strategy, and the right collection of assets and talent, to return the business to long-term growth and prosperity.”

Fourth Quarter Results

• Consolidated revenues were $60.6 million in the fourth quarter of 2020, compared to $25.2 million in the third quarter of 2020 and $44.9 million in the fourth quarter of 2019. The Company delivered 477 railcars in the fourth quarter of 2020, compared to 163 railcars in the third quarter of 2020 and 439 railcars in the fourth quarter of 2019.
• Consolidated operating loss for the fourth quarter of 2020 was $9.2 million, compared to an operating loss of $9.0 million for the fourth quarter of 2019.
• Net loss attributable to FreightCar America, Inc. (“FCA”) in the fourth quarter of 2020 was $14.4 million, or $0.87 per share, compared to net loss of $9.5 million, or $0.75 per share, in the fourth quarter of 2019. 
• Both consolidated operating loss and net loss attributable to FCA for the fourth quarter of 2020 included $19.0 million of non-cash impairment charges related to leased railcars, partially offset by $12.9 million of non-cash restructuring gains, largely related to the termination of the lease at Shoals in the fourth quarter of 2020, among other items. In the fourth quarter of 2019, consolidated operating loss and net loss included a $2.0 million charge from the loss on a sale of 100 railcars previously held in the leasing fleet, a $6.6 million non-cash gain related to the termination of a postretirement benefit plan and a net $2.0 million restructuring gain largely attributed to a $2.4 million non-cash gain on our Roanoke, VA facility related to the termination of the lease.
• Fourth quarter net loss also included a non-cash loss on change in fair market value of the warrant of $3.7 million.
• EBITDA loss for the fourth quarter was $11.6 million and Adjusted EBITDA was positive $1.7 million. Adjusted EBITDA excludes the adjustments mentioned above and those reflected in the table below. EBITDA loss for the fourth quarter of 2019 was $5.9 million and Adjusted EBITDA loss was $12.6 million. EBITDA and Adjusted EBITDA are non-GAAP financial measures. A reconciliation of EBITDA and Adjusted EBITDA to income before taxes, the most directly comparable GAAP measure, is provided in the attached supplemental disclosure.

Full Year 2020 Results

• Consolidated revenues were $108.4 million for fiscal year 2020, compared to $230.0 million for fiscal year 2019.
• The Company delivered 751 railcars in 2020, which included 600 new railcars and 151 rebuilt railcars. This compares to 2,276 railcars in 2019, which included 1,728 new railcars and 548 rebuilt railcars.
• Consolidated operating loss for 2020 was $80.6 million, which included $18.3 million relating to restructuring and impairment charges and $19.0 million relating to impairment on leased railcars. Consolidated operating loss for 2019 was $75.6 million, which included a net $22.4 million of restructuring and impairment charges, $7.3 million in charges from the loss on sale of railcars previously held in the leasing fleet, and a $6.6 million non-cash gain related to the termination of a postretirement benefit plan.
• Net loss attributable to FCA for 2020 was $84.4 million, or $6.29 per share, compared to net loss attributable to FCA of $75.2 million, or $5.95 per share, in 2019.
• Inventories increased to $38.8 million from $25.1 million as of December 31, 2019, due to higher required inventory levels to support the transition from the Cherokee, Alabama facility to the new manufacturing operation in Castaños, Mexico.
• Total cash, cash equivalents, restricted cash equivalents, marketable securities and restricted certificates of deposit (“total cash”) was $54.2 million as of December 31, 2020, compared to $70.0 million as of December 31, 2019. Total cash included $40 million in proceeds from the new secured term loan that was completed in November 2020.

Fourth Quarter 2020 Conference Call & Webcast Information

The Company will host a conference call and live webcast on Wednesday, March 24, 2021 at 11:00 a.m. (Eastern Daylight Time) to discuss its fourth quarter and year end 2020 financial results. Investors, analysts, and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call, available on the Company’s website at:

                 Event URL: http://public.viavid.com/index.php?id=143797

Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties may also participate in the call by dialing (877) 407-0789 or (201) 689-8562 and entering the passcode 13717108. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.

An audio replay of the conference call will be available beginning at 2:00 p.m. (Eastern Daylight Time) on Wednesday, March 24, 2021 until 12:00 a.m. (Eastern Daylight Time) on Wednesday, April 7, 2021. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay pass code is 13717108. An audio replay of the call will be available on the Company’s website within two days following the earnings call.

About FreightCar America

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, coal cars, and also specializes in the conversion of railcars for repurposed use. It is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com.

Forward-Looking Statements

This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: risks relating to the potential financial and operational impacts of the COVID-19 pandemic; the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and other competitive factors. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.