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|One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000||www.gbrx.com|
|For release: October 23, 2020 6:00 a.m. EDT||Contact:||Lorie Tekorius, Investor Relations|
|Justin Roberts, Investor Relations|
Greenbrier Reports Fourth Quarter and 2020 Fiscal Year Results
~ Operating cash flow of $183 million in the quarter and $272 million in the full year ~
~ Orders for 2,800 railcars valued at approximately $250 million in the quarter ~
~ Backlog of ~$2.4 billion; resized production footprint aligns with market ~
Lake Oswego, Oregon, October 23, 2020 The Greenbrier Companies, Inc. (NYSE: GBX) (Greenbrier), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its fourth fiscal quarter and year ended August 31, 2020.
Fourth Quarter Highlights
Liquidity of $919.6 million, including $833.7 million in cash and $85.9 million of available borrowing capacity. Combined with nearly $200 million of additional initiatives in progress, exceeded the $1 billion liquidity and cost savings target.
Generated operating cash flow of $183.2 million in the quarter primarily driven by decreases in working capital and from syndication activity.
Diversified new railcar backlog as of August 31, 2020 was 24,600 units with an estimated value of $2.4 billion, including orders for 2,800 railcars valued at approximately $250.0 million received during the quarter. Deliveries in the quarter were 5,100 units.
Net loss attributable to Greenbrier for the quarter was $0.1 million, or $0.00 per diluted share, on revenue of $636.4 million. Net loss includes $1.9 million, net of tax, ($0.06 per share) of integration related expenses from the American Railcar Industries (ARI) acquisition and $3.6 million, net of tax and noncontrolling interest, ($0.10 per share) of severance expenses.
Adjusted net earnings attributable to Greenbrier for the quarter were $5.5 million, or $0.16 per diluted share, excluding $5.5 million, net of tax, ($0.16 per share) of integration and severance expenses.
Adjusted EBITDA for the quarter was $55.7 million, or 8.7% of revenue.
Board declares a quarterly dividend of $0.27 per share, payable on December 2, 2020 to shareholders as of November 11, 2020 representing Greenbriers 26th consecutive dividend.
Fiscal Year 2020 Highlights
Net earnings attributable to Greenbrier for the year were $49.0 million, or $1.46 per diluted share, on revenue of $2.8 billion. Net earnings include $8.4 million, net of tax, ($0.26 per share) of integration related expenses from the ARI acquisition and $12.9 million, net of tax, ($0.38 per share) of severance expenses.
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The following information was filed by Greenbrier Companies Inc (GBX) on Friday, October 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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