Greenbrier boasts $570 million liquidity in Q3, debt cut by $21 million

By Lisa Kerner

Charlotte, N.C., July 6 – Greenbrier Cos., Inc. ended its third quarter on May 31 with liquidity of about $570 million from cash balances and borrowings under its credit facilities.

Cash and cash equivalents totaled about $214.4 million.

During the quarter, the company redeemed $14 million of its convertible bonds and repaid $75 million on its credit facilities, said chief financial officer Lorie Tekorius during Greenbrier’s earnings call on Wednesday.

Net funded debt was reduced by more than $21 million and is below $100 million on total assets of $1.8 billion, according to the earnings presentation.

Greenbrier did not repurchase any shares during the quarter and the dividend was increased by $0.05 to $0.21 per share.

“We posted strong operational and financial results in the quarter, particularly in light of growing industry headwinds, said chairman and chief executive officer William Furman. Profitability was solid with aggregate gross margin at 20.7%.”

Net earnings for the quarter were $35.4 million, or $1.12 per diluted share, on revenue of $612.9 million.

Third-quarter adjusted EBITDA was $99.5 million, or 16.2% of revenue.

Greenbrier’s new railcar backlog as of May 31 was 31,200 units with an estimated value of $3.6 billion, compared to 34,100 units with an estimated value of $4.0 billion as of Feb. 29.

New railcar deliveries were down by 200 units from the prior quarter at 4,300 units.

Greenbrier is a Lake Oswego, Ore.-based supplier of transportation equipment and services to the railroad industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.