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FreightCar America, Inc. (RAIL) is a North American manufacturer specializing in railcars and railcar components. The company designs and produces a wide range of railcars for transporting bulk commodities and containerized freight, while also offering aftermarket services and leasing options. With a history dating back to 1901, RAIL has established itself as a key player in the railcar manufacturing industry, serving financial institutions, railroads, and shippers.
- Manufacturing - Designs and manufactures railcars for transporting steel products, minerals, cement, motor vehicles, forest products, agricultural commodities, and coal. Includes railcar repairs, rebody services, conversions for repurposed use, and major rebuilds.
- Parts - Supplies forged, cast, and fabricated railcar parts for all railcar types, including those manufactured by other companies. Offers aftermarket services such as safety training, railcar inspections, and preventative maintenance.
- Leasing - Provides freight car leasing services, offering customers additional flexibility in their operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James R. Meyer (Board Member as of March 2025) ExecutiveBoard | Executive Chairman of the Board | Chairman of the Board at Commercial Specialty Truck Holdings, LLC | James R. Meyer has served as Executive Chairman of the Board at FreightCar America since May 1, 2024. He previously served as President and CEO from July 31, 2017 until May 1, 2024. | |
Nicholas J. Randall (Executive Team as of April 2025; Board Member as of March 2025) ExecutiveBoard | President and Chief Executive Officer (CEO) | Nicholas J. Randall has served as the CEO of FreightCar America, Inc. since May 1, 2024. He previously served as the COO from June 26, 2023 until his promotion and was appointed as a Board Member on the same day. | View Report → | |
Celia R. Perez (Executive Team as of April 2025) Executive | Vice President, General Counsel, and Corporate Secretary | Celia R. Perez serves as Vice President, General Counsel, and Corporate Secretary at FreightCar America, Inc. since August 2022 and also served as interim Vice President of Human Resources from March 2023 until January 2024. | ||
Juan Carlos Fuentes Sierra (Executive Team as of April 2025) Executive | Corporate Controller and Chief Accounting Officer | Juan Carlos Fuentes Sierra has served as the Corporate Controller and Chief Accounting Officer at FreightCar America (RAIL) since April 2022. He previously joined the company as Operations Controller in February 2022 and has extensive experience in internal audit, SOX compliance, and controllership. | ||
Michael A. Riordan (Executive Team as of April 2025) Executive | Vice President, Chief Financial Officer, and Treasurer | Michael A. Riordan is currently the Vice President, Chief Financial Officer, and Treasurer at FreightCar America, Inc. (RAIL) since March 2022. He previously joined the company as Chief Accounting Officer and Controller in November 2020. | ||
W. Matthew Tonn (Executive Team as of April 2025) Executive | Chief Commercial Officer | W. Matthew Tonn has been serving as the Chief Commercial Officer at RAIL since September 30, 2019. He brings over 30 years of commercial and operational experience in the railroad industry and has previously held various sales and marketing roles. | ||
Elizabeth K. Arnold (Board Member as of March 2025) Board | Board Member and Chairperson of the Audit Committee | Board Member of Innospec Inc. | Elizabeth K. Arnold has been a board member at FreightCar America, Inc. since August 2019, serving as Chairperson of the Audit Committee and a member of the Nominating and Corporate Governance and Compensation Committees. | |
Jesús Salvador Gil Benavides (Board Member as of March 2025) Board | Director | Jesús Salvador Gil Benavides has served as a Director at FreightCar America, Inc. since October 2020. He previously held the role of Vice President of Operations from October 26, 2020 to January 2024, contributing extensive industry expertise. | ||
José De Nigris Felán (Board Member as of March 2025) Board | Director | Executive Vice President of Katcon Global USA, Inc; Board Member of Katcon Global; Director of Katcon Global, SA; Director of Katcon Korea; Managing Director of Wendt Automotive GMBH (Germany) | José De Nigris Felán has served as a director since June 2022 and is a member of the Nominating and Corporate Governance Committee. He brings extensive industrial manufacturing experience with active roles as Executive Vice President at Katcon Global USA, Inc, board member since 2000, Director at Katcon Global, SA since 2009, Director at Katcon Korea since 2016, and Managing Director at Wendt Automotive GMBH (Germany) since 2018. | |
Malcolm F. Moore (Board Member as of March 2025) Board | Director | Board Member at AG Growth International Inc. | Malcolm F. Moore has been a Director at FreightCar America since March 2015 and serves as the chair of the Nominating and Corporate Governance Committee as well as a member of the Compensation and Audit Committees. He is set to become the Lead Independent Director effective May 14, 2025. | |
Rodger L. Boehm (Board Member as of March 2025) Board | Director | Board Member at Ruggable; Board Member at Hyliion | Rodger L. Boehm has served as a director of FreightCar America, Inc. since May 2022 and is the chairman of the Compensation Committee since October 13, 2022, as well as a member of the Audit Committee. | |
Travis D. Kelly (Board Member as of March 2025) Board | Class I Director | President and CEO of Isola Group LLC | Travis D. Kelly has served as a Class I Director at FreightCar America, Inc. (RAIL) since June 20, 2022. He is also the President and CEO of Isola Group LLC since December 2018 and previously served as Global COO of Cerberus Capital Management from 2007 to 2018. |
- Considering the significant variance in average selling prices leading to only 1% revenue growth despite expected delivery growth, how do you plan to manage product mix changes to ensure revenue growth aligns more closely with delivery and EBITDA improvements?
- With the noted timing shifts in deliveries due to normal transit times and production adjustments, can you explain in more detail how these shifts might impact quarterly revenue recognition and overall cash flow generation in 2025?
- As tariffs and commodity price uncertainties remain a concern, what specific contingency measures are in place to mitigate their potential negative impacts on your order pipeline and operational efficiency?
- Given your strategic emphasis on a lower-cost capital structure and potential future investments, how do you evaluate the return opportunities from your Parts Group and the prebuilt fifth production line under varying market conditions?
- Regarding your planned ramp-up in the tank car retrofit program, can you clarify how the investments in early CapEx for recertification work will drive order conversions and what milestones you will use to assess market demand in this segment?
Recent press releases and 8-K filings for RAIL.
- Order Performance: The company secured 1,250 railcar orders valued at approximately $141 million, boosting its backlog to 3,337 railcars worth about $318 million, highlighting strong market share gains.
- Margin and Profitability: Despite lower revenue due to capacity allocation for large custom fabrications, FreightCar America achieved a 14.9% gross margin and $7.3 million in adjusted EBITDA, underscoring improved operational efficiency.
- Capacity and Growth Outlook: Management emphasized production flexibility with plans to commission a fifth manufacturing line in under 90 days for less than $1 million if sustained demand materializes, with future initiatives including a tank car retrofit program to further expand the product portfolio.
- FreightCar America reported Q1 2025 revenue of $96.3 million, marking a 40.2% decline from Q1 2024, with 710 railcar deliveries compared to 1,223 units in the prior period.
- The company achieved a gross profit of $14.4 million with a 14.9% margin, an improvement from a 7.1% margin and $11.4 million gross profit in Q1 2024.
- Q1 performance included a net income of $50.4 million, reflecting a significant non-cash warrant liability adjustment, while operating cash flow reached $12.8 million.
- The firm reaffirmed its full-year guidance, projecting 4,500–4,900 railcar deliveries, $530–$595 million in revenue, and Adjusted EBITDA of $43–$49 million for FY 2025.
- FY 2024 performance was strong with a 56% revenue growth to $559.4 million and adjusted EBITDA rising 114% to $43 million, reflecting robust operational execution.
- Q4 2024 results showed revenues of $137.7 million, supported by improved gross profit margins despite minor delivery timing shifts.
- The company strengthened its balance sheet by redeeming outstanding preferred shares and securing a $35 million ABL credit facility for enhanced financial flexibility.
- For FY 2025, guidance targets deliveries between 4,500 and 4,900 railcars with adjusted EBITDA expected between $43 million and $49 million, amid ongoing tariff uncertainties.
- Q4 2024 Highlights: The company posted $137.7 million in revenue, a gross profit of $21.0 million, and net income of $34.6 million (adjusted EPS of $0.21), reflecting improved operational performance.
- Full Year Performance & 2025 Guidance: Full year 2024 results included $559.4 million in revenue and $43 million in adjusted EBITDA with positive free cash flow; the outlook for 2025 projects sequential growth with 4,500–4,900 railcar deliveries, $530–$595 million in revenue, and $43–$49 million in adjusted EBITDA.
- Secured a new $35M revolving asset-based lending credit facility with Bank of America to optimize working capital and improve financial flexibility.
- The facility is structured with a maturity of 4 years and 9 months and offers a lower interest rate (SOFR + 175), reducing borrowing costs by approximately 35% compared to its previous facility.