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May 31, 2023
Greenbrier Q3 2023 Earnings Report
Greenbrier's financial performance reflected continued operating momentum and strong commercial activity.
Key Takeaways
Greenbrier reported Q3 revenue of $1 billion. GAAP EPS was $0.64, which included a $13 million loss from the sale and exit of Gunderson Marine. Adjusted EPS was $1.02. The company received new railcar orders for 4,600 units valued at $650 million and delivered 6,600 units.
New railcar orders for 4,600 units valued at $650 million and deliveries of 6,600 units.
New railcar backlog of 23,400 units with an estimated value of $2.9 billion as of May 31, 2023.
Strong quarter end liquidity of $665 million, including $321 million in cash and $344 million of available borrowing capacity.
Board increases quarterly dividend by 11% to $0.30 per share, payable on August 8, 2023.
Forward Guidance
Greenbrier is updating guidance for fiscal year 2023. Deliveries of 25,000 – 26,000 units including approximately 1,000 units in Greenbrier-Maxion (Brazil), Revenue of $3.8 – $3.9 billion, Capital expenditures of $280 million in Leasing & Management Services, $90 million in Manufacturing and $15 million in Maintenance Services, Proceeds of equipment sales are $76 million, and Consolidated gross margin % in the low double-digits is unchanged.
Positive Outlook
- Deliveries of 25,000 – 26,000 units including approximately 1,000 units in Greenbrier-Maxion (Brazil)
- Revenue of $3.8 – $3.9 billion
- Capital expenditures of $280 million in Leasing & Management Services
- Capital expenditures of $90 million in Manufacturing
- Capital expenditures of $15 million in Maintenance Services
Challenges Ahead
- Consolidated gross margin % in the low double-digits is unchanged.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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