Greenbrier Companies (GBX: Quote) posted second quarter net income attributable to Greenbrier of $17.67 million or $0.57 per share versus a loss of $550 thousands or $0.02 per share last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share. Analysts' estimates typically exclude special items.
Revenues grew to $458.19 million from last year's $284.34 million. Analysts estimated revenues of $444.51 million.
New railcar deliveries were 3,700 units, compared to 2,200 units in the prior-year quarter.
William Furman, President and Chief Executive Officer, said, "Our strong quarterly results were driven by revenue and margin growth in all of our business segments, as compared to both the second quarter of fiscal 2011 and the first quarter of fiscal 2012. We expect to continue to benefit from efficiencies of operating at higher volumes."
Going forward, based on current business trends, the company anticipates revenues and adjusted EBITDA will be higher in the second half of fiscal 2012, compared to the first half. The major drivers for the year will be continued momentum across all business segments, particularly the manufacturing segment, as the new freight car market continues to rebound.
Furman continued, "Manufacturing orders increased during the second quarter and remained robust during the first part of our current quarter. As a result of momentum across multiple railcar types, we continue to diversify our product mix. We remain optimistic that we are in the early phases of a broad-based recovery in the rail markets we serve."
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by RTT Staff Writer
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