The company recorded FY12 net earnings of $58.7 million, "a nine-fold increase over prior year," on revenue of $1.81 billion, up 45% over FY11. New railcar deliveries for 2012 "were a record 15,000 units, compared to 9,400 units in 2011, and 2,500 units in 2010," the company said Nov. 1.
The Greenbrier Cos. reported healthy fiscal fourth-quarter results as well, with net earnings of $7.4 million, of 26 cents per diluted share, on revenue of $443.5 million. Orders for 2, 900 new railcars were placed during the quarter, which also ended Aug. 31.
New railcar manufacturing backlog as of Aug. 31 was 10,700 units with an estimated value of $1.20 billion (an average unit sale price of $112,000), compared with 11,500 units with an estimated value of $1.14 billion (an average unit sale price of $99,000) as of May 31, 2012. Based on current production plans, approximately 7,300 units in August 31, 2012 backlog are scheduled for delivery in fiscal 2013. The balance are scheduled for delivery in fiscal 2014, the company said.
President and CEO William A. Furman said, "In fiscal 2012, our manufacturing operations responded well to strong demand for new railcars and our leasing operation significantly enhanced its syndication and management services model, leading to record revenue and earnings for the full year. While we realized positive momentum during the year in both of these operations, our fourth-quarter earnings were well below our expectations. This was principally due to lower than anticipated new railcar deliveries, a high tax rate for the quarter, and certain employee related costs."