Thursday, April 30, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Lowering 1Q’ 2026 expectations. We think the first quarter of 2026 will reflect the fewest deliveries during the year, along with the least favorable product mix. We expect 2026 deliveries, revenue, and earnings to be weighted toward the second half of the year, driven by higher volumes, a stronger product mix, and increased contributions from new builds and retrofit programs. FreightCar will release first-quarter financial results after the market close on May 4 and will host a teleconference on May 5 at 11:00 am ET.
Updating estimates. We revised our 1Q’ FY 2026 estimates to reflect lower revenue and margin in the manufacturing segment. We forecast first quarter revenue, EBITDA, and EPS of $78.0 million, $5.8 million, and $0.02, respectively, compared to our prior estimates of $86.0 million, $7.0 million, and $0.04. We have assumed growth in the Aftermarket segment revenue throughout the year. We have reduced our FY 2026 revenue, EBITDA, and EPS estimates to $517.0 million, $43.2 million, and $0.52, respectively, from $525.0 million, $44.5 million, and $0.54.
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