Greenbrier books orders for 2,000 railcars

The Greenbrier Companies announced Friday that it has received orders for 2,000 new covered hoppers and other railcars valued at approximately $135 million. Booked in November and December, these orders come on top of orders received in September and October, valued at $200 million, subsequent to the company’s Aug. 31, 2010 fiscal year end. The company’s Aug. 31 railcar manufacturing backlog was 5,300 cars valued at $420 million.

Greenbrier intends increase production rates starting in January and will open an additional production line late in the second calendar quarter of 2011. “Based on current production plans and scheduled delivery dates, new railcar deliveries are expected to be significantly higher in the second half of the current fiscal year than the first half,” said the company.

Separately, the company released preliminary, selected financial results for its first quarter ended Nov. 30, 2010. Revenue is expected to be approximately $200 million. Greenbrier anticipates a net loss in the range of approximately $0.09 to $0.14 per diluted share.

These anticipated results include a gain of $1.1 million net of taxes, or $0.05 per diluted share, from insurance proceeds received by the company associated with a fire in January 2009 at one of the company’s wheel services facilities.

Greenbrier stock was up 4.4% in midday trading Friday on the New York Stock Exchange, at a 12-month high.