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|News Release|| |
|One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000||www.gbrx.com|
July 2, 2019, 6:00 a.m. EDT
|Contact:||Lorie Tekorius, Investor Relations|
|Justin Roberts, Investor Relations|
Greenbrier Reports Third Quarter Results
~ Announces orders of 6,500 railcars valued at $730 million ~
~ Record quarterly revenue exceeding $850 million ~
~ Core North American operations continue to build momentum ~
~ Pending ARI acquisition brings product & geographic diversification and greater scale ~
Lake Oswego, Oregon, July 2, 2019 The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its third fiscal quarter ended May 31, 2019.
Third Quarter Highlights
Net earnings attributable to Greenbrier for the quarter were $15.2 million, or $0.46 per diluted share, on revenue of $856.2 million. Quarterly results include a $10.0 million ($0.30 per share) non-cash goodwill impairment charge in the railcar repair operation and $4.3 million, net of tax, ($0.13 per share) of American Railcar Industries (ARI) acquisition costs.
Adjusted net earnings attributable to Greenbrier were $29.6 million ($0.89 per diluted share) excluding the goodwill impairment and ARI acquisition costs.
Adjusted EBITDA for the quarter was $84.4 million, or 9.9% of revenue.
Orders for 6,500 diversified railcars were received during the quarter, valued at $730 million. Book-to-bill ratio was 1.0x.
New railcar backlog as of May 31, 2019 was 26,100 units with an estimated value of $2.74 billion.
New railcar deliveries totaled 6,500 units for the quarter.
Board declares quarterly dividend of $0.25 per share, payable on August 8, 2019 to shareholders as of July 18, 2019.
Acquisition of the manufacturing assets of ARI remains subject to regulatory review and approval.
William A. Furman, Chairman and CEO, said, Greenbrier gained the momentum we expected during the quarter, led by improved operating efficiencies in our core North American manufacturing business. Greenbriers current and expected performance is consistent with our prior comments that revenue and margin would be back-half weighted this fiscal year. These gains were muted in our overall financial results due to continued weakness in Greenbriers railcar repair business and certain international operations, along with costs associated with the ARI acquisition.
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The following information was filed by Greenbrier Companies Inc (GBX) on Tuesday, July 2, 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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