Key Developments: The Greenbrier Companies Inc (GBX)
19 Jun 2013
Latest Key Developments (Source: Significant Developments)
The Greenbrier Companies Inc announced that for fiscal 2013, it expects revenue, adjusted EBITDA and earnings per share (EPS) to be similar to fiscal 2012, with the second half of the year being stronger than the first half of the year. The Company reported revenue of $1.807 billion, EBITDA of $161.16 million and EPS of $1.91 in fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenues of $1.888 billion, EBITDA of $166 million and EPS of $1.92 for fiscal 2013. Full Article
The Greenbrier Companies Inc announced that it received new orders in January, February, and March for 5,400 railcar units valued at approximately $575 million. These orders are broad-based across a range of railcar types including automotive-related rail products, tank cars,double-stack intermodal platforms, boxcars and various types of covered hopper cars. Continued strength in energy and industrial chemical markets led to orders for nearly 2,700 of Greenbrier's higher margin tank cars. The Company also received orders for over 700 automotive-related rail products including 89-foot flatcars and the Company's proprietary Multi-Max auto racks in North America, and for open and closed car carriers in Europe. The remaining orders are for double-stack intermodal platforms, boxcars, mill gondola cars and covered hopper cars, including an initial order for the Company's new plastic pellet car. Full Article
Greenbrier Companies Inc announced that based on current business trends and industry forecasts, management currently anticipates the Company's new railcar deliveries in fiscal 2013 to be about 13,000 units. While deliveries are expected to be below the 15,000 deliveries for fiscal 2012, the Company anticipates the product mix will be more favorable and include railcars with higher average selling prices. The Company anticipates fiscal 2013 revenue, adjusted EBITDA and earnings per share will be similar to fiscal 2012, with the second half of the year being stronger than the first half of the year. Full Article
Greenbrier Companies Inc Again Rejects $22 Per Share Proposal From Carl Icahn And American Railcar Industries Inc
Greenbrier Companies Inc reaffirmed that American Railcar Industries Inc.'s conditional proposal to acquire Greenbrier Companies for $22 per share is unacceptable and not in the best interests of Greenbrier stockholders. Greenbrier also refuted the characterization of events and discussions described in the letter from American Railcar to Greenbrier dated December 19, 2012. Although representatives of the two companies and Greenbrier's advisers have held discussions on numerous occasions since November 2012, at no point during these discussions did representatives of Greenbrier or its advisers invite or encourage American Railcar to make an offer to acquire Greenbrier for a price in the range of $20 - $22 per share. To the contrary, Greenbrier has made clear to Mr. Icahn and his representatives that a price range of $20 - $22 per share would not be acceptable to Greenbrier Companies. Full Article
Block & Leviton LLP Investigates Greenbrier Companies Inc. For Possible Breaches Of Fiduciary Duty In Connection With Its Potential Acquisition by American Railcar Industries, Inc.
Block & Leviton LLP announced that it commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Greenbrier Companies Inc. ("Greenbrier" or the "Company") concerning the proposed acquisition of the Company by American Railcar Industries, Inc. ("ARI"), a company controlled by activist investor Carl Icahn ("Icahn"), in an all-cash transaction. Under the terms of the proposed offer, ARI would acquire Greenbrier in a cash deal for approximately $20.00 per Greenbrier share, setting a value for the Company at approximately $543 million . However, this price would fail to take into account the fact that Greenbrier common stock has been steadily climbing, gaining 36% in just the past month. Moreover, the proposed offer price represents only two-thirds the offer price of the most recent attempt to merge Greenbrier and ARI. Likewise, the offer price is barely a five percent premium to the previous day's closing price. Similarly, the Company's intrinsic value is $28.56 , as measured by the Thomson Reuters StarMine model. The Starmine model measures how much a stock should be worth by considering expected growth rates. Finally, at least one analyst has set a target price of $35.00 per share for the Company, and the mean analyst target price is $20.60 . As such, it appears that the potential transaction offers insufficient recognition of Greenbrier's growth potential. Full Article
Greenbrier Companies Inc announced that it management anticipates that at the upper end of the delivery guidance range, fiscal 2013 revenue, adjusted EBITDA and earnings per share will be similar to fiscal 2012, with the second half of the year being stronger than the first half of the year. Full Article
The Greenbrier Companies announced that based on current business trends, the Company anticipates revenue, adjusted EBITDA and earnings per share will be higher in the fourth quarter of 2012, compared to the fourth quarter of 2011. Full Article
The Greenbrier Companies announced that it expects revenues and adjusted EBITDA in the second half of 2012 to be higher than the first half of 2012, primarily due to higher deliveries. The Company reported revenue of $398.2 million for the first quarter of 2012; $458.19 million for the second quarter of 2012 and EBITDA of $36.77 million for the first quarter of 2012; $39.38 million for the second quarter of 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $498 million for the third quarter of 2012; $492 million for the fourth quarter of 2012 and EBITDA of $45 million for the third quarter of 2012; $45 million for the fourth quarter of 2012. Full Article
The Greenbrier Companies announced that based on current business trends, management anticipates that both revenues and adjusted EBITDA will be significantly higher in fiscal 2012, compared to fiscal 2011. The Company reported revenue of $1.243 billion and EBITDA of $101.0 million in fiscal 2011. According to I/B/E/S estimates, analysts are expecting the Company to report revenue of $1.600 billion and EBITDA of $153.8 million for fiscal 2012. Full Article
The Greenbrier Companies announced that it has recently received orders for 3,700 new railcar platforms valued at approximately $285 million. The orders are primarily for double-stack intermodal platforms, boxcars, covered hopper cars and tank cars for the North American market and various car types for the European market. Delivery of these orders is anticipated to occur principally in calendar 2012. Full Article
- Railcar maker Greenbrier Cos Inc , which was riding a surge in demand for oil tank cars until the middle of last year, said it was looking to sell some of its non-core businesses after overall deliveries fell for the third quarter in a row.