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Here is why FreightCar America, Inc. (RAIL) stock is extending gains today

FreightCar America, Inc. (RAIL) stock jumped 29.21% on Monday and is further extending gains in pre-market trading today as the company is going to announce its financial results on March 24, 2020.

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The RAIL is going to release earnings for the fourth quarter and full-year 2020 on Wednesday, March 24, 2021, before the market opens and will be available on the Investor Relations page of the Company’s website. Investors are betting on good financial figures and hence the price went up on Monday.

Appointment of new Chief Financial officer

Terence R. (Terry) Rogers was appointed as Vice President, Chief Financial Officer & Treasurer effective February 15, 2021. Mr. Rogers was serving as Interim Chief Financial Officer since January 2021. He holds 40 years of experience in finance, accounting, and operations and has worked at different corporate levels in many reputable transportation companies. His academic qualifications include a Master’s Degree in Business Administration from the University of Michigan and a Bachelor’s Degree in Accounting from Illinois State University.

Previous Financial results of the RAIL

On Nov. 09, 2020, FreightCar America, Inc. reported financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 financial highlights

  • RAIL consolidated revenues were $25.2 million in the third quarter of 2020, compared with $40.7 million in the third quarter of 2019.
  • The company suffered a consolidated operating loss of $41.3 million in the 3Q of 2020, compared to an operating loss of $36.3 million for the third quarter of 2019.
  • At the end of the third quarter, FreightCar America had $32.9 million of total cash, cash equivalents, restricted cash equivalents, marketable securities, and restricted certificates of deposit.

About the company:

FreightCar America, Inc is one of the oldest companies, manufacturing railroad freight cars and also supplies railcar parts and leases freight. The company was founded in 1901, its headquarter is in Chicago, Illinois, United States, and has facilities in Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China.  The company is producing 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, etc.

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