- Greenbrier Companies Inc GBX reported first quarter revenue growth of 39.2% year over year to $766.5 million, beat the consensus of $747.1 million.
- The company reported revenue of $950.7 million in the fourth quarter of FY22.
- Revenue by Segment: Manufacturing $646.5 million (+42.9% y/y); Maintenance Services $85.5 million (+18.1% y/y); and Leasing & Management Services $34.5 million (+33.7% y/y).
- Adjusted EPS of $0.05 missed the consensus of $0.50.
- GBX recorded new car orders for 5,600 units valued at $700 million and deliveries of 4,800 units resulted in a 1.2x book-to-bill.
- Gross margin increased 50 basis points to 9.1%.
- Greenbrier used $(255.5) million in operating cash flow compared to $(196.7) million a year ago.
- As of November 30, 2022, the new railcar backlog was 28,300 units valued at $3.4 billion.
- Greenbrier’s cash position at the end of the quarter was $477 million, including $263 million in cash and $214 million of available credit capacity.
- dividend: The Board of Directors declared a quarterly dividend of $0.27 per share, payable February 16, 2023, to shareholders of record on January 26, 2023.
- Buy back: The Board renewed and extended the $100 million share repurchase program through January 2025.
- Subsequent to the quarter-end, Greenbrier acquired the minority interest in the GBX Leasing joint venture and now owns 100% to further support its leasing strategy.
- “Greenbrier’s business momentum continued in our first quarter, driven by strong commercial performance resulting in a book-to-bill ratio of 1.2. However, as production of new wagons ramped up, manufacturing margins were impacted by higher costs for outsourced parts and materials, bottlenecks, supplier issues and ongoing supply chain complications,” said CEO Lorie Tekorius.
- “We have implemented an internal procurement plan for key components that is expected to be completed by the fourth quarter of this fiscal year. This will significantly reduce our input costs and give us better control over…
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