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News Breaks
February 20, 2013
15:05 EDTRAILRail car makers lower after FreightCar America misses Q4 expectations
Rail road equipment stocks are lower after FreightCar America (RAIL) reported Q4 results that widely missed on the top and bottom lines. The company reported a loss of 8c per share compared to consensus analysts expectations of 26c and revenue of $116M in Q4 against estimates of $136M. The company noted that Q4 results were impacted by a decrease in coal car demand and product line change-over costs at both of its manufacturing plants. In late afternoon trading, FreightCar America is down $2.33, or 9.5%, to $22.20. Other companies in the peer group are also down in late afternoon trading. Trinity (TRN) is down $1.81, or 4.23%, to $41, The Greenbrier Companies, (GBX) is down $1.15, or 5.08%, to $21.50, and American Railcar Industries (ARII) is down $1.30, or 3.11%, to 40.52.
News For RAIL From The Last 14 Days
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August 21, 2015
10:09 EDTRAILUSW reaches settlement with FreightCar America
The USW has reached a settlement of retiree insurance litigation with FreightCar America Inc. over the company's unlawful termination of retiree medical and life insurance benefits. The company had promised to provide lifetime benefits to its retirees. On the eve of trial scheduled for next week in Johnstown, Pa., the company agreed to contribute more than $31M to a fund to provide ongoing contributions toward insurance benefits. FreightCar had previously been forced to settle NLRB charges and federal court litigation in 2005 in connection with its bad faith bargaining and a prior elimination of retiree insurance and pension benefits. FreightCar operated a former Bethlehem rail car manufacturing plant in Johnstown until 2008. The settlement will affect some 650 retirees. They will receive a formal notice describing the terms of the settlement and an opportunity to express their views. The settlement is subject to court approval.
August 20, 2015
17:37 EDTRAILFreightCar America reaches preliminary settlement in retiree benefits litigation
FreightCar America has reached a preliminary settlement agreement with the United Steel Workers International Union and other plaintiffs in connection with the pending litigation relating to certain disputed retiree medical coverage and life insurance benefits. Under the terms of the preliminary settlement agreement, FreightCar America will make a one-time cash payment of $32.75M in exchange for full and final resolution of the matter. The preliminary settlement is subject to the execution of definitive documentation and court approval. Approval of the settlement terms is anticipated to be granted by the court by early 2016. Upon payment of the settlement amount, the company expects to realize an after-tax gain of approximately $11M, based on associated recorded liabilities of approximately $67M at June 30, 2015. The current pre-tax expense associated with these postretirement benefits is approximately $3.3M annually, which will be eliminated upon payment of the settlement amount.

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