Thursday, June 28, 2012

Greenbrier reports record quarterly revenue

Written by  Luther S. Miller, Senior Consulting Editor

Greenbrier reported Thursday that revenue for its third fiscal quarter reached a record $507.8 million, up 11% from $458.2 million in the second quarter and up 60% from $317.3 million in the prior year's third quarter.

Net earnings were $19.1 million, or $0.61 per diluted share, compared with $17.7 million, or 57 cents per diluted share, in the second quarter of this year, and a net loss of $3.3 million, or a loss of 14 cents per diluted share, in the same period last year. 

During the third quarter Greenbrier booked orders for 3,100 new railcars. Its railcar manufacturing backlog as of May 31 11,500 units worth an estimated $1.14 billion, compared with 12,500 units valued at $1.10 billion as of Feb. 29.

"The value of our backlog increased for the third consecutive quarter," said William A. Furman, president and CEO. "We continue to see demand across multiple railcar types, and continue to diversify the product mix in our backlog, which now includes seven different railcar types in North America. Small-cubed covered hopper cars used to carry sand for shale drilling activity comprised 18% of our backlog value as of May 31, 2012.

“As a result of increased demand for tank cars, we are increasing tank car production rates, and plan to open a second tank car line in fiscal 2013,” Furman continued. “We also received two barge orders valued at $25 million during the quarter, and believe that marine orders for delivery in 2013 will continue to grow."