The Greenbrier Companies (NYSE: GBX), a leading manufacturer of railcars and provider of rail services, issued its first quarter 2018 earnings before the market opened today.
Total revenues increased 1.3% year over year in the first quarter to $559.5 million but decreased sequentially from $611.4 million achieved in the fourth quarter of 2017. The sequential decline was due to lower volume of deliveries as a result of timing of syndications. Net income attributable to Greenbrier was $26.3 million, or $0.83 per diluted share, and adjusted EBITDA was $76.9 million (13.7% of revenue).
During the quarter, the company delivered 4,400 railcar units and received orders for 3,200 diversified railcars, valued at over $290 million. The company’s railcar backlog stands at 26,500 units, with an estimated value of $2.56 billion.
For the fiscal year, management expects to deliver 20,000-22,000 railcar units. Management also expects total revenue for the year to be in the range of $2.4-2.6 billion, with diluted earnings per share of $4.00.
William Furman, the company’s Chairman and CEO, said, “Based on first quarter results, we are confident in our guidance for the year. As fiscal 2018 progresses, we will continue integration of our new manufacturing investments and will continue to expand internationally. Greenbrier is well positioned to achieve its ambitious business objectives for fiscal 2018 as growth in North American and international markets drives increased revenues, deliveries and EPS compared to fiscal 2017.”
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