Greenbrier Cos. (GBX) Tops Q3 EPS Views; Issues Strong Q4, FY14 Outlook

Greenbrier Cos. (NYSE: GBX) reported Q3 EPS of $1.03, $0.29 better than the analyst estimate of $0.74. Revenue for the quarter came in at $593.3 versus the consensus estimate of $570.74 million.

Adjusted EBITDA was $77.96 million, from $44.93 million for Q214.

Railcar backlog as of May 31, 2014 was 26,400 units with an estimated value of $2.75 billion (average unit sale price of $104,000), compared to 15,200 units with an estimated value of $1.54 billion (average unit sale price of $101,000) as of February 28, 2014.

New railcar deliveries totaled 4,300 units for the quarter, compared to 3,400 units for the quarter ended February 28, 2014.

Orders for 15,600 new railcars valued at $1.65 billion received during the quarter. After quarter end, Greenbrier received orders for an additional 2,700 units valued at approximately $320 million.

Based on current business trends and industry forecasts, Greenbrier now expects:

• Deliveries in the fourth quarter to be between 4,300 units and 4,600 units, resulting in fiscal 2014 deliveries of 15,700 units to 16,000 units
• Fourth quarter revenue to increase 4-6% above third quarter revenue of $593 million, resulting in annual revenue in excess of $2.2 billion
• EPS, excluding restructuring charges, for the fourth quarter in the range of $0.95 to $1.05 resulting in fiscal 2014 EPS, excluding restructuring charges, in the range of $2.98 to $3.08. The Street sees Q4 EPS of $0.86 and FY14 of $2.61.

For earnings history and earnings-related data on Greenbrier Cos. (GBX) click here.

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