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Greenbrier Warns Of Surprise 4Q Operating Loss, Gets $200 Million In Orders

DOW JONES NEWSWIRES Greenbrier Cos. (GBX) warned it expects to post a surprise fiscal fourth-quarter operating loss on lower-than-forecast revenue, as it also announced it received $200 million in orders for 3,000 new railcars. The railcar manufacturer's refurbishment and parts and marine segments dragged on the latest quarter's results, President and Chief Executive William Furman said. It announced last month discussions to cancel, modify or postpone contracts representing more than 85% of its marine backlog. Greenbrier had benefited from cost-cutting of late and in its third quarter swung to an unexpected profit as margins surged. Freight demand has picked up from last year's woeful levels as the economy has improved. For the period ended Aug. 31, the company expects to report a loss of 15 cents to 20 cents a share, excluding a 50-cent gain related to the deconsolidation of its former TrentonWorks unit. It sees revenue of about $185 million. Analysts polled by Thomson Reuters most recently forecast earnings excluding items of 8 cents on $222 million in revenue. Meanwhile, the company expects the new orders, which followed $130 million in contracts the company announced last month, to have a "meaningful positive impact" in 2011. The orders--for double-stack intermodal platforms, covered hopper cars and railcars for the European market--are expected to be delivered this and next year. Contract woes have weighed heavily on the company. In December,it agreed to at least halve a $1.2 billion agreement with General Electric Co. (GE) that had accounted for most of its backlog. Greenbrier shares closed Friday at $13.26 and were inactive premarket. The stock has gained 28% this year. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; [email protected]

Stock News for Greenbrier (GBX)
03/20/201716:07:34Current Report Filing (8-k)
03/03/201716:09:30Current Report Filing (8-k)
03/02/201706:08:50Current Report Filing (8-k)
03/02/201706:00:00Greenbrier Exercises Options to Increase Strategic Investments...
02/28/201719:07:00Greenbrier to Exhibit at Middle East Rail 2017
02/23/201719:49:00Greenbrier to Exhibit at Eurasia Rail 2017
02/22/201706:00:00Greenbrier Achieves Milestone: Builds 100,000th Intermodal Double...
02/13/201709:39:57Amended Statement of Ownership (sc 13g/a)
02/09/201709:36:24Amended Statement of Ownership (sc 13g/a)
02/07/201720:36:00Greenbrier to webcast presentation at the Stifel 2017 Transportation...
02/07/201706:00:00Greenbrier Enhances Senior Management Team with Addition of Experienced...
02/06/201717:17:31Current Report Filing (8-k)
02/06/201712:12:00Greenbrier Announces Closing of Offering of Senior Convertible...
02/01/201706:00:00Greenbrier Announces Pricing and Increased Size of Offering of...
01/30/201716:22:26Current Report Filing (8-k)
01/30/201716:14:00Greenbrier Announces Proposed Offering of Senior Convertible...
01/12/201717:10:10Amended Statement of Ownership (sc 13g/a)
01/10/201717:10:32Statement of Changes in Beneficial Ownership (4)
01/10/201717:09:41Statement of Changes in Beneficial Ownership (4)
01/10/201717:08:49Statement of Changes in Beneficial Ownership (4)

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