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Greenbrier Companies Inc (NYSE:GBX) reported first-quarter FY22 revenue growth of 36.7% year-over-year to $550.7 million, beating the consensus of $532.55 million.
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- Revenue by segments: Manufacturing $452.5 million (+48.6% Y/Y); Maintenance Services $72.4 million (+10.4% Y/Y); and Leasing & Management Services $25.8 million (-21.6% Y/Y).
- Net earnings for the quarter were $10.8 million versus a loss of $(10) million a year ago. EPS of $0.32 beat the consensus of $0.21.
- Q1 EBITDA was $42.2 million compared to $70.5 million in 4Q21.
- As of November 30, 2021, the diversified new railcar backlog was 28,000 units with a value of $3 billion.
- The company recorded new railcar orders for 6,300 units valued at $685 million and deliveries of 4,100 units resulting in a 1.5x book-to-bill.
- Additionally, as part of the railcar refurbishment program, the company received orders to rebody 1,400 units.
- At the end of the quarter, liquidity stood at $610 million, including $410 million in cash and ~$200 million of available borrowing capacity.
- The company declared a quarterly dividend of $0.27 per share, payable on February 17, 2022, to shareholders of record as of January 27, 2022.
- Greenbrier's cash used from operating activities was $196.7 million, compared to cash provided of $8.6 million a year ago.
- Outlook: Based on current business trends and production schedules for FY22, the company expects increased deliveries of 17,500 – 19,500 units, including ~1,500 units in Greenbrier-Maxion (Brazil).
- Price Action: GBX shares are trading higher by 1.98% at $48.40 during the premarket session on Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.