Higher new railcar deliveries helped Greenbrier (NYSE: GBX) post sales of $1.05 billion, up 3.5% y/y for the fourth fiscal quarter and full year ended Aug. 31.
Net earnings for the quarter were $62 million, or $1.92 per diluted share, on revenue of $1.1 billion.
Earnings before interest, taxes, depreciation and amortization was $159 million.
The Portland, Oregon-based company’s lease fleet grew by 300 units to 15,500 units in the fourth quarter, with lease fleet utilization of nearly 99%.
Quarterly new railcar orders totaled 4,400 units valued at $575 million with deliveries of 7,000 units. Full-year new railcar orders were 21,700 units valued at $2.8 billion with deliveries of 23,700 units.
The order backlog is 26,700 units with an estimated value of $3.4 billion.
“Greenbrier ended fiscal 2024 with a great fourth quarter,” said Lorie L. Tekorius, chief executive and president. “We are extremely pleased to have delivered aggregate gross margin of nearly 16% in fiscal 2024, in line with our long-term target. This achievement reflects the efficiency initiatives we have been focused on for the last 18 months to improve margins in our core manufacturing business and the growth of recurring revenue from our leasing platform.”
Tekorius said the improved results came amid an uncertain macroeconomic backdrop. This includes modest growth in North American rail freight volumes and idling of some rolling stock by railroads as part of their scheduled operating plans.
For full-year 2025, the company is forecasting railcar deliveries of 22,500-25,500 units and revenue of $3.35 billion-$3.65 billion.
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