Greenbrier first quarter results “exceeded expectations”
The Greenbrier Companies has announced net earnings for the quarter ending November 30, were $18m on revenue of $604.5m. Adjusted EBITDA for the quarter was $57.6m, or 9.5 percent of revenue.
New railcar deliveries totalled 4,500 units for the quarter. Diversified orders for 5,400 railcars were received during the quarter, valued at $560m. New railcar backlog was 27,500 units with an estimated value of $2.7bn.
William A. Furman, Chairman and CEO, said: “Greenbrier’s performance in the first quarter of fiscal 2019 exceeded expectations and demonstrates the ability of our people to execute the Company’s business plan. Order activity was strong in the first quarter and comprised of a broad range of railcar types including double-stack intermodal units, tank cars and heavy-duty flat cars. Importantly, 20 percent of all new railcar orders were received from markets outside North America. We are confident in achieving our guidance for the year with approximately 90 percent of Greenbrier’s fiscal 2019 production plan now booked with firm orders.”
William concluded: “Greenbrier continues to see opportunities internationally, and expects international growth to continue from Europe and Brazil as the year progresses, with activity in the nations of the Gulf Cooperation Council and Eurasia growing over time. A thoughtful approach to capital deployment emphasises growth at scale designed to both reinforce the Company’s position in core North American markets and expand in international railcar markets. Developing a pipeline of talent to strengthen Greenbrier’s workforce is another key strategic objective in fiscal 2019. Greenbrier will continue to invest in its business and people, a strategic approach that serves the Company, our shareholders and our employees well.”
With 90 percent of fiscal 2019 production in backlog, and based on current business trends, Greenbrier affirms that deliveries will be approximately 24,000 – 26,000 units including Greenbrier-Maxion (Brazil) which will account for approximately 2,000 units, and revenue will exceed $3bn
For more information visit www.gbrx.com
14th January 2019
