: Greenbrier stock slumps 8% after swinging to loss in fiscal first quarter

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Greenbrier Cos. Inc. stock GBX, -17.90% slid 8% in premarket trade Friday, after the maker of railcars and other equipment and services for the freight sector swung to a loss in its fiscal first quarter. Lake Oswego, Ore.-based Greenbrier had a loss of $16.7 million, or 58 cents a share, for the quarter to Nov. 30, after income of $10.8 million, or 32 cents a share, in the year-earlier period. Excluding a noncash asset impairment charge, the company had adjusted per-share earnings of 5 cents, well below the 48 cent FactSet consensus. Revenue rose to $766.5 million from $550.7 million a year ago, ahead of the $740.0 million FactSet consensus. The company won new railcar orders for 5,600 units valued at $700 million in the quarter and delivered 4,800 units. It ended the quarter with a new railcar backlog of 28,300 units valued at an estimated $3.4 billion. The company said it would cease operations at a Portland, Oregon facility after a strategic review of its marine business, resulting in the noncash charge of $24 million for asset impairment. For fiscal 2023, the company is expecting revenue of $3.2 billion to $3.6 billion, while FactSet is expecting $3.3 billion. The stock has fallen 26% in the last 12 months, while the S&P 500 SPX, +2.28% has fallen 19%.

This article was originally published by Marketwatch.com. Read the original article here.

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