UPDATE: Greenbrier Posts Upbeat Q3 Results, Lifts Full-Year Outlook

The Greenbrier Companies GBX reported upbeat third-quarter earnings and lifted its full-year outlook. Greenbrier shares surged more than 7% in pre-market trading. For the full year, Greenbrier now projects adjusted profit of $2.98 to $3.08 per share, versus its earlier forecast of $2.45 to $2.70 per share. Greenbrier posted a quarterly net profit of $33.59 million, or $1.03 per share, versus a year-ago loss of $56.03 million, or $2.10 per share. Its revenue rose 36.8% to $593.3 million. However, analysts were estimating earnings of $0.74 per share on revenue of $571.06 million. Greenbrier delivered 4,300 new railcars during the third quarter, versus 2,500 units in the year-ago period. Greenbrier also received orders for 15,600 railcars in the quarter. As of May 31, 2014, its railcar backlog was 26,400 units with an estimated value of $2.75 billion. The company repurchased 352,000 shares at a cost of $16.0 million during the quarter. William A. Furman, Chairman and CEO, said, "This quarter represents a solid and sustainable performance level, and provides a good base for further growth and diversification. All three of our business segments improved their financial performance, with manufacturing and leasing continuing to lead the way. I am very proud of our employees for their achievements and execution against our strategic plan." Greenbrier shares gained 7.87% to $62.25 in pre-market trading.