Exhibit 99.1

FreightCar America, Inc. Reports Fourth Quarter and Full Year 2014 Results

Highlights

Chicago, IL, February 17, 2015 — FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the fourth quarter ended December 31, 2014, with revenues of $212.5 million and net income of $4.8 million, or $0.39 per diluted share. For the same quarter in 2013, the Company reported revenues of $79.7 million and a net loss of $12.3 million, or $(1.03) per diluted share. Revenues were $190.3 million with net income of $6.4 million, or $0.53 per diluted share, in the third quarter of 2014.

“Overall railcar market conditions continued to be favorable,” said Joe McNeely, President and Chief Executive Officer. “Our backlog increased to over 14,700 railcars, valued at $1.3 billion, on fourth quarter orders of 3,637 railcars. Due to continued progress on our diversification strategy, our backlog consists of over 11,300 new non-coal cars across a broad range of car types. Looking ahead to 2015, operational execution will be key as we start an additional production line at our Shoals facility and anticipate full year deliveries of 9,000 to 10,000 railcars.”

FOURTH QUARTER RESULTS

The Company delivered 2,360 railcars in the fourth quarter of 2014, which included 1,260 new and 1,100 rebuilt railcars. This compares to 1,101 railcars delivered in the fourth quarter of 2013, which included 190 new, 99 used and 812 rebuilt cars. There were 2,354 railcars delivered in the third quarter of 2014, of which 1,554 were new and 800 were rebuilds. Total manufacturing backlog was 14,791 units at December 31, 2014, compared to 6,826 units at December 31, 2013 and 13,514 units at September 30, 2014.

The Manufacturing segment had revenues of $204.5 million in the fourth quarter of 2014, compared to $72.1 million for the same period of 2013 and $181.5 million in the third quarter of 2014. The Manufacturing segment operating income was $13.6 million in the fourth quarter of 2014. This compared to an operating loss of $8.7 million in the fourth quarter of 2013, which included a non-cash impairment charge of $7.6 million related to the Danville facility and $5.3 million related to Shoals start-up, Danville carrying costs and a charge for projected costs in excess of the selling price for an order delivered in 2014. Manufacturing segment operating income was $16.2 million for the third quarter of 2014.

Revenues for the Services segment were $8.0 million in the fourth quarter of 2014, compared to $7.7 million in the fourth quarter of 2013 and $8.8 million in the third quarter of 2014. The Services segment operating income was $1.2 million in the fourth quarter of 2014, compared to an operating loss of $2.4 million in the fourth quarter of 2013, which included a $1.9 million restructuring and impairment charge related to the closure of the Clinton, Indiana facility. Services segment operating income was $1.6 million for the third quarter of 2014, including a $1.1 million gain on the sale of the previously closed Clinton, Indiana, repair shop.

Corporate costs were $7.4 million during the quarter ended December 31, 2014, which included a non-cash pension settlement expense of $1.0 million that was recorded primarily in cost of sales. This compared to $7.0 million in the same quarter of 2013, which included $1.3 million of severance expenses. Corporate costs in the third quarter of 2014 were $6.5 million.

The effective tax rate was 32.5% for the quarter, reflecting a research and development tax credit of $0.8 million.

FULL YEAR RESULTS

Revenues for the fiscal year ended December 31, 2014 were $598.5 million compared to $290.4 million in 2013. Net income in 2014 was $5.9 million, or $0.49 per diluted share, compared to a net loss of $19.3 million, or $(1.61) per diluted share in 2013.

1

The Manufacturing segment revenues were $562.7 million in 2014 compared to $253.8 million in 2013. Operating income in 2014 for the Manufacturing segment was $32.2 million, compared to an operating loss of $3.4 million in 2013. The 2013 operating loss was primarily driven by $9.5 million related to the start-up of the Shoals facility and the carrying costs associated with our idled Danville facility and the $7.6 million non-cash impairment charge related to the Danville facility. Railcar deliveries totaled 7,102 units (4,012 new and 3,090 rebuilt) for 2014 compared to 3,821 units (992 new, 99 used, 200 leased and 2,530 rebuilt) for 2013.

The Services segment had revenues of $35.8 million in 2014, down slightly from $36.6 million in 2013. Operating income in 2014 for the Services segment was $3.5 million including the $1.1 million gain on the sale of the previously closed Clinton, Indiana repair shop, compared to operating income of $1.2 million in 2013, which included the $1.9 million restructuring and impairment charge related to the closure of the Clinton, Indiana facility.

Corporate costs were $26.2 million for 2014, compared to $21.9 million for 2013. Corporate costs included a non-cash pension settlement expense of $1.0 million in 2014, and the prior year included a benefit from a litigation settlement of $3.9 million, partially offset by $1.3 million of severance charges.

The Company’s effective tax rate was 30.3% for the year ended 2014, compared to 22.3% for the year ended 2013. The income tax provision for 2014 was reduced by a research and development tax credit of $0.8 million. The income tax benefit for 2013 included the recognition of a valuation allowance of $2.3 million against deferred tax assets related to net operating loss carryforwards in certain states and a provision of $2.2 million resulting from changes in effective state tax rates on deferred tax balances.

Cash, cash equivalents, marketable securities and restricted cash of $167.5 million as of December 31, 2014 includes a $43 million customer deposit received in the fourth quarter of 2014. The Company’s $50 million revolving credit facility remains undrawn.

*        *        *         *        *

The Company will host a conference call and live webcast on Wednesday, February 18, 2015 at 11:00 a.m. (Eastern Standard Time) to discuss the Company’s fourth quarter 2014 financial results. To participate in the conference call, please dial (800) 398-9389, Confirmation Number 352882. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call. The live audio-only webcast can be accessed at:

Event URL: https://im.csgsystems.com/cgi-bin/confCast

Conference ID#: 352882

If you need technical assistance, call the toll-free AT&T Conference Casting Support Help Line at 1-888-793-6118. Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. An audio replay of the conference call will be available beginning at 1:00 p.m. (Eastern Standard Time) on February 18, 2015 until 11:59 p.m. (Eastern Standard Time) on March 18, 2015. To access the replay, please dial (800) 475-6701. The replay pass code is 352882. An audio replay of the call will be available on the Company’s website within two days following the earnings call.

*        *        *         *        *

FreightCar America, Inc. manufactures a wide range of railroad freight cars, supplies railcar parts, leases freight cars through its JAIX Leasing Company subsidiary and provides railcar maintenance and repairs through its FreightCar Rail Services, LLC subsidiary. FreightCar America designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. It is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Danville, Illinois; Grand Island, Nebraska; Hastings, Nebraska; Johnstown, Pennsylvania; and Roanoke, Virginia. More information about FreightCar America is available on its website at www.freightcaramerica.com.

This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

# # #

2

FreightCar America, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

3

FreightCar America, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

FreightCar America, Inc.

Condensed Segment Data

(Unaudited)

4

FreightCar America, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

5