PR Newswire
LAKE OSWEGO, Ore., Oct. 27, 2017
LAKE OSWEGO, Ore., Oct. 27, 2017 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its fourth fiscal quarter and year ended August 31, 2017.
Fourth Quarter Highlights
Fiscal Year 2017 Highlights
William A. Furman, Chairman and CEO, said, "Greenbrier delivered strong results for the fourth quarter and fiscal 2017. This positive financial performance was achieved by successfully executing on Greenbrier's strategy to foster and grow its North American business, while simultaneously expanding to global markets. Greenbrier's earnings exceeded our guidance range for fiscal 2017. Aggregate gross margin for the year remained healthy at 19.4%. Operationally, in a competitive North American freight railcar market, Greenbrier added market share during fiscal 2017, receiving orders exceeding 16,500 railcars valued at $1.5 billion – about double the number and value of railcar orders received in fiscal 2016. Management services added approximately 70,000 railcars to its managed fleet in the year and an additional 15,000 railcars post quarter end. Greenbrier now provides management services for over 20% of the North American fleet."
Furman continued, "Financially, we ended the year with a strong balance sheet and liquidity. The Board of Directors increased the quarterly dividend by 4.5% to $0.23 per share or an annualized rate of $0.92. We extended share repurchase authorization through March 2019, and improved the capital efficiency of Greenbrier through a newly formed lease warehouse facility. Greenbrier's approach to capital deployment will continue to balance investing in internal projects, funding strategic growth, and returning capital to shareholders."
Furman concluded, "The past year was transformative for Greenbrier, as we diversified our business with increased investments in Europe, Brazil and in the Gulf Cooperation Council region. Greenbrier will advance its international agenda further in fiscal 2018. Greenbrier's backlog of over 28,600 units valued at $2.8 billion is higher now than at the beginning of fiscal 2017, providing visibility into fiscal 2018 and beyond. Backlog spans almost all railcar types and has grown both internationally and domestically. As we grow Greenbrier's core North American business and see a larger contribution from international operations, we expect more deliveries to produce greater revenue and higher EPS in fiscal 2018 compared to fiscal 2017."
Business Outlook
Based on current business trends, industry forecasts and production schedules for fiscal 2018, Greenbrier believes:
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.
Financial Summary
| Q4 FY17 | Q3 FY17 | Sequential Comparison – Main Drivers |
Revenue | $611.4M | $439.2M | Up 39.2% primarily due to higher volume of deliveries |
Gross margin | 16.3% | 20.4% | Down 410 bps primarily due to product mix changes |
Selling and administrative expense | $47.1M | $42.8M | Up 10.0% primarily due to expanded European operations and higher legal and consulting related to strategic initiatives |
Net gain on disposition of equipment | ($4.9M) | ($1.6M) | Increase primarily reflects insurance recovery proceeds from prior losses |
Adjusted EBITDA | $73.3M | $63.8M | Higher revenue and margin |
Interest and foreign exchange | $8.9M | $7.9M | Increase driven by higher European borrowings associated with expanded operations |
Effective tax rate | 20.7% | 21.3% | Reflects a change in the geographic mix of earnings and cumulative adjustments due to slightly reduced annual rate of 27.1% |
Loss from unconsolidated affiliates | ($6.5M) (1) | ($0.7M) | |
Net (earnings) loss attributable to noncontrolling interest | ($8.5M) | $1.6M | Driven by higher deliveries and timing of railcar syndications at our GIMSA JV |
Adjusted Net earnings attributable to Greenbrier | $27.3M | $32.8M | Better than internal expectations |
Adjusted Diluted EPS | $0.86 | $1.03 | |
(1) Includes $3.5 million, net of tax, or $0.11 per share, impact associated with a non-cash goodwill impairment charge recorded by GBW.
Segment Summary
| Q4 FY17 | Q3 FY17 | Sequential Comparison – Main Drivers |
Manufacturing | |||
Revenue | $508.5M | $317.1M | Up 60.4% due to higher deliveries |
Gross margin | 16.3% | 22.7% | Down 640 bps primarily due to a change in product mix |
Operating margin (1) | 13.5% | 18.3% | |
Deliveries | 5,200 | 2,600 | |
Wheels & Parts | |||
Revenue | $75.1M | $85.2M | Down 11.9% primarily attributable to lower wheel and component volumes and scrap sales |
Gross margin | 7.0% | 8.5% | Down 150 bps primarily due to lower volumes, change in product mix and continued challenging operating environment |
Operating margin (1) | 3.0% | 5.0% | |
Leasing & Services | |||
Revenue | $27.8M | $36.8M Werbung Mehr Nachrichten zur Greenbrier Companies Aktie kostenlos abonnieren
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