Greenbrier (GBX 48.23, +5.28) has spiked 12.5% after beating expectations for the second quarter. Today's surge has brought shares of Greenbrier to levels not seen since the middle of January, extending their 2017 gain to 16.3%.
The manufacturer of freight railcars, rail castings, and marine barges reported above-consensus second quarter earnings of $1.09 per share on revenue of $566.30 million, which fell 15.4% year-over-year, but was ahead of market expectations.
In addition to beating estimates, the company announced that its Board of Directors authorized a 5.0% increase to its quarterly dividend, which now stands at $0.22 per share.
The company received diversified orders for 700 new railcars during the second quarter at an average price of $71,000 per railcar. Greenbrier received orders for 1,000 new railcars after the quarter ended. The new railcar backlog stood at 22,600 units at the end of February with an estimated value of $2.44 million.
Gross margin improved to 21.00% from 17.92% one year ago.
Looking ahead, the company reaffirmed its guidance for the full year, expecting earnings between $3.25 and $3.75 per share on revenue between $2.00 billion and $2.40 billion. Deliveries are expected to be between 14,000 and 16,000 units.