The Greenbrier Companies, Inc. (NYSE: GBX) showed a small bit of momentum Friday after the company reported upbeat Q2 earnings.
The company, based in Lake Oswego, Oregon, reported net earnings attributable to Greenbrier for the quarter were $61.6million, or $1.91 per diluted share, on revenue of $629.3 million. Quarterly results included $0.89 per diluted share related to the Tax Cuts and Jobs Act (Tax Act) enacted December 22, 2017.
Adjusted EBITDA for the quarter was $79.1 million, or 12.6% of revenue. Moreover, orders for 3,400 diversified railcars were received during this quarter, valued at over $265 million. There was also a new railcar backlog of 24,100 units as of the end of February with an estimated value of $2.3 billion.
New railcar deliveries totaled 4,900 units for the quarter.
CEO William A. Furman, said, "The North American railcar market is improving but remains competitive. Greenbrier's performance reflects the creativity and flexibility of its people and the strength of our strategy in North America and around the world. Greenbrier's international expansion now meaningfully contributes each quarter with new sources of revenue and diversification of backlog.
"Nearly half of year-to-date order activity was generated in markets outside of North America. We are replicating Greenbrier's core business model as part of the railcar renewal cycles in Brazil and parts of Europe."
The shares gathered 40 cents to $49.70 in Friday’s first hour of trading.
