- Greenbrier Companies Inc GBX reported second-quarter FY22 revenue growth of 131% year-over-year to $682.8 million, beating the consensus of $575.76 million.
- Revenue by segments: Manufacturing $555.7 million (+176% Y/Y); Maintenance Services $86.6 million (+21% Y/Y); and Leasing & Management Services $40.5 million (+80% Y/Y).
- EPS of $0.38 beat the consensus of $0.19.
- GBX recorded new railcar orders for 8,500 units valued at $930 million, and deliveries of 4,800 units resulted in a 1.8x book-to-bill.
- The gross margin expanded by 207 bps to 8%. Operating income was $25.2 million, with a margin of 3.7%. EBITDA for the quarter was $51.7 million.
- Greenbrier’s net cash used in operating activities YTD totaled $220.3 million versus $94.8 million a year ago.
- As of February 28, 2022, the diversified new railcar backlog was 32,100 units with a value of $3.6 billion.
- Greenbrier’s liquidity stood at $804 million at the end of the quarter, including $587 million in cash and $217 million of available borrowing capacity.
- Dividend: The board declared a quarterly dividend of $0.27 per share, payable on May 10, 2022, to shareholders of record as of April 19, 2022.
- FY22 outlook: Greenbrier expects deliveries of 17,500 – 19,500 units, including ~1,500 units in Greenbrier-Maxion (Brazil).
- Greenbrier said it continues to meet the challenges of emerging COVID variants while balancing economic, supply chain, and labor volatility.
- Price Action: GBX shares are trading lower by 2.73% at $45.62 on the last check Wednesday.
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