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News Breaks
May 4, 2014
13:27 EDTRAILFreightCar America reports Q1 EPS (58c), consensus (5c)
Reports Q1 revenue $56.1M, consensus $87.68M .“The severe winter weather experienced across much of the country had a significant negative impact on our business, causing supply disruptions and production inefficiencies. These interruptions, along with production line changeovers, resulted in railcar deliveries 30% lower than we had planned for the first quarter,” said Joe McNeely, CEO. “Despite the first quarter’s disruptions, we still expect to deliver approximately 7,000 cars in 2014. Due to a significant order for new coal cars and customer delivery requirements, we will resume production in our Danville facility this summer. The harsh winter weather also led to higher coal train utilization, which reduced the volume of railcars through our repair shops and sales of repair parts. We expect a rebound in repair and parts demand as the railroads improve their operating performance and coal trains become available for maintenance.”
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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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