PR Newswire
LAKE OSWEGO, Ore., Oct. 25, 2016
LAKE OSWEGO, Ore., Oct. 25, 2016 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its fourth fiscal quarter and full year ended August 31, 2016.
Fourth Quarter Highlights
Fiscal Year 2016 Highlights
Progress on Longer Term Financial Goals
William A. Furman, Chairman and CEO, said, "We delivered strong results for the fourth quarter and fiscal 2016. We ended the year with a strong balance sheet, ample liquidity and very little net debt. This positions Greenbrier to continue to invest internationally in high ROIC markets, as well as successfully navigate through less robust North American market conditions. We addressed industry challenges during fiscal 2016 as we encountered a weaker market in North America. Our employees successfully executed our plan for the year. We appreciate their hard work along with the confidence and trust of our customers as we have diversified and grown internationally."
Furman continued, "Entering fiscal 2017, our diversified backlog provides us with strong visibility, while we remain adaptable and prepared for market recovery and growth. Recently, we worked with customers to resolve commercial terms related to 1,200 sand cars. Under these arrangements, Greenbrier received meaningful monetary and other valuable economic consideration. Our deep customer relationships are advantageous in the current market conditions as we work to achieve mutually beneficial solutions."
"Internationally, we are creating a global network that enables Greenbrier to capture share in emerging railcar markets where freight car markets are stronger. These include the nations of the Gulf Cooperation Council (GCC), Africa, Eurasia and Latin America. We are making new investments that extend our core competency in freight railcar building, engineering and aftermarket services for all railroad gauges in these new markets." Furman added, "In August, we acquired a 19.5% ownership stake in the railcar casting operations of Amsted-Maxion Cruzeiro which raised our direct and indirect interest in railcar manufacturer Greenbrier-Maxion to 35%, and expands our manufacturing presence in Brazil. In September, we began fulfillment of the 1,200 tank car order placed by Saudi Railway Company (SAR) in early fiscal 2016. Most recently, we announced the formation of Greenbrier-Astra Rail that will create a world-class European railcar business, capitalizing on demand in Western Europe where the aging railcar fleet will enter a replacement cycle in the next few years. It provides a strong value-added platform for our customers in Western Europe, as well as a launch pad for other business in Eurasia and the GCC."
Furman concluded, "In the year ahead, a moderating railcar replacement cycle in North America will favorably position well-capitalized companies like Greenbrier to seize opportunities in the market, which often emerge suddenly. We remain committed to our overall strategy of investing for future growth and generating long-term value for our shareholders with an emphasis on solid ROIC."
Business Outlook
Based on current business trends, industry forecasts and production schedules for fiscal 2017, 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 FY16 | Q3 FY16 | Sequential Comparison – Main Drivers |
Revenue | $595.2M | $612.9M | Down 2.9% primarily due to lower volume of sales from acquired railcar portfolio |
Gross margin | 20.1% | 20.7% | Down 60 bps primarily due to product mix changes and lower scrap pricing |
Selling and administrative expense | $40.6M | $43.3M | Down 6.2% due to Q3 including higher long-term incentive compensation |
Net gain on disposition of equipment | $4.5M | $0.3M | Increase primarily reflects insurance recovery proceeds from 2015 losses |
Adjusted EBITDA | $104.4M | $99.5M | Stronger operating cash flow |
Effective tax rate | 24.1% | 27.9% | Reflects a change in the geographic mix of earnings |
Net earnings attributable to noncontrolling interest | $26.8M | $24.2M | Driven by timing of deliveries and higher margin from our GIMSA JV |
Net earnings attributable to Greenbrier | $33.6M | $35.4M | |
Diluted EPS | $1.06 | $1.12 | |
Segment Summary
| Q4 FY16 | Q3 FY16 | Sequential Comparison – Main Drivers |
Manufacturing | |||
Revenue | $484.6M | $458.5M | Up 5.7% due to higher deliveries |
Gross margin | 21.0% | 23.1% | Down 210 bps primarily due to a change in product mix |
Operating margin (1) | 18.5% | 20.2% | |
Deliveries | 4,600 | 4,300 | |
Wheels & Parts | |||
Revenue | $74.8M | $78.4M | Down 4.6% primarily attributable to lower wheel and component volumes |
Gross margin | 7.0% | 11.0% | Down 400 bps primarily due to a less favorable product mix and continued challenging operating environment |
Operating margin (1) | 5.7% | 7.4% | |
Leasing & Services | |||
Revenue | $35.8M | $76.0M | Decline due to lower volume of sales from acquired railcar portfolio |
Gross margin | 35.5% | 16.8% | Up due to lower volume of sales from acquired railcar portfolio, which is dilutive |
Operating margin (1) (2) | 25.3% | 10.9% | |
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