The Greenbrier (NYSE:GBX) Companies Inc on Monday reported fiscal second quarter net income that topped the Street's expectations.
The maker of railroad freight car equipment posted adjusted earnings of $0.99 per share for the period ended February 28, well ahead of the $0.61 per share average estimate of three analysts surveyed by Zacks Investment Research.
Revenue for the period was $1.12 billion, up from $766.5 million in the same period a year earlier.
Shares of the Lake Oswego, Oregon-based company improved 10% to $33.08.
The revenue surge was due primarily to increased deliveries, the company said.
"Greenbrier (NYSE:GBX)'s strong performance in the second quarter is the result of ongoing operational initiatives and robust syndication activity,” CEO Lorie Tekorius said in a statement.
“Railcar orders remained stable throughout the quarter, comprised of a broad range of railcar types. Business improved across the company as revenue and margin increased sequentially in each operating segment.”
Looking ahead, Greenbrier expects full-year revenue in the range of $3.4 billion to $3.7 billion.
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