Greenbrier Reports Second Quarter Results

Lake Oswego, Oregon

April 6, 2022

Greenbrier Reports Second Quarter Results

Lake Oswego, Oregon, April 6, 2022 – The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its second fiscal quarter ended February 28, 2022. 

Second Quarter Highlights

  • New railcar orders for 8,500 units valued at $930 million and deliveries of 4,800 units resulted in a 1.8xbook-to-bill.
  • Diversified new railcar backlog as of February 28, 2022 was 32,100 units with a value of $3.6 billion.
  • Railcar refurbishment and other transportation equipment backlog of 3,200 units valued at $180 million for delivery during fiscal 2022 and 2023 reflects Greenbrier’s strong engineering and innovation capabilities. This activity is not included in new railcar backlog.
  • Increased lease fleet utilization to 98%.
  • Regular lease fleet optimization and monetization generated $120 million of proceeds and $25 million of gains.
  • Net earnings attributable to Greenbrier for the quarter were $13 million, or $0.38 per diluted share, on revenue of $683 million.
  • Quarter end liquidity increased to $804 million, including $587 million in cash and $217 million of available borrowing capacity.
  • GBX Leasing completed the issuance of $323 million of asset-backed notes with a blended rate of 2.9%. The notes have a weighted average life of six years.
  • Board declared a quarterly dividend of $0.27 per share, payable on May 10, 2022 to shareholders of record as of April 19, 2022 representing Greenbrier’s 32nd consecutive quarterly dividend.

Lorie Tekorius, President and CEO, commented, “Greenbrier’s commercial momentum continued during the second fiscal quarter of 2022, as we achieved our fifth consecutive quarter with a book-to-bill ratio exceeding 1.0x on orders approaching $1 billion. Greenbrier ended the quarter with backlog at levels last seen six years ago. Financial results in the quarter reflect our unique business model and the opportunities our lease fleet provides to further enhance our performance.

This matters, particularly when we face evolving pandemic-related challenges, like intermittent labor shortages.  Securing and receiving inputs for our products has the full attention of our global sourcing team. We are successfully navigating a supply chain experiencing higher raw material costs and, frequently, more expensive logistics activity. Robust order activity, strong liquidity and the evolution of our leasing business continues to strengthen Greenbrier, expanding our market position and earnings potential as we manage escalating costs and other operating strains.”

William A. Furman, Executive Chairman, added, “The tragedy in Ukraine and its impact on commodity prices are likely to have far-reaching consequences to the global railcar industry, including growth in rail freight in many sectors. We are closely watching global commodity markets, including crude oil, grain and fertilizers, that are traditionally leading indicators for expansion in freight rail loadings. Now operating on four continents, Greenbrier is continuously assessing the effect of geopolitical developments, and actively working to support the safety and security of our employees and the cybersecurity of our information and data infrastructure. Since 2020, we have experienced some of the most daunting operating conditions in Greenbrier’s history. We have not only survived, but we have thrived in this changing environment. Our industry-leading manufacturing footprint, our growing services business and our established capabilities allow us to meet these challenges directly, bringing customers the solutions that meet their needs.”

Business Update & Outlook

Greenbrier continues to meet the challenges of emerging COVID variants while balancing economic, supply chain and labor volatility. Based on current business trends and production schedules for fiscal 2022, Greenbrier expects:

  • Deliveries of 17,500 – 19,500 units including approximately 1,500 units in Greenbrier- Maxion(Brazil).
  • Selling & administrative expense to be $200 – $210 million.
  • Capital expenditures of $275 million in Leasing & Management Services, $55 million in Manufacturing and $10 million in Maintenance Services. Net of proceeds of equipment sales of approximately $150 million, capital expenditures in Leasing & Management Services will be $125million.

Financial Summary


Q2 FY22

Q1 FY22

Sequential Comparison – Main Drivers




19% increase in deliveries including stronger syndication activity

Gross margin



Impact of production ramping inefficiencies, Omicron variant and mitigation of supply chain disruptions

Selling and administrative



Increased employee costs, consulting, travel and legal expense from higher business activity levels

Net gain on disposition of equipment



Increased gains from regular fleet optimization and monetization




Increased operating earnings reflecting higher revenue across all business units; See reconciliation on page 10

Net loss attributable to noncontrolling interest



Partners’ share of consolidated JV’s operating results

Net earnings attributable to




Improved operating earnings partially offset by more

typical earnings from unconsolidated affiliates

Diluted EPS




Segment Summary


Q2 FY22

Q1 FY22

Sequential Comparison – Main Drivers





Increased deliveries primarily in North America

Gross margin



Inefficiencies from ramping production, impact of the Omicron variant and increased expense to mitigate supply chain disruptions

Operating margin (1)




Deliveries (2)




Maintenance Services




Increased volumes due to winter seasonality

Gross margin



Improved throughput despite labor challenges

Operating margin (1)




Leasing & Management Services (including GBX Leasing)




Primarily increased syndication activity

Gross margin



Operating margin (1) (3)



Benefited from timing of gains from fleet optimization

Fleet utilization




(1) See supplemental segment information on page 9 for additional information.

(2) Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

(3) Includes Net loss (gain) on disposition of equipment, which is excluded from gross margin.

Conference Call

Greenbrier will host a teleconference to discuss its second quarter of 2022 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website.

Teleconference details are as follows:

  • April 6, 2022
  • 8:00 a.m. Pacific Daylight Time
  • Phone: 1-888-317-6003 (Toll Free) 1-412-317-6061 (International), Entry Number “8138307”
  • Real-time Audio Access: (“Newsroom” at Please access the site 10-15 minutes prior to the start time.

About Greenbrier
Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars and marine barges in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America through our rail services business unit. Greenbrier manages 431,000 railcars and offers railcar management, regulatory compliance services and leasing services to railroads and other railcars owners in North America. GBX Leasing (GBXL) is a special purpose subsidiary that owns and manages a portfolio of leased railcars that originate primarily from Greenbrier’s manufacturing operations. GBXL and Greenbrier own a lease fleet of 11,000 railcars.

Learn more about Greenbrier at