2023-04-10 07:50:21 ET
Greenbrier Companies ( NYSE: GBX ) shares rose sharply on Monday after topping Q2 expectations and raising full-year forecasts.
For the fiscal second quarter, the railcar manufacturer notched $0.99 in earnings per share on $1.12B in revenue, exceeding both top and bottom line expectations. Adjusted EBITDA for the quarter came in at $97.9M, well above the Bloomberg consensus at $66.6M. Fleet utilization reached 99% of pre-pandemic levels in the quarter.
“Business improved across the company as revenue and margin increased sequentially in each operating segment,” CEO Lorie L. Tekorius said. “We are excited to share our multi-year strategy to optimize our future performance as we will describe in detail at our Investor Day on April 12.”
Management touted a new railcar backlog of 25,900 units with an estimated value of $3.1B as of the close of Q2. The company intends to deliver 23,000 to 25,000 units in fiscal 2023, increasing revenue to a range of $3.4 to $3.7B, up from a prior forecast of $3.2B to $3.6B. The Street consensus stood at $3.45B leading up to the earnings print. Consolidated gross margin percentage forecast in the low double-digits is unchanged.
Shares of Greenbrier Companies ( GBX ) rose 7.65% shortly after the earnings announcement .
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Greenbrier stock gains on earnings beat, raised revenue guide