On this page of StockholderLetter.com we present the latest annual shareholder letter from FreightCar America, Inc. — ticker symbol RAIL. Reading current and past RAIL letters to shareholders can bring important insights into the investment thesis.
Dear Shareholders, FreightCar America achieved many significant milestones in 2023 as part of our multiyear transformation. We ended the year with nearly $360 million in revenues and gross profit of nearly $42 million, up 62% on significant year-over-year margin expansion. Despite a challenging operating environment, our team s commitment to operational excellence has yielded industryleading gross margins and strong profitability on partial capacity. After approximately four years of construction, we completed on time, and fully brought online our state-of-the-art, vertically integrated manufacturing campus in Casta os, Mexico. With the completion of the fourth production line bringing us to full capacity, we now have the ability to seamlessly manufacture annual volume of 5,000+ railcars or approximately 10% to 15% of the annual demand for North America. FreightCar America also recently announced leadership changes and adjustments to our Board of Directors. In May, I will assume the role of Executive Chairman. Nick Randall, our current Chief Operating Officer, will assume the role of President and CEO and join our Board of Directors at the same time. Bill Gehl, our current Chairman, will remain on the Board of Directors and serve as Lead Independent Director. Looking ahead, our priorities for the upcoming year remain unchanged. The team will continue to focus on executing our operational and commercial strategies and demonstrate the power of scale and leverage that we believe exists in the business. We also remain committed to improving our capital structure in driving incremental cash generation. 2023 marked a year of considerable achievement, which is a testament to our team s unwavering commitment to excellence. I have great expectations for FreightCar America, and, given what has been achieved under difficult circumstances, I am extremely confident in the team, the direction of the company, and our ability to continue executing on our strategy in 2024. Sincerely, James R. Meyer President and Chief Executive Officer April 2024
 • shareholder letter icon 4/4/2024 Letter Continued (Full PDF)
 • Benford's Law Stocks icon RAIL Benford's Law Stock Score = 19


RAIL Shareholder/Stockholder Letter Transcript:

Dear Shareholders,
FreightCar America achieved many significant milestones in 2023 as part of our multiyear
transformation. We ended the year with nearly $360 million in revenues and gross profit of nearly
$42 million, up 62% on significant year-over-year margin expansion. Despite a challenging
operating environment, our team   s commitment to operational excellence has yielded industryleading gross margins and strong profitability on partial capacity.
After approximately four years of construction, we completed on time, and fully brought online
our state-of-the-art, vertically integrated manufacturing campus in Casta  os, Mexico. With the
completion of the fourth production line bringing us to full capacity, we now have the ability to
seamlessly manufacture annual volume of 5,000+ railcars or approximately 10% to 15% of the
annual demand for North America.
FreightCar America also recently announced leadership changes and adjustments to our Board of
Directors. In May, I will assume the role of Executive Chairman. Nick Randall, our current Chief
Operating Officer, will assume the role of President and CEO and join our Board of Directors at
the same time. Bill Gehl, our current Chairman, will remain on the Board of Directors and serve
as Lead Independent Director.
Looking ahead, our priorities for the upcoming year remain unchanged. The team will continue to
focus on executing our operational and commercial strategies and demonstrate the power of scale
and leverage that we believe exists in the business. We also remain committed to improving our
capital structure in driving incremental cash generation.
2023 marked a year of considerable achievement, which is a testament to our team   s unwavering
commitment to excellence. I have great expectations for FreightCar America, and, given what has
been achieved under difficult circumstances, I am extremely confident in the team, the direction
of the company, and our ability to continue executing on our strategy in 2024.
Sincerely,
James R. Meyer
President and Chief Executive Officer
April 2024


shareholder letter icon 4/4/2024 Letter Continued (Full PDF)
 

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