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Feb 28, 2023
Greenbrier Q2 2023 Earnings Report
Greenbrier reported strong second-quarter performance driven by operational initiatives and robust syndication activity.
Key Takeaways
Greenbrier's second quarter saw new railcar orders of 4,500 units valued at $580 million and deliveries of 7,600 units. The company's new railcar backlog reached 25,900 units, valued at $3.1 billion. Net earnings attributable to Greenbrier were $33 million, or $0.97 per diluted share, on revenue of $1.1 billion.
New railcar orders totaled 4,500 units, valued at $580 million, with 7,600 units delivered.
Railcar backlog reached 25,900 units, valued at $3.1 billion as of February 28, 2023.
Quarter-end liquidity increased to $816 million, including $380 million in cash.
Net earnings attributable to Greenbrier was $33 million, or $0.97 per diluted share, on revenue of $1.1 billion.
Revenue by Segment
Forward Guidance
Greenbrier is updating guidance for fiscal year 2023.
Positive Outlook
- Deliveries of 23,000 – 25,000 units including approximately 1,000 units in Greenbrier-Maxion (Brazil)
- Revenue at $3.4 – 3.7 billion
- Proceeds of equipment sales are expected to be approximately $70 million
- Build and capitalize into the lease fleet approximately 2,500 units. These units are not included in the delivery guidance.
- Consolidated gross margin % in the low double-digits is unchanged.
Challenges Ahead
- Capital expenditures of $290 million in Leasing & Management Services
- Capital expenditures of $80 million in Manufacturing
- Capital expenditures of $15 million in Maintenance Services
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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