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7/10/2007



Rail News: Financials

Greenbrier boosts revenue, net earnings in third quarter



A “keen focus” on improving financial performance, enhancing liquidity and integrating recent acquisitions paid off for The Greenbrier Cos. in its fiscal third quarter, according to the company, which boosted both revenue and net earnings compared with the same 2006 period.

For the quarter ended May 31, revenue totaled $387 million, a 45 percent increase compared with third-quarter FY2006. Net earnings totaled $13 million, which includes a special charge of $3.1 million associated with severance and other closure costs for the company’s Canadian rail-car manufacturing facility TrentonWorks, a 21 percent increase compared with earnings of $10.7 million during the same 2006 period.

Year-to-date revenue totaled $873 million, a 27 percent increase compared with FY2006’s first three quarters.

As of May 31, rail-car backlog stood at 14,100 units valued at $970 million, compared with a backlog of 14,300 units valued at $990 million as of Feb. 28, 2007. The company delivered 3,000 new rail cars in the third quarter and 6,200 year-to-date. Greenbrier anticipates deliveries of between 8,500 and 8.800 units for the full fiscal year — an increase over the previous estimate of 8,000 to 8,500 rail cars.




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