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Exhibit 99.1
News Release |
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One Centerpointe Drive Suite 200 Lake Oswego, Oregon 97035 503-684-7000 | www.gbrx.com |
For release: | October 26, 2018, 6:00 a.m. EDT | Contact: | Lorie Tekorius, Investor Relations | |||
Justin Roberts, Investor Relations | ||||||
503-684-7000 |
Greenbrier Reports Fourth Quarter and Fiscal Year Results
~ Orders for 9,300 units valued at over $1.0 billion ~
~ Backlog grows to nearly $3.0 billion; Book-to-bill of 1.6x ~
~ Earnings performance third best in Greenbrier history ~
~ Earnings guidance for Fiscal 2019 of $4.20 $4.40 per share; Increase from
2018 Adjusted EPS ~
Lake Oswego, Oregon, October 26, 2018 The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its fourth fiscal quarter and year ended August 31, 2018.
Fourth Quarter Highlights
| Net earnings attributable to Greenbrier for the quarter were $30.9 million, or $0.94 per diluted share, on revenue of $689.2 million. |
| Adjusted EBITDA for the quarter was $75.3 million, or 10.9% of revenue. |
| New railcar deliveries totaled 6,000 units for the quarter. |
| Diversified orders of 9,300 railcars were received during the quarter, valued at over $1.0 billion. Sequential increase in book-to-bill to 1.6x from 1.1x in the third quarter. |
| New railcar backlog was 27,400 units with an estimated value of $2.7 billion. |
| Board declares a quarterly dividend of $0.25 per share, payable on December 5, 2018 to shareholders of record as of November 14, 2018. |
Fiscal Year 2018 Highlights
| Net earnings attributable to Greenbrier for the year were $151.8 million, or $4.68 per diluted share, on revenue of $2.5 billion. Adjusted net earnings attributable to Greenbrier for the year were $133.9 million, or $4.13 per diluted share. |
($ in millions except per share) |
Net earnings attributable to Greenbrier |
Diluted EPS | ||||||
Unadjusted (GAAP) |
$ | 151.8 | $ | 4.68 | ||||
GBW goodwill impairment |
9.5 | 0.29 | ||||||
Non-recurring tax benefit |
(27.4 | ) | (0.84 | ) | ||||
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Adjusted |
$ | 133.9 | $ | 4.13 | ||||
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| Adjusted EBITDA for the year was $318.2 million, or 12.6% of revenue. |
| New railcar deliveries totaled 20,900 units for the year. |
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The $67.1 million decrease in net earnings for the year ended August 31, 2017 as compared to the year ended August 31, 2016 was primarily attributable to a decrease in margin, net of tax, due to lower railcar deliveries, which was partially offset by lower Net earnings attributable to noncontrolling interest in 2017 as a result of our Mexican railcar manufacturing 50/50 joint venture operating at lower volumes and margins.
Operating profit decreased $5.0 million or 24.9% in 2017 compared to 2016 primarily attributable to a decrease in margin due to a decrease in wheel set and component volumes.
In addition, the overall margin as a percentage of revenue was negatively impacted by a decrease in Wheels, Repair & Parts margin to 7.8% from 8.9%, primarily due to lower wheel set and component volumes.
Leasing & Services operating profit increased $56.6 million or 177.3% in 2018 compared to 2017 primarily attributed to a $40.8 million increase in net gain on disposition of equipment and an $17.4 million increase in margin.
The overall margin as a percentage of revenue was negatively impacted by a decrease in Manufacturing margin to 20.4% from 22.2% primarily due to a change in product mix and a reduction in the volume of railcar deliveries.
Wheels, Repair & Parts operating...Read more
The overall margin as a...Read more
The change in cash used...Read more
Leasing & Services margin as...Read more
Wheels, Repair & Parts margin...Read more
The decrease of $57.2 million...Read more
Manufacturing operating profit decreased $119.8...Read more
Margin as a percentage of...Read more
The gain resulting from the...Read more
Under the percentage of completion...Read more
Leasing & Services operating profit...Read more
This was partially offset by...Read more
Interest and Foreign Exchange Interest...Read more
The decrease in cash provided...Read more
This was partially offset by...Read more
Manufacturing margin as a percentage...Read more
When changes in circumstances, such...Read more
Net Gain on Disposition of...Read more
Manufacturing margin as a percentage...Read more
Net Earnings Attributable to Noncontrolling...Read more
The asset additions and dispositions...Read more
The decrease in cash provided...Read more
We estimate future costs for...Read more
The decrease of $24.1 million...Read more
This was partially offset by...Read more
Leasing & Services margin percentage...Read more
The net gain on disposition...Read more
Corporate includes selling and administrative...Read more
The revolving and operating lines...Read more
The change in foreign exchange...Read more
Among other things, our assumptions...Read more
If retained risk exceeded 10%,...Read more
Margin percentage for 2018 benefited...Read more
The net gain on disposition...Read more
The decrease in Manufacturing cost...Read more
The change in foreign exchange...Read more
The change in cash used...Read more
The decrease was also due...Read more
Revenue is recognized when these...Read more
Interest and foreign exchange increased...Read more
These proceeds included approximately $7.7...Read more
From time to time, we...Read more
The 19.0% decrease in revenue...Read more
Revenue recognition - Revenue is...Read more
The increase was also attributed...Read more
Manufacturing revenue increased $319.4 million...Read more
Wheels, Repair & Parts revenue...Read more
The decrease was also due...Read more
These actions may include open...Read more
We expect existing funds and...Read more
The gain for the year...Read more
The gain for the year...Read more
Manufacturing revenue decreased $371.1 million...Read more
The increase in Manufacturing revenue...Read more
The increase in revenue was...Read more
This was partially offset by...Read more
Goodwill and acquired intangible assets...Read more
The determination of the value...Read more
The change in revenue was...Read more
These estimates are based on...Read more
The 16.1% increase in revenue...Read more
These adjustments could be material...Read more
Proceeds from the sale of...Read more
This was partially offset by...Read more
In 2017 our income tax...Read more
In 2016 our income tax...Read more
Income Tax Income Tax In...Read more
As we account for GBW...Read more
As we account for GBW...Read more
The amounts involved in any...Read more
The Leasing & Services segment...Read more
This was partially offset by...Read more
Goodwill and indefinite-lived intangible assets...Read more
Leasing & Services revenue decreased...Read more
The 17.9% decrease in cost...Read more
MANAGEMENT?S DISCUSSION AND ANALYSIS OF...Read more
The Greenbrier Companies 2018 Annual...Read more
Environmental costs - At times...Read more
Due to the uncertain nature...Read more
At August 31, 2018 cash...Read more
The 20.7% increase in cost...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Greenbrier Companies Inc provided additional information to their SEC Filing as exhibits
Ticker: GBX
CIK: 923120
Form Type: 10-K Annual Report
Accession Number: 0001193125-18-309099
Submitted to the SEC: Fri Oct 26 2018 12:13:19 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Friday, August 31, 2018
Industry: Railroad Equipment