Greenbrier Cos., which makes intermodal railcars and other freight equipment, said its fiscal fourth-quarter earnings fell more than 40% to $7.4 million as the market for some equipment eased.
Revenue was little changed, rising less than 1% to $443.5 million.
“Our fourth-quarter earnings were well below expectations,” CEO William Furman said in a statement, citing higher taxes and employee-related costs as well as a leasing agreement delay as reasons for the results.
Greenbrier, Lake Oswego, Ore., also noted that earnings of $58.7 million and revenue of $1.81 billion for the fiscal year ended Aug. 31 were a record.
The company also said its order backlog value was $1.2 billion, up less than 1% from the prior quarter. Future sales will be concentrated on higher-margin equipment such as tank cars and other equipment to serve the oil and gas industries.
“Given global economic and geopolitical uncertainty, Greenbrier currently has less business visibility and more variability now than it had in fiscal 2012,” the statement said.
“Based on current business trends and industry forecasts, management currently anticipates the company’s new railcar deliveries in 2013 to be between 11,500 [and] 13,000 units.”
Deliveries in the 2012 fiscal year totaled 15,000.
