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Greenbrier Companies Inc (NYSE: GBX) announced 21.2 percent drop in profit for the third quarter hurt by 8.4 percent fall in the top line. However, both earnings, as well as revenue came in above the Street analysts' expectations.
Greenbrier said its net income fell 21.2 percent to $35.4 million from $44.9 million while earnings dipped 20.6 percent to $1.12 a share from $1.41 a share in the year-ago quarter. Street analysts estimated the company to report earnings of $1.09 a share.
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The company's top line dipped 8.4 percent to $612.9 million from $669.1 million in the previous year quarter. Analysts' predicted $599.53 million revenue for the third quarter. The company indicated that its Marine backlog exceeded $120 million.
Greenbrier Chairman and CEO, William Furman, said, "We posted strong operational and financial results in the quarter, particularly in light of growing industry headwinds. Profitability was solid with aggregate gross margin at 20.7%. I am proud of our results so far this year and pleased that we expect to achieve full year results within our range of expectations. This is a testament to the dedication of our employees and strength of our integrated business model."
Furman continued, "As North American rail markets adjust to lower railcar loadings and increased rail velocity, we will focus on this core business while growing our earnings base in select international markets where long-term demand for railcars is strong. We achieved an important international milestone by beginning production of 1,200 tank cars for Saudi Railway Company's October 2015 order. I am also pleased about the recently announced extension of our partnership in Brazil and strongly believe that global markets will be a key driver of future growth."
Moving ahead, the company expects earnings to be $5.70-$5.90 a share for the fiscal year 2016 on revenue of about $2.8 billion. Analysts are looking for earnings of $5.88 a share on revenue of $2.74 billion.
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.