- Obama Should Show International Leadership: El-Erian
- US Economy 'Has Fallen off a Cliff': El-Erian
- Euro Stocks Rise, Buoyed by Commodities
- PC Maker Lenovo's Quarterly Earnings Plunge
- Microsoft CEO Pours Cold Water on Yahoo Interest
- DBS Profit Dips 38%; Bank Warns About Outlook
- South Korea Cuts Rates For Third Time In a Month
- Toyota Dives as Trade Resumes After Profit Warning
- Panasonic Shares Plunge on Sanyo Electric Deal
- Yahoo!'s Yang: The 'Height of Hubris'
- Lightning Round: Intel, ABB, Goldman Sachs and More
- Lightning Round OT: Quanta Services, Jacobs Engineering and More
- Sell Block: The Problem With Analysts
- Executive Decision: Tupperware CEO Rick Goings
- Buffett's Buying, But Should You?
- Your First Move For Friday November 7th
- Web Extra: Battle The Bear
- Fast & Furious Trades For Friday
- British bankruptcies jump 9.5 percent in 3Q
- Bid for Serbia's airline fails
- Boston Globe cuts 42 business jobs
- EU leaders consider financial reform to-do list
- Ahead of the Bell: Fannie, Freddie loan limits
- Daimler: Oct. global sales slide 18 percent
- Zimbabwe returns $7.3 million to AIDS group
- BA shares soar 15 pct, despite $77 million 1H loss
- Luxury carmaker BMW drops 2008 sales goal
- IMF says Cambodian economic growth to slow in 2009
Text Size 
LAKE OSWEGO, Ore. - Railcar manufacturer Greenbrier Cos. said Thursday its fourth-quarter profit dropped 44.3 percent as the number of new railcars it delivered fell.
For the quarter that ended Aug. 31, net income slid to $7.4 million, or 45 cents per share, from $13.2 million, or 82 cents per share, in the prior-year quarter.
The company said the most recent quarter included 14 cents per share in special charges from closing its Canadian railcar manufacturing facility.
Analysts polled by Thomson Reuters expected a profit of 39 cents per share. Analyst estimates typically exclude one-time items.
Revenue rose 3.2 percent to $362 million from $350.6 million in the fourth quarter of 2007. Analysts predicted revenue of $324.9 million.
Greenbrier said deliveries of new railcars fell to 1,800 units from 2,400 during last year's fourth quarter. The company previously warned that rising raw material prices meant it faced a potential loss on some 1,000 railcars that had been ordered but not yet delivered.
On Thursday, the company said 300 of those orders had been canceled, and it recorded a loss contingency of $3.9 million on the other 700 cars during the quarter.
The company's railcar manufacturing division is its largest, and its revenue of $180.7 million in the most recent quarter was down slightly from $182.2 million a year ago.
Revenue at its refurbishment and parts business jumped 35.7 percent to $158.6 million from $116.9 million.
President and Chief Executive William A. Furman said the company expects a turbulent economy and fragile credit markets to pressure demand for new railcars. He said railcars will be a tough business in the near term, but the segment "produces attractive returns during the growth phase of the economic cycle. The economy will eventually recover and we believe demand for new freight cars will return to more normalized levels."
Print
Email
Del.icio.us
Digg It
Data is a real-time snapshot *Data is delayed at least 15 minutes