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|One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000||www.gbrx.com|
|For release: January 8, 2020 6:00 a.m. EST||Contact:||Lorie Tekorius, Investor Relations|
|Justin Roberts, Investor Relations|
Greenbrier Reports First Quarter Results
~ Announces orders of 4,500 railcars valued at $450 million ~
~ Strong post-quarter orders for 4,400 units were driven by international sources ~
~ Board increases dividend 8% ~
~ Affirms $15 million synergy target ~
Lake Oswego, Oregon, January 8, 2020 The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its first fiscal quarter ended November 30, 2019.
First Quarter Highlights
Net earnings attributable to Greenbrier for the quarter were $7.7 million, or $0.23 per diluted share, on revenue of $769.4 million. Quarterly results include $2.2 million, net of tax, ($0.07 per share) of integration and acquisition-related expenses from the American Railcar Industries (ARI) acquisition.
Adjusted net earnings attributable to Greenbrier for the quarter were $9.9 million, or $0.30 per diluted share, excluding $0.07 of ARI integration and acquisition-related expenses.
Adjusted EBITDA for the quarter was $74.2 million, or 9.6% of revenue.
Pre-tax ARI synergies of $2.8 million were achieved in the quarter. Annual synergy target of $15.0 million is affirmed.
Orders for 4,500 diversified railcars were received during the quarter, valued at $450 million.
Orders subsequent to Q1 exceed 4,400 units driven by international sources, including a significant multi-year order in Brazil for new railcars. Additionally, an agreement to rebuild nearly 850 Brazilian railcars was finalized.
New railcar backlog as of November 30, 2019 was 28,500 units with an estimated value of $3.1 billion. Subsequent to the quarter, Greenbrier agreed in principle to remove 575 units in backlog in exchange for financial consideration.
New railcar deliveries totaled 6,200 units for the quarter.
Board increases quarterly dividend 8.0% to $0.27 per share, payable on February 18, 2020 to shareholders as of January 28, 2020.
William A. Furman, Chairman and CEO, said, Greenbriers strategy of strengthening its core North American market, international diversification, talent development and growing the business at scale is working. Employees performed well as we continued the integration of our largest-ever
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The following information was filed by Greenbrier Companies Inc (GBX) on Wednesday, January 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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