Shares of railroad freight car equipment company Greenbrier (NYSE:GBX) are up today after it reported earnings for its second quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.99, which beat analysts’ consensus estimate. Sales increased by 64% year-over-year, with revenue hitting $1.12 billion. This was $50 million above expectations.
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The company estimates that it has $3.1 billion in its railcar backlog, based on 25,900 units. 4,500 units with a value of $580 million came from the most recent quarter. In addition, Greenbrier delivered 7,600 units.
Looking forward, management now expects revenue to be in the range of $3.4 billion to $3.7 billion for Fiscal Year 2023, up from its previous range of $3.2 billion to $3.6 billion. For reference, analysts were expecting $3.45 billion.
A look at the past five trading days shows the impact that today’s news had on GBX stock. Indeed, shares were on a downtrend until the earnings report sent them over 11% higher. As a result, shares are up over 7% during this timeframe.
