Greenbier -2.2% as earnings rise but miss estimates

Greenbrier (GBX -2.2%) reports its FQ2 earnings rose 13% on double-digit increases in revenue at its manufacturing and wheels, repair and parts segments, but shares are lower as results failed to meet Wall Street expectations.

GBX says severe weather and manufacturing line changeovers at a facility in Oregon weighed on resulted, but manufacturing margins should improve in H2.

GBX reports 3,400 new railcar deliveries in the quarter, down 8.1% Q/Q; new railcar manufacturing backlog was 15,200 units valued at ~$1.54B at quarter's end, vs. 13,500 units valued at $1.43B as of Nov. 28.

Expects to continue to expand tank car and retrofit capacity and capabilities, and will certify its largest repair facility in Cleburne, Tex., to perform tank car work.

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