Greenbrier Companies, Inc. has reported its first fiscal quarter results for the period ending November 30, 2024. The company's net earnings were $55 million, or $1.72 per diluted share, on revenue of $876 million. This represents a decrease from the previous quarter's revenue of $1.053 billion. The aggregate gross margin for the first quarter was reported at 19.8%, which is an improvement from the previous quarter's 18.2%.
The company's EBITDA for the first quarter was $145 million, representing a decrease from the previous quarter's $158.9 million. Operating margin for the first quarter was 12.8% of revenue, up from 11.8% in the previous quarter. The company also grew its lease fleet by 1,200 units to 16,700 units and maintained high lease fleet utilization of nearly 99%.
Greenbrier's quarterly new railcar orders for 3,800 units were valued at $520 million, resulting in a new railcar backlog of 23,400 units with an estimated value of $3.0 billion. The company affirmed its full-year guidance and renewed a $100 million share repurchase authorization through January 31, 2027.
In terms of its balance sheet, the company's cash and cash equivalents decreased from $351.8 million in the previous quarter to $300 million in the first quarter of fiscal 2025. Restricted cash also decreased from $16.8 million to $12.9 million.
The company's manufacturing segment reported revenues of $820.4 million, a decrease from the previous quarter's $986.7 million. The gross margin percentage for this segment increased from 14.6% to 17.1%. The leasing and fleet management segment reported revenues of $55.5 million, down from $66.3 million in the previous quarter.
The market has reacted to these announcements by moving the company's shares 0.4% to a price of $60.44. For the full picture, make sure to review Greenbrier's 8-K report.
