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|For release: November 1, 2012, 6:00 a.m. EDT||Contact:||Mark Rittenbaum|
Greenbrier Reports Fiscal Fourth Quarter Financial Results
~ Posts EPS of $0.26; Backlog of 10,700 units valued at $1.20 billion ~
~ Record fiscal year revenue and earnings ~
Lake Oswego, Oregon, November 1, 2012 The Greenbrier Companies (NYSE: GBX) today reported results for its fiscal fourth quarter and fiscal year ended August 31, 2012.
Fourth Quarter and Fiscal Year Highlights
Full year revenue reached $1.81 billion, a 45% increase over last year and a new record for the company.
Record net earnings attributable to Greenbrier (net earnings) for the year of $58.7 million was a nine-fold increase over prior year.
Net earnings for the fourth quarter were $7.4 million, or $.26 per diluted share, on revenue of $443.5 million.
New railcar deliveries for 2012 were a record 15,000 units, compared to 9,400 units in 2011, and 2,500 units in 2010.
During the fourth quarter, the Company received orders for 2,900 new railcars.
New railcar manufacturing backlog as of August 31, 2012 was 10,700 units with an estimated value of $1.20 billion (an average unit sale price of $112,000), compared to 11,500 units with an estimated value of $1.14 billion (an average unit sale price of $99,000) as of May 31, 2012. Based on current production plans, approximately 7,300 units in August 31, 2012 backlog are scheduled for delivery in fiscal 2013. The balance are scheduled for delivery in fiscal 2014.
Marine backlog totaled $25 million as of August 31, 2012; additionally we were awarded a letter of intent for 15 barges valued at $60 million subject to significant permitting and other conditions.
Operating cash flow was positive $116.1 million for 2012, compared to negative $34.3 million in 2011.
William A. Furman, president and chief executive officer, said, In fiscal 2012, our manufacturing operations responded well to strong demand for new railcars and our leasing operation significantly enhanced its syndication and management services model, leading to record revenue and earnings for the full year. While we realized positive momentum during the year in both of these operations, our fourth quarter earnings were well below our expectations. This was principally due to lower than anticipated new railcar deliveries, a high tax rate for the quarter, and certain employee related costs.
The following information was filed by Greenbrier Companies Inc (GBX) on Thursday, November 1, 2012 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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