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|One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 9703 5503-684-7000||www.gbrx.com|
|For release:||July 10, 2020 6:00 a.m. EDT||Contact:|| |
Lorie Tekorius, Investor Relations
Justin Roberts, Investor Relations
Greenbrier Reports Fiscal Third Quarter 2020 Results
~ Operating cash flow exceeding $220 million ~
~ $1 billion liquidity target achieved ~
~ $2.7 billion backlog provides forward visibility ~
Lake Oswego, Oregon, July 10, 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 third fiscal quarter ended May 31, 2020.
Third Quarter Highlights
Achieved $1 billion liquidity target through combination of cash, borrowing capacity, and spending reductions. Liquidity consists of $735.3 million in cash and available borrowing capacity of $136.8 million; lower capital expenditures of $50.0 million, reduced annualized selling and administrative expense of $30.0 million and reduced annualized overhead expense of $65.0 million.
Generated operating cash flow in excess of $220.0 million in the quarter from decreases in working capital and robust syndication activity. This offset a working capital increase in the first six months of the year, resulting in nine months year-to-date operating cash flow of $89.0 million.
Diversified new railcar backlog as of May 31, 2020 was 26,700 units with an estimated value of $2.7 billion, including orders for 800 railcars valued at approximately $65.0 million received during the quarter.
Net earnings attributable to Greenbrier for the quarter were $27.8 million, or $0.83 per diluted share, on revenue of $762.6 million. Net earnings include a $2.5 million, net of tax, ($0.08 per share) of integration related expenses from the American Railcar Industries (ARI) acquisition and $4.8 million, net of tax, ($0.14 per share) of severance expenses.
Adjusted net earnings attributable to Greenbrier for the quarter were $35.1 million, or $1.05 per diluted share, excluding $7.3 million, net of tax, ($0.22 per share) of integration and severance expenses.
Effective tax rate of 41.2% in the quarter reflects unfavorable discrete items impacted by exchange rate volatility.
Adjusted EBITDA for the quarter was $99.9 million, or 13.1% of revenue.
Board declares a quarterly dividend of $0.27 per share, payable on August 19, 2020 to shareholders as of July 29, 2020.
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The following information was filed by Greenbrier Companies Inc (GBX) on Friday, July 10, 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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