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Greenbrier fiscal 1Q earnings beat Street on higher railcar deliveries

CEO William A Furman said Greenbrier was on track to achieving its full year guidance with 90% of the firm’s fiscal 2019 production plan ‘booked with firm orders’
Staff members belonging to Greenbrier
Lake Oswego, Oregon-based Greenbrier is an end-to-end freight railcar manufacturing and repair business

Freight car equipment maker Greenbrier Companies Inc’s (NYSE:GBX) fiscal first-quarter earnings beat Wall Street estimates on the back of strong order activity.  

For the quarter ended November 2018, the Lake Oswego, Oregon company posted earnings of $0.54 per share on revenue of $604.5 million. The consensus earnings estimate was $0.48 per share on revenue of $569.8 million. Revenue grew 8.0% on a year-over-year basis.

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The company said it continues to expect fiscal 2019 earnings of $4.20 to $4.40 per share on revenue of more than $3 billion. The current consensus earnings estimate is $4.34 per share on revenue of $3.03 billion for the year ending August 31, 2019.

"Greenbrier's performance in the first quarter of fiscal 2019 exceeded expectations. Order activity was strong in the first quarter and comprised of a broad range of railcar types including double-stack intermodal units, tank cars and heavy-duty flat cars,” said Greenbrier CEO William A Furman in a statement.

“Importantly, 20% of all new railcar orders were received from markets outside North America.  We are confident in achieving our guidance for the year with approximately 90% of Greenbrier's fiscal 2019 production plan now booked with firm orders," he added.

Despite the beat, the stock was down nearly 2% to $41.99.

 

Contact Uttara Choudhury at [email protected]

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