Lake Oswego, Oregon - January 5, 2024 - The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its first fiscal quarter ended November 30, 2023. The company's CEO and President, Lorie L. Tekorius, commented on the results, stating, "Strong performance in the first quarter across all of our operating segments demonstrates continued progress toward achieving the targets established in our multi-year strategy. Aggregate gross margin of 15% in the quarter is a key indicator of success. Importantly, our new railcar backlog remains robust and is supported by quality products and customer loyalty, making Greenbrier a market leader."
The company's first quarter highlights include growing the lease fleet by 700 units to 14,100 units and maintaining fleet utilization of 98%. The company received new railcar orders for 5,100 units valued at nearly $710 million and delivered 5,700 units, resulting in a new railcar backlog of 29,700 units with an estimated value of $3.8 billion. Net earnings attributable to Greenbrier for the quarter were $31 million, or $0.96 per diluted share, on revenue of $809 million. Adjusted EBITDA for the quarter was $93 million, or 11.5% of revenue.
Based on current trends and production schedules, Greenbrier expects deliveries of 22,500 - 25,000 units, including approximately 1,000 units in Brazil, in fiscal 2024. The company anticipates revenue of $3.4 - $3.7 billion and capital expenditures of approximately $165 million in manufacturing and $15 million in maintenance services.
The company's segment summary for the first quarter of fiscal 2024 includes manufacturing revenue of $675.9 million, maintenance services revenue of $83.8 million, and leasing & management services revenue of $49.1 million. The gross margin percentage for the quarter was 15.0%, reflecting improved operating efficiency offsetting lower revenue. The adjusted net earnings attributable to Greenbrier for the quarter were $31.2 million, or $0.96 per diluted share.
Greenbrier will host a teleconference to discuss its first quarter 2024 results. The company has also posted a supplemental earnings presentation to its website.
The full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $2,519 | $3,034 | $2,792 | $1,748 | $2,978 | $3,944 |
| Revenue Growth | n/a | 20.41% | -7.96% | -37.4% | 70.36% | 32.45% |
| Net Margins | 6% | 2% | 2% | 2% | 2% | 2% |
| Net Income (MM) | $152 | $71 | $49 | $32 | $47 | $76 |
| Diluted Shares (MM) | 33 | 33 | 33 | 34 | 33 | 34 |
| Free Cash Flow (MM) | -$74 | -$219 | $205 | -$180 | -$531 | -$291 |
| Capital Expenditures (MM) | $177 | $198 | $67 | $139 | $381 | $362 |
| Total Debt (MM) | $464 | $850 | $1,156 | $1,199 | $1,566 | $1,609 |
