UPDATE: Greenbrier Shares Surge On Upbeat Q1 Earnings

Shares of

jumped more than 9% in pre-market trading after the company reported better-than-expected earnings for its first fiscal quarter. The company also raised its earnings forecast for FY 2015. The Lake Oswego, Oregon-based company posted quarterly net earnings of $32.8 million, or $1.01 per diluted share, compared to $15.4 million, or $0.49 per diluted share, in the year-ago period. Its revenue climbed to $495 million from $490 million. However, analysts were expecting earnings of $0.74 per share on revenue of $540.52 million. As of November 30, 2014, railcar backlog was 41,200 units with an estimated value of $4.20 billion, versus 31,500 units with an estimated value of $3.33 billion as of August 31, 2014. Marine backlog as of November 30, 2014 was around $100 million. New railcar deliveries slipped to 4,000 units for the quarter, from 4,800 units for the quarter ended August 31, 2014. The company's board authorized a $25 million rise in current share repurchase program. Greenbrier now expects FY15 earnings of $5.20 to $5.50 per share on revenue of around $2.6 billion. Analysts expected earnings of $4.47 per share. It projects FY15 deliveries of approximately 21,000 units. Greenbrier also announced its plans to acquire 19.5% stake in Amsted-Maxion Hortolandia for $15 million. William A. Furman, Chairman and CEO, said, "Our integrated business model continues to serve the wide-ranging transportation needs of our customers with each of our business units delivering enhanced performance beyond our own high expectations this quarter. Our strategy to diversify our product mix, add efficient, flexible capacity in low-cost facilities and drive considerably more product through our leasing model is paying off with manufacturing and leasing continuing to lead the way. Our business has never been stronger, with continued robust earnings, a growing and diverse backlog and significantly increased earnings expectations for 2015." Greenbrier shares jumped 9.51% to $54.00 in pre-market trading.