Greenbrier’s Railcar Business: FY2023 Financial Insights & Outlook

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Greenbrier’s railcar business is booming! With a $3.96 billion backlog and strong revenue, the company projects continued growth in the railcar market for 2024.

Greenbrier’s Railcar Business: FY2023 Financial Insights & Outlook
April 16, 2017 12:10 am
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Introduction

In November 2023, The Greenbrier Companies, Inc. reported financial results for its fiscal year ended August 31, 2023, revealing details about its railcar business and market dynamics.

Financial Performance

For fiscal year 2023, The Greenbrier Companies, Inc. reported revenues of $3.58 billion, up from $2.89 billion in fiscal year 2022. Gross margin was 14.1%, compared to 15.6% in the prior year. The company’s net earnings attributable to Greenbrier were $12.3 million, or $0.37 per diluted share. Adjusted EBITDA for the fiscal year was $295.1 million. Greenbrier’s new railcar backlog as of August 31, 2023, was 31,100 units, with an estimated value of $3.96 billion.

Operational Highlights

Greenbrier delivered 18,900 railcars during fiscal year 2023. Manufacturing backlog grew by approximately 2,000 units during the fourth quarter. Greenbrier’s lease fleet utilization rate was 98.7%. The company repurchased 0.8 million shares of its common stock for $24.7 million. Greenbrier ended the fiscal year with cash and equivalents of $283.6 million and available borrowing capacity of $730 million.

Market Outlook

Greenbrier anticipates fiscal year 2024 revenue to be in the range of $3.7 billion to $4.0 billion. Deliveries are expected to be between 19,000 and 21,000 railcars. The company forecasts adjusted EBITDA to be in the range of $320 million to $360 million. Greenbrier expects continued strength in railcar demand driven by diverse end markets.

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Management Commentary

William A. Furman, Chairman and CEO of Greenbrier, expressed satisfaction with the fiscal year’s performance, highlighting the increased revenue and backlog. He noted the company’s focus on operational efficiency and its strategic investments to meet growing market demands.

Conclusion

The Greenbrier Companies, Inc. concluded fiscal year 2023 with increased revenue and a strong backlog, projecting continued growth in the railcar business for fiscal year 2024. The company’s financial performance reflects its strategic focus on operational efficiency and market demand.

Company Summary

The Greenbrier Companies, Inc.: A company that manufactures and leases railcars in North America and Europe.

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