Greenbrier Cos. (GBX) Tops Q2 EPS by 9c

Greenbrier Cos. (NYSE: GBX) reported Q2 EPS of ($0.28), $0.09 better than the analyst estimate of ($0.37). Revenue for the quarter came in at $296 million versus the consensus estimate of $386.58 million.

William A. Furman, Chairman & CEO commented, "Greenbrier navigated what we expect will be our most challenging quarter of the fiscal year. Operating challenges emerged from a range of sources, including winter weather, impacting deliveries and production. Our near-term outlook is becoming increasingly optimistic as rail fundamentals improve. Rail loadings are up year-to-date, driven by increased traffic in grain, intermodal and other categories. Railroad velocity has slowed by nearly two miles per hour. Railcars in storage have decreased by more than 148,000 units from the 2020 peak storage level. Proposed environmental and other regulations in both North America and Europe should support secular demand for rail as a growing mode for freight transport. Fiscal stimulus and proposed infrastructure legislation are expected to further add to demand."

Furman concluded, "Greenbrier is well-positioned for an economic recovery. Our pipeline of new business inquiries in North America has expanded dramatically in the last 30 days. Greenbrier's ability to adjust production capacity to meet our market outlook enables us to rapidly ramp manufacturing as we earn new railcar orders. We have already restarted several production lines supported by firm orders to meet increased demand."

For earnings history and earnings-related data on Greenbrier Cos. (GBX) click here.

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