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Rising rail-car orders, backlog help Greenbrier post quarterly profit

The Greenbrier Cos. is back to profitability. Increasing rail-car orders, rising production rates and a growing backlog helped the supplier earn $2.7 million from continuing operations in third-quarter fiscal-year 2003 (ending May 31), compared with a $2.1 million loss in third-quarter FY2002.

On July 9, the car builder also reported quarterly net earnings of $3 million compared with a $2 million net loss last year and quarterly revenue of $75 million, which increased 75 percent.

Greenbrier's car backlog and production rates more than tripled during the quarter compared with the same 2002 period. By May 31, the car builder received orders for 8,000 cars valued at $390 million, and increased its backlog to a record 12,100 units (10,600 in North America, 1,500 in Europe) valued at $630 million, compared with 5,800 units valued at $330 million on Feb. 28, and 2,500 units valued at $130 million on May 31, 2002.

"Greenbrier's business outlook in new freight cars stretches through most of calendar 2004," said President and Chief Executive Officer William Furman in a prepared statement. "Orders for over 11,200 railcars have been
received during the first nine months of the fiscal year, pushing new rail-car production and related financial visibility through most of our next fiscal year."

Car deliveries during FY2003 are expected to reach 5,700 units compared with 3,400 units in FY2002.

Contact Progressive Railroading editorial staff.

More News from 7/9/2003