Greenbrier Companies Inc (NYSE:GBX) reported quarterly earnings before Friday’s opening bell.
The company, based in Lake Oswego, Oregon, revealed net earnings attributable to Greenbrier for the quarter were $2.8 million, or $0.08 per diluted share, on revenue of $658.7 million. Quarterly results included $4.7 million, or $0.14 per diluted share, related to loss accruals on certain railcar contracts and facility closure costs in the railcar repair operations.
Adjusted EBITDA for the quarter was $37.4 million, or 5.7% of revenue, and included $7.6 million related to railcar contract loss accruals and facility closure costs.
Orders for 3,800 diversified railcars were received during the quarter, valued at nearly $450 million.
New railcar backlog as of February 28, 2019 was 26,000 units with an estimated value of $2.7 billion. New railcar deliveries totaled 5,100 units for the quarter.
What’s more, the company’s board declared quarterly dividend of $0.25 per share, payable on May 15, to shareholders as of April 24.
According to CEO William Furman, "Over the balance of fiscal 2019, Greenbrier's financial performance and profitability will significantly improve compared to the first half of fiscal 2019. As a result, revenue and delivery estimates for fiscal 2019 are unchanged and we have updated EPS guidance today to reflect the impact of the unique operating challenges in the fiscal second quarter.
"Our strong balance sheet, manufacturing flexibility and product innovation position us to successfully address a dynamic market environment and continue to grow at scale. We remain confident in Greenbrier's long-term growth strategy and integrated business model."
Shares gathered 65 cents, or 2%, to $34.02
