Downes tabbed as GBX CFO
The Greenbrier Companies, Inc. announced that its Senior Vice President and acting Chief Financial Officer Adrian Downes has been appointed Chief Financial Officer.
Greenbrier Companies
Greenbrier acquiring ARI
In a transaction valued at $400 million, the Greenbrier Companies, Inc. (GBRX) has entered into an agreement to acquire the manufacturing business of American Railcar Industries (ARI) from ITE Management LP (ITE), the hedge fund that bought ARI from investor Carl Icahn in December 2018. GBX said the result will be “a larger U.S. railcar manufacturing footprint, adding ARI’s two manufacturing facilities in Arkansas. It will employ more U.S. workers at cost-competitive and flexible facilities, with a more-efficient delivery model throughout North America, due to lower transportation costs.”
Greenbrier “underwhelming” earnings temporary: Furman
The Greenbrier Companies, in reporting financial results for its second fiscal quarter ended Feb. 28, said earnings it characterized as “underwhelming” due to certain one-time charges were expected and should be confined to the quarter.
Greenbrier receives $450MM in orders, previews FY2Q financials
The Greenbrier Companies announced March 22 that it had received orders for 3,800 new railcars with an aggregate value of nearly $450 million during its fiscal second quarter ended Feb. 28. At the same time, the company announced preliminary financial results for its fiscal second quarter.
Greenbrier 1Q net off on lower railcar deliveries
The Greenbrier Cos. saw earnings decline on weaker revenue after lower deliveries of new railcars in the first quarter of fiscal 2019.
Greenbrier and Saudi Railway Company to form joint venture
U.S.-based railcar builder The Greenbrier Cos. further extended its global footprint with an agreement for rail projects and freight cars in Saudi Arabia.
Tank car building surge imminent: Cowen
An estimated 64,000 DOT117J (new) and DOT117R (retrofit) tank cars will be produced over the 2019-2022 time frame as confidence grows in a tank car demand resurgence, according to Cowen and Company analyst Matt Elkott.
Commentary
Tank railcar market continues to evolve
Financial Edge, September 2018: According to the good people at Railinc (a perennial speaker at the annual Rail Equipment Finance Conference, www.railequipmentfinance.com), as of July 1, 2018, 12,581 tank railcars had been retrofit to the DOT117R standard. In the first seven months of 2018, 5,349 tank railcars were retrofit (an average of 764 per month). If retrofits continue at the same pace for the remainder of the year, the total number of retrofit cars completed in 2018 would be more than double the total number of retrofits completed by the end of 2017.
Greenbrier names Tekorius COO
The Greenbrier Cos. Inc. Executive Vice President and Chief Financial Officer Lorie Tekorius has been appointed EVP and Chief Operating Officer, a newly created position with expanded responsibilities, reporting to Chairman, President and CEO William A. Furman.
GBW Railcar Services uncouples
The Greenbrier Cos. Inc. and Watco Cos. LLC have agreed to discontinue their GBW Railcar Services (GBW) railcar repair joint venture, formed in 2014 by combining their shops into a nationwide network of railcar repair facilities. Under the agreement, the repair shops and employees at each location will return to management by their previous operators.