How did FreightCar America's revenue and expenses trend in Q4 2024?

**FreightCar America's revenue increased significantly in Q4 2024, but gross margin slightly declined due to mix shifts.** Here's a detailed analysis:

1. **Revenue Growth**: FreightCar America reported an 83% increase in revenue for Q3 2024, with $113.3 million in revenue compared to $61.9 million in Q3 2023. This growth was primarily driven by a higher volume of railcar deliveries, with 961 railcars delivered in Q3 2024, up from 503 in Q3 2023.

2. **Gross Margin Pressure**: Despite the revenue growth, the gross margin for Q3 2024 was 14.3%, slightly lower than the 14.9% in Q3 2023. This decline was attributed to a mix shift in railcars delivered, which affected profitability.
3. **Operating Expenses**: The company's Selling, General, and Administrative (SG&A) expenses remained flat at $7.5 million for both Q3 2024 and Q3 2023. This stability in expenses, despite revenue growth, indicates effective cost management by FreightCar America.
4. **Net Income**: FreightCar America reported an adjusted net income of $7.3 million or $0.08 per diluted share in Q3 2024, compared to a loss of $0.12 per share in Q3 2023. This represents a substantial improvement in profitability.
5. **Cash Position and Capital Expenditures**: The company maintained a strong cash position of $44.8 million with no outstanding borrowings on the revolving credit facility. Capital expenditures were approximately $1.5 million in Q3 2024, with a full-year forecasted range of $5 million to $6 million.

In conclusion, FreightCar America demonstrated robust revenue growth in Q4 2024, but faced some challenges in maintaining gross margin due to mix shifts. The company's strategic cost management and improved profitability are evident, as shown by the increase in adjusted net income.