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The company posted third quarter earnings of $1.02 per share, $0.42 better than the analyst estimate of $0.60, while revenue for the quarter came in at $1.04 billion versus the consensus estimate of $896.25 million.
GBX revealed that it received new railcar orders for 4,600 units valued at $650M and deliveries of 6,600 units during the quarter. It also had a new railcar backlog of 23,400 units with an estimated value of $2.9B as of May 31.
Looking ahead, the company stated that it sees FY2023 revenue between $3.8B and $3.9B, versus the consensus of $3.683B.
“Greenbrier’s performance in the third quarter reflects continued operating momentum and strong commercial activity. Our results demonstrated the early impact of operational initiatives described during our Investor Day in April,” said Lorie Tekorius, CEO and President.
Reacting to the report, KeyBanc analysts said: “The Greenbrier Companies, Inc. (GBX-NYSE) reported adjusted fiscal 3Q23 results of $1.02, which was above consensus of $0.59 and our estimate of $0.55.”
“Revenue came in at $1,038 million vs. consensus of $899 million and our estimate of $943 million. Both revenue per car and gross profit per car have increased sequentially during the quarter,” added the analysts. “GBX noted that subsequent to the end of the quarter it received 7,900 railcar orders valued at $975 million (implying an ASP of $123,400 per car). Backlog during the quarter came in at 25,400 railcars with a combined value of $2.9 billion (implies ~$123,930 per car) vs. 25,900 railcars valued at $3.1 billion last quarter (implies ~ $119,690 per car).”
