Transportation manufacturing company, The Greenbrier Companies (NYSE: GBX) surged in morning trading on Thursday after the company announced adjusted net earnings of $1.02 per diluted share in fiscal Q3 as compared to $0.99 in fiscal Q2 and above consensus estimates of $0.60 per share.
Greenbrier’s Q3 revenues increased by 30.8% year-over-year to $1.04 billion, exceeding Street estimates of $904.2 million. As of May 31, 2023, GBX had a new railcar backlog of 23,400 units with an estimated value of $2.9 billion. This backlog excluded orders received at the end of the quarter and a railcar conversion backlog of 1,000 units.
The company’s Board of Directors raised its quarterly dividend by 11% to $0.30 per share, payable on August 8 to shareholders of record as of July 18, 2023.
In FY23, the company expects to deliver between 25,000 and 26,000 units, including around 1,000 units from Greenbrier-Maxion, its plant in Brazil. The company has projected FY23 revenues in the range of $3.8 billion to $3.9 billion.
Analysts remain sidelined about GBX stock with a Hold consensus rating based on two Buys, one Hold, and one Sell.
