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Lower Taxes Boost Greenbrier’s Profit in First Quarter

January 10th, 2013

The Greenbrier Companies reported its profit in the first quarter of fiscal year 2013, ending Nov. 30, 2012, was $10.4 million, up 40.5 percent from $7.4 million in the fourth quarter of fiscal year 2012. The Lake Oswego, Ore.-based railroad equipment supplier said the increase was primarily because of a lower tax rate in the first quarter.

Revenue in the first quarter was $415.4 million, falling 6.3 percent from $443.5 million in the previous quarter, principally due to lower new railcar deliveries with a higher average sales price.

The company’s manufacturing segment generated the most revenue in the first quarter, $285.4 million, followed by the wheel services, refurbishment and parts sector, with $112.1 million, and the leasing and services department, with $17.9 million.

Based on current business trends and industry forecasts, management anticipates that Greenbrier’s new railcar deliveries in 2013 will be about 13,000 units. The company expects that annual revenue will be similar to fiscal year 2012, with the second half of the year stronger than the first half.

Since the beginning of its fiscal year, the company has received orders for 4,200 new railcar units, valued at $430 million, in North America and Europe.

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