Greenbrier Companies Misses Estimates (GBX)

Greenbrier Companies, Inc. GBX announced on Wednesday morning that it missed consensus Wall Street estimates. Greenbrier Companies, Inc reported that its 4th quarter net earnings rose to $7.7 million, or 33 cents per share, up from $6.1 million, or 33 cents per share, a year earlier. Excluding special items, the company's earnings came in at a loss of 17 cents per share. The company's revenue fell to $181.4 million, down from $230.4 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 9 cents per share, on revenue of $185.99 million. President and chief executive officer William A. Furman said, "In our fiscal 2010, economic forces continued to impede profit and EBITDA goals. However, we achieved all four of our other key objectives identified at the beginning of the year. First, we arrived at a satisfactory conclusion regarding the GE new railcar contract modification in the first quarter. Second, we improved the operational efficiency of our facilities, while maintaining the flexibility to respond to market demand. One example of this flexibility occurred in the fourth quarter when we seamlessly shifted 175 workers from marine barge construction to new railcar production in support of new railcar orders and to address softness in the marine market. Third, we produced positive operating cash flow, reduced net debt by $76 million, and strengthened our balance sheet. Finally, our fourth objective was to further leverage our integrated business model. The competitive advantages of this model were successfully demonstrated with receipt of recent new railcar and railcar refurbishment orders which utilized our strengths in engineering and leasing to quickly take down transactions." Greenbrier Companies, Inc. (GBX) closed the previous trading day at $19.78 per share. Analysts covering the company's stock give it a consensus price target of $20.56 per share. Read more from Benzinga's Company news.