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|News Release|| |
|One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000||www.gbrx.com|
April 5, 2019, 6:00 a.m. EDT
|Contact:||Lorie Tekorius, Investor Relations|
|Justin Roberts, Investor Relations|
Greenbrier Reports Second Quarter Results
~ Announces orders of 3,800 railcars valued at nearly $450 million ~
~ New railcar backlog of 26,000 units valued at $2.7 billion ~
~ Updates FY19 Guidance ~
Lake Oswego, Oregon, April 5, 2019 The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its second fiscal quarter ended February 28, 2019.
Second Quarter Highlights
Net earnings attributable to Greenbrier for the quarter were $2.8 million, or $0.08 per diluted share, on revenue of $658.7 million. Quarterly results included $4.7 million, or $0.14 per diluted share, related to loss accruals on certain railcar contracts and facility closure costs in the railcar repair operations.
Adjusted EBITDA for the quarter was $37.4 million, or 5.7% of revenue, and included $7.6 million related to railcar contract loss accruals and facility closure costs.
Orders for 3,800 diversified railcars were received during the quarter, valued at nearly $450 million.
New railcar backlog as of February 28, 2019 was 26,000 units with an estimated value of $2.7 billion.
New railcar deliveries totaled 5,100 units for the quarter.
Board declares quarterly dividend of $0.25 per share, payable on May 15, 2019 to shareholders as of April 24, 2019.
William A. Furman, Chairman and CEO, said, Order activity, railcar deliveries and revenue generation highlighted Greenbriers fiscal second quarter. However, our earnings performance was underwhelming, reflecting what we believe will be a single disappointing quarter. Greenbriers fiscal second quarter was expected to be the least profitable of fiscal 2019. Planned production line changeovers temporarily reduced manufacturing efficiency in the quarter. These expected operating disruptions were compounded by the railcar contract loss accruals in Europe and Gunderson and the facility closure costs in our railcar repair network that we communicated on March 22. Greenbrier is actively addressing these performance issues. We expect to quickly resolve them.
Furman concluded, Over the balance of fiscal 2019, Greenbriers financial performance and profitability will significantly improve compared to the first half of fiscal 2019. As a result, revenue and delivery estimates for fiscal 2019 are unchanged and we have updated EPS guidance today to reflect the impact of the unique operating challenges in the fiscal second quarter. Greenbriers backlog of 26,000 units valued at $2.7 billion will produce sustained railcar deliveries through fiscal 2019 and provides good visibility into fiscal 2020. Our strong balance sheet, manufacturing flexibility and product innovation position us to successfully address a dynamic market environment and continue to grow at scale. We remain confident in Greenbriers long-term growth strategy and integrated business model.
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The following information was filed by Greenbrier Companies Inc (GBX) on Friday, April 5, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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