UPDATE: Greenbrier Posts Upbeat Q1 Profit

Greenbrier Companies

reported a 28% drop in its fiscal first-quarter profit. Greenbrier's quarterly earnings fell to $10.4 million, or $0.35 per share, from $14.5 million, or $0.48 per share, in the year-ago period. Economic earnings came in at $0.37 per share. Its revenue climbed 4.3% to $415.4 million. However, analysts were expecting earnings of $0.31 per share on revenue of $400 million. Its gross margin declined to 11.5% from 11.7%, while selling and administrative costs climbed 12%. Greenbrier shares closed at $17.27 yesterday.