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4/5/2006



Rail News: Financials

Greenbrier reaches record freight-car backlog, increases earnings in second-quarter FY06



Freight-car orders totaling $900 million in second-quarter FY2006 helped The Greenbrier Cos. reach a record backlog of 18,300 units valued at $1.2 billion on Feb. 28, the end of the company’s fiscal period. On Nov. 30, Greenbrier reported a backlog of 7,100 units valued at $450 million.

During the quarter, the company obtained orders for 7,000 double-stack intermodal platforms, and 7,000 covered hoppers, Auto-Max™ carriers and other cars.

In addition, Greenbrier registered net earnings of $8.6 million, a 78 percent increase compared with FY05’s second quarter. However, revenue totaling $236 million fell 7.5 percent.

“During the quarter, we acquired key box-car component product lines, which extend our vertical integration,” said Greenbrier president and Chief Executive Officer William Furman in a prepared statement. “In North America, we continue to see strong rail industry fundamentals … [and] in Europe, there has been a notable pickup in rail market activity and new rail-car orders, which should carry operating momentum well into fiscal 2007.”


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