Plus   Neg

Stock Alert: The Greenbrier Companies Jumps 17% On Upbeat Results

Shares of The Greenbrier Companies, Inc. (GBX), a supplier of equipment and services to global freight transportation markets, are rising more than 18% Friday morning following upbeat third-quarter results.

In the third quarter, Greenbrier's earnings, on an adjusted basis of $1.05 beat the average estimate of analysts polled by Thomson Reuters at $0.14.

Revenue for the quarter, however, decreased to $762.56 million from $856.15 million last year but beat the consensus estimate of $616.06 million.

"Entering the fiscal fourth quarter Greenbrier's cash position was $735.3 million. As we increased cash, our net debt decreased by over $190 million, the lowest level in four quarters. We have taken difficult measures required to achieve our liquidity and cost reduction targets. Greenbrier is exceptionally well-positioned to compete and succeed during this weaker period in the economy and our core markets," William A. Furman, Chairman & CEO commented.

Also, the company's Board declared a quarterly dividend of $0.27 per share, payable on August 19, to shareholders as of July 29.

GBX is currently trading at $25.67. It has been trading in the range of $12.89- $34.30 in the past 52-weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT