Greenbrier profit falls as railcar demand weighs on sales
Greenbrier’s fiscal fourth-quarter profit tumbled though outlook for orders and leasing growth improved.
Greenbrier Cos. reported a sharp decline in quarterly profit and revenue as the freight-railcar manufacturer contended with weaker demand and facility-related costs.
The Lake Oswego, Ore., company (NYSE: GBX) saw an increase in its order backlog and growth in its leasing fleet amid improving business conditions.
The company said Monday that net earnings attributable to Greenbrier fell to $8.7 million, or 27 cents a diluted share, in its fiscal fourth quarter ended Aug. 31, from $36.8 million, or $1.16 a share, a year earlier. Revenue declined 22% to $591 million from $759.5 million.
Excluding facility-rationalization costs, core earnings were 39 cents a share. The charges reduced quarterly earnings by 12 cents a share after tax and non-controlling interests.
This story was originally published by FreightWaves. Read the full story at FreightWaves →
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