Broad demand across all railcar types leads to
highest quarterly orders in nearly a decade
LAKE
OSWEGO, Ore., Sept. 21,
2023 /PRNewswire/ -- The Greenbrier Companies,
Inc. (NYSE: GBX) today announced that it had received orders for
15,300 new railcars with an aggregate value of $1.9 billion during its fiscal fourth quarter
ended on August 31, 2023. Orders for
the quarter demonstrate Greenbrier's lease origination capabilities
balanced with its direct sale expertise. The 15,300 units were
ordered by customers operating in various commercial sectors and
spanned a range of railcar types, yielding Greenbrier's highest
quarterly order count in nearly a decade. Railcar orders announced
today do not include any multi-year order activity.
Lorie L. Tekorius, CEO and
President, said, "Greenbrier continued its solid operational
execution, and our Commercial team performed exceptionally in our
fiscal fourth quarter. Our backlog and this order activity provide
clear visibility through fiscal 2024, increasing our confidence in
our operating expectations. Further, our leasing and aftermarket
services businesses will provide additional stability and balance
through economic cycles."
"The diverse range of orders across railcar types
exceeded Greenbrier's expectations for the quarter. It also
indicates Greenbrier's strength in our North American and European
markets. Order levels are distinct from the high demand seen during
the crude-by-rail era of the 2010s. Today, one or two railcar types
are not powering the market. Although railcar loadings are not
fully back at pre-pandemic levels, we believe that growth in key
commodity markets will keep railcar demand steady and above
replacement levels in future periods," said Brian J. Comstock, EVP Chief Commercial and
Leasing Officer.
Greenbrier expects to announce fiscal fourth-quarter and fiscal
year 2023 earnings on Wednesday, October
25. Certain orders referenced in this release are subject to
customary documentation and completion of terms.
About Greenbrier
Greenbrier, headquartered in Lake
Oswego, Oregon, is a leading international supplier of
equipment and services to global freight transportation markets.
Through its wholly-owned subsidiaries and joint ventures,
Greenbrier designs, builds and markets freight railcars in
North America, Europe and Brazil. We are a leading provider of freight
railcar wheel services, parts, maintenance and retrofitting
services in North America through
our maintenance services business unit. Greenbrier owns a lease
fleet of approximately 12,500 railcars that originate primarily
from Greenbrier's manufacturing operations. Greenbrier offers
railcar management, regulatory compliance services and leasing
services to railroads and other railcar owners in North America. Learn more about Greenbrier at
www.gbrx.com.
Forward-Looking Statements
This press release contains forward-looking statements,
including statements that are not purely statements of historical
fact. Greenbrier uses words, and variations of words, such as
"backlog", "believe", "confidence", "demand", "demonstrate,"
"expect", "future", "indicate", "keep", "lead", "will", and similar
expressions to identify forward-looking statements. These
forward-looking statements include statements concerning
Greenbrier's expected financial results. These forward-looking
statements are not guarantees of future performance and are subject
to certain risks, uncertainties and important factors that could
cause actual results to differ materially from the results
contemplated by the forward-looking statements. Such risks,
uncertainties and important factors that might cause such a
difference include, but are not limited to, the following: an
economic downturn and economic uncertainty; inflation (including
rising energy prices, interest rates, wages and other escalators)
and policy reactions thereto (including actions by central banks);
disruptions in the supply of materials and components used in the
production of our products; the war in Ukraine and related events, and the COVID-19
pandemic, variants thereof, governmental reaction thereto, and
related economic disruptions (including, among other factors,
operations and supply disruptions and labor shortages). Our backlog
of railcar units and other orders not included in backlog are not
necessarily indicative of future results of operations. There may
be other factors that may cause our actual results to differ
materially from the forward-looking statements, including the
risks, uncertainties and factors described in more detail in the
Company's filings with the SEC, including in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's most recently
filed Annual Report on Form 10-K. Except as otherwise required by
law, the Company assumes no obligation to update any
forward-looking statements or information, which speak as of their
respective dates. Readers are cautioned not to place undue reliance
on these forward-looking statements, which reflect management's
opinions only as of the date hereof.
View original
content:https://www.prnewswire.com/news-releases/greenbrier-announces-orders-for-15-300-new-railcars-valued-at-1-9-billion-301934323.html
SOURCE The Greenbrier Companies, Inc.