Greenbrier Cos. reports

The Greenbrier Cos. Thursday reported net earnings of $12.6 million, or 42 cents per diluted share, in its fiscal fourth quarter ended Aug. 31, compared with earnings of $7.7 million, or 33 cents per diluted share, in its comparable 2010 quarter.

Fourth-quarter revenue was a record $442.7 million, up from $178.8 million in the fiscal fourth quarter of 2010, Lake Oswego, Ore.-based Greenbrier said.

Results for the quarter include a loss on extinguishment of debt of $5.7 million pre-tax, $3.4 million after-tax, for costs associated with the repayment in full of a $72 million term loan. Excluding these charges, net earnings were $16.0 million, or $.52 per diluted share, the company said.

The company also noted its backlog continues to grow, and now is measured at 14,500 units valued at $1.23 billion. New railcar deliveries in the fiscal fourth quarter of 2011 were a record 4,000 units, compared with 700 units in the fourth quarter of 2010. Total new railcar deliveries were 9,400 units in fiscal 2011,compared with 2,500 units in fiscal 2010.

William A. Furman, president and chief executive officer, said, “We ended the quarter and the year with strong operating momentum, particularly in our manufacturing segment where we successfully executed at high production volumes. We continue to see strength in our end markets across each of our business segments and our new railcar backlog continued to grow in our fourth quarter. These factors give us good visibility and confidence that we can support higher new railcar production levels in fiscal 2012.

“We believe our industry fundamentals are sound, and that several forces are driving new railcar demand that are uncoupled from the more uncertain economic and political environments. Among these forces are stronger railroad balance sheets, truck traffic diversion to rail, replacement demand, and a growing strength in the U.S. energy market, which will continue to create increased demand for covered hopper cars and tank cars,” Furman said.