Railcar maker Greenbrier reports big profit and revenue beats, and raises outlook

Greenbrier Companies Inc. (GBX) reported Monday fiscal second-quarter profit that revenue that rose well above expectations and raised its full-year outlook as railcar orders remained steady and margins improved in each business segment. Shares of the maker of freight railcars were still untraded in the premarket. Net income for the quarter to Feb. 28 increased to $33.1 million, or 97 cents a share, from $12.8 million, or 38 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 99 cents beat the FactSet consensus of 61 cents. Revenue grew 64.3% to $1.12 billion, above the FactSet consensus of $895.5 million. Gross margin improved to 10.4% from 9.1%. For fiscal 2023, the company raised its revenue outlook to $3.4 billion to $3.7 billion from $3.2 billion to $3.6 billion, and its deliveries guidance to 23,000 to 25,000 from 22,000 to 24,000. The stock has lost 9.9% year to date while the S&P 500 has gained 6.9%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

04-10-23 0625ET

Copyright (c) 2023 Dow Jones & Company, Inc.