UPDATE 3-FreightCar America profit sinks; gets no orders in Q3

* Q3 EPS $0.09 vs est $0.22

* Q3 revenue falls 77 pct

* To cut more jobs, salaries

* No orders quarter to date in Q4 as well

* Shares fall as much as 21 pct (Adds details from conference call, updates shares)

BANGALORE, Nov 6 (Reuters) - FreightCar America Inc (RAIL.O) posted lower quarterly results missing market view due to continued weakness in the railcar market, and said it received no new orders during the period, sending its shares down as much as 21 percent.

On a conference call with analysts, the company also said it has not received any orders in the fourth quarter to date, and that it expects the weak railcar market to continue well into 2010.

"We are in the midst of a very unhealthy railcar market. Until we see a meaningful reduction in number of railcars in storage, it is unlikely we will see a recovery in market for new railcars," Chief Executive Chris Ragot said on the call, adding the company expects 2010 orders to be below the 2009 levels.

FreightCar America specializes in making coal-carrying railcars serving customers such as Burlington Northern Santa Fe (BNI.N), GE (GE.N) Rail Services, Union Pacific (UNP.N) and now-bankrupt CIT Group CITGQ.PK that has an equipment financing arm.

The company, which also provides railcar leasing services, said it will be more selective in pursuing leasing opportunities in order to maintain a strong balance sheet.

The railcar maker said it will cut more jobs and salaries to further reduce costs, and that it was looking to expand into other markets for revenue growth.

FreightCar is focusing on international opportunities, after-market parts and services and buying distressed assets, the company said.

Earlier this week, peer American Railcar (ARII.O) said it shipped 71 percent fewer railcars in the third quarter and that the weak railcar market will continue to force it to adjust production and workforce levels.

For the latest third quarter, FreightCar America's net income fell 89 percent to $1.1 million, or 9 cents a share.

Revenue fell 77 percent to $55.1 million. [ID:nWNAB2090]

Railcar deliveries during the quarter totaled 695 units, compared with 1,207 units a year ago. They were also down 42 percent sequentially.

Shares of the company were down $3.95 at $21.65 Friday on Nasdaq. They touched a low of $20.34 earlier. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Gopakumar Warrier and Pradeep Kurup)