Greenbrier raises earnings forecast, shares rise
July 2 (Reuters) - Railroad operator Greenbrier Cos Inc raised its full-year earnings forecast after reporting a better-than-expected quarterly profit, helped by increased deliveries.
Greenbrier shares were up 7.4 percent at $62 in premarket trading.
The company said it now expects adjusted full-year profit of $2.98-$3.08 per share, up from $2.45-$2.70 forecast earlier.
Greenbrier recorded net profit of $33.59 million, or $1.03 per share, in the third quarter ended May 31, compared with a loss of $56.03 million, or $2.10 per share, a year earlier.
Revenue increased 36.8 percent to $593.3 million.
Analysts on average had expected earnings of 74 cents per share on revenue of $571.06 million, according to Thomson Reuters I/B/E/S.
Greenbrier said it delivered 4,300 new railcars in the quarter, up from 2,500 units a year earlier.
The company received orders for 15,600 railcars during the quarter and for 2,700 more after the quarter ended. The orders were valued at nearly $2 billion. (Reporting by Mridhula Raghavan in Bangalore; Editing by Joyjeet Das)