LAKE OSWEGO, Ore., Feb. 10, 2015 /PRNewswire/
-- The Greenbrier Companies, Inc. (NYSE:GBX) today
disclosed Adjusted EBITDA(1) guidance in the range of
$400-$415 million for its fiscal year
ending August 31, 2015. The
disclosure of this new metric complements the financial guidance
previously announced on January 7,
2015 and reaffirmed today. Based on current business trends
and industry forecasts, Greenbrier continues to believe for its
fiscal year 2015:
- Deliveries will be approximately 21,000 units
- Revenue will be approximately $2.6
billion, which excludes revenue from GBW Railcar Services as
it is accounted for under the equity method of accounting
- Diluted EPS will be in the range of $5.20 to $5.50
The introduction of Adjusted EBITDA guidance and reiteration of
delivery, revenue and diluted EPS guidance reaffirms a strong
business outlook for GBX in FY2015.
William A. Furman, president and
chief executive officer, said, "Overall, our business fundamentals
are solid. Our diverse new railcar backlog of 41,200 units as
of November 30, 2014 provides good
visibility in 2015 and beyond. We are confident that
Greenbrier is well-positioned to capitalize on market and
regulatory trends and to take advantage of a number of established
and emerging opportunities. We remain on track to achieve our
fiscal 2015 guidance and longer-term goals of at least 20%
aggregate gross margin and 25% ROIC by the second half of fiscal
2016."
Similar to previous years, financial results in the second half
of the year are expected to be stronger than the first half. Also,
while gross margins are expected to increase overall, management
does not believe its track will be linear.
As noted in the "Safe Harbor" statement, there are risks to
achieving this guidance. Certain orders and backlog in this
release are subject to customary documentation and completion of
terms.
Upcoming Investor Events
Greenbrier will present at
the 2015 Transportation & Logistics Conference hosted by Stifel
on February 10 – 11, 2015; the
presentation will be webcast live, beginning at 10:45 am EST, on Tuesday,
February 10th. Greenbrier will also present at
the 30th Annual Transportation Services Conference
hosted by BB&T on February 11 –
12, 2015; the presentation will be webcast live, beginning at
1:45 pm EST on Wednesday, February 11th. To access
the webcasts and supplemental slides, register at the "Investor
Relations" section on the home page of the Greenbrier
website. The presentation will be archived for 90 days.
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(1)
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Adjusted EBITDA is
not a financial measure under generally accepted accounting
principles (GAAP). We define Adjusted EBITDA as Net earnings
(before non-controlling interest) before interest and foreign
exchange, income tax expense, depreciation and
amortization. Adjusted EBITDA is a performance measurement
tool commonly used by rail supply companies and Greenbrier. You
should not consider Adjusted EBITDA in isolation or as a substitute
for other financial statement data determined in accordance with
GAAP. In addition, because Adjusted EBITDA is not a measure of
financial performance under GAAP and is susceptible to varying
calculations, the Adjusted EBITDA measure presented may differ from
and may not be comparable to similarly titled measures used by
other companies.
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About Greenbrier Companies
Greenbrier, (www.gbrx.com), headquartered in Lake Oswego, Oregon, is a leading supplier of
transportation equipment and services to the railroad industry. We
build new railroad freight cars in our 4 manufacturing facilities
in the U.S. and Mexico and marine
barges at our U.S. manufacturing facility. Greenbrier also
sells reconditioned wheel sets and provides wheel services at 9
locations throughout the U.S. We recondition, manufacture and
sell railcar parts at 4 U.S. sites. Greenbrier is a 50/50 joint
venture partner with Watco Companies, LLC in GBW Railcar Services,
LLC which repairs and refurbishes freight cars at 39 locations
across North America, including 14
tank car repair and maintenance facilities certified by the
Association of American Railroads. Greenbrier builds new railroad
freight cars and refurbishes freight cars for the European market
through our operations in Poland.
Greenbrier owns approximately 8,500 railcars, and performs
management services for approximately 238,000 railcars.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain
forward-looking statements, including statements regarding expected
new railcar production volumes and schedules, expected customer
demand for the Company's products and services, plans to increase
manufacturing capacity, restructuring plans, new railcar delivery
volumes and schedules, growth in demand for the Company's railcar
services and parts business, and the Company's future financial
performance. Greenbrier uses words such as "anticipates,"
"believes," "forecast," "potential," "goal," "contemplates,"
"expects," "intends," "plans," "projects," "hopes," "seeks,"
"estimates," "strategy," "could," "would," "should," "likely,"
"will," "may," "can," "designed to," "future," "foreseeable future"
and similar expressions to identify forward-looking
statements. These forward-looking statements are not
guarantees of future performance and are subject to certain risks
and uncertainties that could cause actual results to differ
materially from in the results contemplated by the forward-looking
statements. Factors that might cause such a difference
include, but are not limited to, reported backlog and awards are
not indicative of our financial results; uncertainty or changes in
the credit markets and financial services industry; high levels of
indebtedness and compliance with the terms of our indebtedness;
write-downs of goodwill, intangibles and other assets in future
periods; sufficient availability of borrowing capacity;
fluctuations in demand for newly manufactured railcars or failure
to obtain orders as anticipated in developing forecasts; loss of
one or more significant customers; customer payment defaults or
related issues; actual future costs and the availability of
materials and a trained workforce; failure to design or manufacture
new products or technologies or to achieve certification or market
acceptance of new products or technologies; steel or specialty
component price fluctuations and availability and scrap surcharges;
changes in product mix and the mix between segments; labor
disputes, energy shortages or operating difficulties that might
disrupt manufacturing operations or the flow of cargo; production
difficulties and product delivery delays as a result of, among
other matters, inefficiencies associated with expansion or start-up
of production lines or increased production rates, changing
technologies, transfer of production between facilities or
non-performance of alliance partners, subcontractors or suppliers;
ability to obtain suitable contracts for the sale of leased
equipment and risks related to car hire and residual values;
integration of current or future acquisitions and establishment of
joint ventures; succession planning; discovery of defects in
railcars or services resulting in increased warranty costs or
litigation; physical damage or product or service liability claims
that exceed our insurance coverage; train derailments or other
accidents or claims that could subject us to legal claims; actions
or inactions by various regulatory agencies including potential
environmental remediation obligations or changing tank car or other
rail car or railroad regulation; and issues arising from
investigations of whistleblower complaints; all as may be discussed
in more detail under the headings "Risk Factors" and "Forward
Looking Statements" in our Annual Report on Form 10-K for the
fiscal year ended August 31, 2014,
and our other reports on file with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's
opinions only as of the date hereof. Except as otherwise
required by law, we do not assume any obligation to update any
forward-looking statements.
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SOURCE The Greenbrier Companies, Inc. (GBX)