Orders for 3,200 diversified railcars were received during this quarter, valued at over $290 million. Meanwhile, new railcar backlog as of November 30, 2017 was 26,500 units with an estimated value of $2.56 billion and new railcar deliveries totaled 4,400 units for the quarter.
Looking ahead, the company reaffirmed its fiscal year 2018 earning guidance of $4.00/share, excluding non-recurring items, which fell short of current expectations. Its sales forecast of $2.4-2.6 billion was also reaffirmed, which falls in-line with expectations.
Deliveries will be approximately 20,000-22,000 units including Greenbrier-Maxion (Brazil) which will account for up to 10% of deliveries. Following the top and bottom line miss and reaffirmed guidance, shares of GBX are down almost 7%.
The company said, "the new railcar market in North America is challenging, broad-based demand for Greenbrier's products and services remains steady and we expect will trend higher as we advance through fiscal 2018. During the recent quarter, Greenbrier received 3,200 orders for a broad range of railcar types including covered hoppers, tanks, automotive carrying units and our first orders for open top hoppers for use in aggregate service."
Greenbrier's disciplined balance sheet management has resulted in a strong cash position and very low net debt. The company has good backlog visibility.
The company is a leading designer, manufacturer and marketer of railroad freight car equipment in North America and Europe. The company manufactures railcars in Brazil and are a manufacturer and marketer of marine barges in North America. Through its European manufacturing operations, the company also deliver railcars for the Saudi Arabian market.
In 2017, revenue from one customer, TTX Company (TTX), accounted for approximately 20% of total revenue, 23% of Manufacturing revenue and 15% of Wheels & Parts revenue. No other customers accounted for greater than 10% of total revenue.