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The Greenbrier Companies, Inc. (NYSE: GBX) is a premier international supplier known for its high-quality marine and rail transportation equipment and services. Headquartered in Lake Oswego, Oregon, Greenbrier designs, manufactures, and markets railroad freight car equipment throughout North America and Europe. The company also produces marine barges in North America and offers comprehensive wheel services, railcar refurbishment, parts, leasing, and other related services.
Greenbrier operates through three primary segments: Manufacturing, Maintenance Services, and Leasing & Management Services. The Manufacturing segment generates the majority of the company's revenue by delivering over 21,000 railcars annually, with a production capacity exceeding 35,000 railcars. Their asset management services extend to nearly 400,000 railcars, and the company owns a lease fleet of over 14,000 railcars, offering top-tier railcar management and regulatory compliance services.
The company's strategic initiatives are bolstered by strong engineering expertise and innovative capabilities, making it a crucial player in the transport of essential goods across the Americas, Europe, and the GCC countries. Greenbrier's railcar leasing syndication platform facilitates partnerships with leading fixed-asset investors, contributing to its robust financial performance.
Recent achievements include a record quarterly order of 15,300 new railcars worth $1.9 billion in Q4 2023, the highest in nearly a decade. Greenbrier's extensive backlog and commercial success provide clear visibility into fiscal 2024, with a confident outlook for sustained growth and profitability. Noteworthy updates include the completion of a follow-on offering of railcar asset-backed securities to secure long-term financing for its leasing business.
As of recent financial disclosures, Greenbrier reported solid performance across all operating segments, with an aggregate gross margin of 15% for Q1 2024. The company is on track to double its recurring revenue through strategic investments in its leased railcar fleet, aiming for continuous improvement in operational efficiency and market reach.
For more detailed information, visit www.gbrx.com.
Greenbrier Companies has increased its offering of Convertible Senior Notes due 2028 to $325 million. The notes will have an interest rate of 2.875% and are convertible into shares at an initial price of approximately $55.46 per share, representing a 30% premium over the last stock price. Greenbrier intends to use $228.4 million of the proceeds to repurchase existing notes and $20 million to buy back shares. The offering is expected to close by April 20, 2021.
On April 14, 2021, Greenbrier announced its intention to offer $275 million of Convertible Senior Notes due 2028 in a private placement for qualified institutional buyers. An additional $41.25 million may be purchased by initial purchasers. The Notes will be senior, unsecured, with interest paid semi-annually. Proceeds will be used to repurchase existing 2.875% convertible senior notes due 2024, with up to $20 million allocated for common stock repurchases, potentially affecting the market price. Remaining proceeds will cover general corporate purposes. The offering will comply with SEC regulations.
The Greenbrier Companies (GBX) reported financial results for Q2 FY21, reflecting challenges amid COVID-19. The company secured 3,800 new railcar orders valued at over $440 million, supporting a backlog of 24,900 units worth $2.5 billion. Revenue was $296 million, marking a net loss of $9 million or $0.28 per share. Liquidity remains strong at $708 million, bolstered by a recent $300 million credit facility. Greenbrier's CEO expressed optimism about recovering demand and expects a stronger second half of FY21 as production ramps up.
Greenbrier Companies (NYSE: GBX) has established GBX Leasing, a new subsidiary to manage a portfolio of leased railcars, aimed at generating an annual cash flow of approximately $200 million. The initiative leverages Greenbrier's existing inventory, with an initial investment of nearly $100 million supported by a $300 million credit facility. GBX Leasing will be primarily owned by Greenbrier and aims to enhance customer relations while reducing exposure to railcar order cycles. The strategy is expected to create tax-advantaged cash flows, contributing positively to Greenbrier’s financial outlook.
The Greenbrier Companies (NYSE:GBX) will host a financial results conference call for the second quarter ending February 28, 2021. Scheduled for April 6, 2021, at 8:00 a.m. PDT, the call will be accessible via the Greenbrier website or by phone. The company is a prominent supplier in the freight transportation market, producing railcars and marine barges across North America and Europe. Greenbrier also offers services including leasing and railcar management, maintaining a fleet of 8,700 railcars and managing 445,000 railcars. More information can be found on their website.
The Greenbrier Companies (NYSE:GBX) has launched Qamun, a 55,000 BBL Shallow Draft Double Hull Petroleum Tank Barge, developed by Greenbrier Marine. The vessel, designed for operation in Western Alaska, meets Ice Class and Polar Code standards, showcasing advanced environmental protections. Delivered to Crowley in April 2021, Qamun will work alongside the tug Aurora. This launch continues a successful partnership between Greenbrier and Crowley, highlighted by a private ceremony on March 6, 2021. The barge is compliant with the Jones Act and aims to enhance fuel supply capabilities in remote Alaskan regions.
The Greenbrier Companies (NYSE: GBX) has announced plans to establish a new leasing joint venture, GBX Leasing, in collaboration with The Longwood Group. This venture aims to acquire around $200 million in newly-built and leased railcars per year, primarily sourced from Greenbrier. Greenbrier will maintain a 95% ownership stake in GBX Leasing while leveraging tax advantages from recent legislation. The venture is set to enhance cash flows and reduce exposure to order cycles, with $300 million in initial warehouse debt planned.
The Greenbrier Companies (NYSE: GBX) announced senior management promotions, emphasizing active succession planning. Brian Comstock is appointed Chief Commercial & Leasing Officer, succeeding Mark Rittenbaum, who will retire in August 2022. Alejandro Centurion continues leading the Greenbrier Manufacturing Organization while William Krueger manages new facilities from the ARI acquisition. Rick Galvan takes over Greenbrier Rail Services, and Laurie Dornan is promoted to Chief Human Resources Officer. These changes aim to develop talent and enhance operational continuity.
The Greenbrier Companies (NYSE: GBX) announced the appointment of Admiral Thomas B. Fargo, USN (ret.) as Lead Director, effective January 2021. Fargo, an Independent Director since 2015 and Chair of the Compensation Committee since 2017, succeeds Duane McDougall, who held the role for seven years. In 2020, Fargo was instrumental in establishing a policy for the Chair of the Board to be an independent director post-CEO William A. Furman's retirement in 2022. The Board emphasizes good governance and active shareholder engagement as priorities moving forward.
The Greenbrier Companies reported Q1 FY21 financial results with revenue of $403 million, a decrease of 45% from the previous quarter. The net loss was $10 million, or $0.30 per share. Liquidity stands at $810 million, with a diversified backlog of 23,900 railcars valued at $2.35 billion. The adjusted EBITDA was $23 million, representing 5.8% of revenue. The board declared a quarterly dividend of $0.27 per share and extended a $100 million share repurchase program. Despite a challenging environment, the company anticipates demand recovery later in 2021, supported by strategic actions and backlog strength.
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