Greenbrier Cos. (GBX) Announces $1.9B Order for 15.3K Railcars

September 21, 2023 6:00 AM EDT

The Greenbrier Companies, Inc. (NYSE: GBX) today announced that it had received orders for 15,300 new railcars with an aggregate value of $1.9 billion during its fiscal fourth quarter ended on August 31, 2023. Orders for the quarter demonstrate Greenbrier's lease origination capabilities balanced with its direct sale expertise. The 15,300 units were ordered by customers operating in various commercial sectors and spanned a range of railcar types, yielding Greenbrier's highest quarterly order count in nearly a decade. Railcar orders announced today do not include any multi-year order activity.

Lorie L. Tekorius, CEO and President, said, "Greenbrier continued its solid operational execution, and our Commercial team performed exceptionally in our fiscal fourth quarter. Our backlog and this order activity provide clear visibility through fiscal 2024, increasing our confidence in our operating expectations. Further, our leasing and aftermarket services businesses will provide additional stability and balance through economic cycles."

"The diverse range of orders across railcar types exceeded Greenbrier's expectations for the quarter. It also indicates Greenbrier's strength in our North American and European markets. Order levels are distinct from the high demand seen during the crude-by-rail era of the 2010s. Today, one or two railcar types are not powering the market. Although railcar loadings are not fully back at pre-pandemic levels, we believe that growth in key commodity markets will keep railcar demand steady and above replacement levels in future periods," said Brian J. Comstock, EVP Chief Commercial and Leasing Officer.

Greenbrier expects to announce fiscal fourth-quarter and fiscal year 2023 earnings on Wednesday, October 25. Certain orders referenced in this release are subject to customary documentation and completion of terms.

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