The Greenbrier Companies, an international supplier of equipment and services to global freight transportation markets, reported financial results for its first fiscal quarter ended Nov. 30, 2020.

First Quarter Highlights

• Greenbrier reported liquidity of $810 million, including $725 million in cash and $85 million of available borrowing capacity. When combined with $150 million of additional initiatives in progress, the total reaches $960 million.
• Greenbrier’s new railcar backlog as of Nov. 30, 2020, was 23,900 units with an estimated value of $2.35 billion, including orders for 2,900 railcars valued at approximately $260 million received during the quarter. Deliveries in the quarter were 3,100 units, representing a nearly 1x book-to-bill.
• Net loss attributable to Greenbrier for the quarter was $10 million, or $0.30 per diluted share, on revenue of $403 million.
• Adjusted EBITDA for the quarter was $23 million, or 5.8% of revenue.
• Greenbrier’s board declared a quarterly dividend of $0.27 per share, payable on Feb. 16, 2021, to shareholders as of Jan. 26, 2021, representing Greenbrier’s 27th consecutive dividend.
• The board also extended its $100 million share repurchase program through January 2023.

“Greenbrier remains focused on sustaining a high level of liquidity and carefully managing our manufacturing footprint in order to continue to generate operating cash flow. Consistent with these goals, we ended the quarter with a strong cash position while meaningfully lowering our debt during the quarter,” William A. Furman, chairman and CEO of Greenbrier, said. “Our prior cost reduction initiatives, combined with inventory and syndication activity, produced solid cash flow in the quarter. Although a challenging operating environment persists at least through the first half of fiscal 2021, our $2.35 billion backlog provides a baseload for our manufacturing operations and visibility into forward production requirements. We will continue to adjust our manufacturing footprint based on our outlook while also ensuring we do not constrain our ability to scale capacity as demand increases. New order inquiries continue as rail traffic increases and velocity declines. This positions us well for the market improvements we expect later in calendar 2021. Finally, our strategic actions over the past two years, particularly the acquisition of ARI in the U.S., have delivered results. We have reduced our costs and secured our position as a market leader on three continents, especially in our core North American market.”