Please wait while we load the requested 10-Q report or click the link below:
|One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000||www.gbrx.com|
|For release: April 7, 2020 6:00 a.m. EDT||Contact:|| |
Lorie Tekorius, Investor Relations
Justin Roberts, Investor Relations
Greenbrier Reports Fiscal Second Quarter 2020 Results
~ Announces orders of 8,500 railcars valued at over $815 million ~
~ Strong liquidity position; targeting $1 billion of available liquidity ~
~ $3.2 billion backlog provides forward visibility ~
Lake Oswego, Oregon, April 7, 2020 The Greenbrier Companies, Inc. (NYSE: GBX) (Greenbrier), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its second fiscal quarter ended February 29, 2020.
Second Quarter Highlights
Base liquidity of $620 million consisting of cash of $170 million and $450 million available under committed credit facilities with high quality lenders. Greenbrier is targeting total liquidity of $1 billion.
Greenbriers manufacturing and service sites continue operations as Essential Business under directives issued by the U.S. Department of Homeland Security (DHS) and other government authorities.
Orders for 8,500 diversified railcars were received during the quarter, with over 50% originating from international sources. New railcar backlog increased to 30,800 units with an estimated value of $3.2 billion as of February 29, 2020.
Net earnings attributable to Greenbrier for the quarter were $13.6 million, or $0.41 per diluted share, on revenue of $623.8 million. Net earnings include a mutually beneficial contract modification removing railcars from backlog that would have been produced in the second half of fiscal 2020 in exchange for $9.2 million, after tax. This modification strengthens the quality and amount of Greenbriers backlog and improves cash on hand.
Adjusted net earnings attributable to Greenbrier for the quarter were $15.3 million, or $0.46 per diluted share, excluding $1.7 million, after tax, ($0.05 per share) of integration related expenses from the American Railcar Industries (ARI) acquisition.
Adjusted EBITDA for the quarter was $71.6 million, or 11.5% of revenue.
Board declares a quarterly dividend of $0.27 per share, payable on May 13, 2020 to shareholders as of April 22, 2020.
William A. Furman, Chairman & CEO commented, Greenbrier is focused on two primary goals: protecting the safety and health of employees and preserving the economic well-being of our enterprise in this challenging environment. We are executing on the latter by increasing liquidity and sizing the organization properly in the current business environment.
The following information was filed by Greenbrier Companies Inc (GBX) on Tuesday, April 7, 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.
View differences made from one quarter to another to evaluate Greenbrier Companies Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Greenbrier Companies Inc.