Greenbrier profit beats estimate; outlook positive
(Reuters) - Railcar maker Greenbrier Cos Inc's (GBX.N) quarterly profit beat analysts' expectations on increased railcar deliveries, and the company forecast higher earnings and revenue for the fourth quarter.
But Greenbrier said it expects railcar deliveries to fall by 500 units to 4,000 units for the current quarter, on a sequential basis.
Greenbrier indicated in April that fourth-quarter deliveries could be lower as it starts to make auto-carrying cars that require more manual work and take longer to produce.
The company said it was increasing production rates of tank cars that carry oil and had plans to open a second tank car line in fiscal 2013 to address rising demand.
Lake Oswego, Oregon-based Greenbrier reported earnings of $19.1 million, or 61 cents per share, for the third quarter ended May 31 compared with a net loss of $3.3 million, or 14 cents per share, a year ago.
Revenue rose 11 percent to $507.8 million. Manufacturing segment revenue more than doubled to $364.9 million.
Analysts on average were expecting earnings of 60 cents per share on revenue of $519.4 million, according to Thomson Reuters I/B/E/S.
Greenbrier shares closed at $16.06 on the New York Stock Exchange on Wednesday.
(Reporting by Bijoy Koyitty in Bangalore; Editing by Joyjeet Das)