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The Greenbrier Companies Inc. (GBX) filed Quarterly Report for the period ended 2011-11-30.
Greenbrier Cos. has a market cap of $637.2 million; its shares were traded at around $23.89 with a P/E ratio of 54.3 and P/S ratio of 0.5.
This is the annual revenues and earnings per share of GBX over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of GBX.
Highlight of Business Operations:
Total revenue for the three months ended November 30, 2011 was $398.2 million, an increase of $199.3 million from revenues of $198.9 million in the prior comparable period. Net income attributable to Greenbrier for the three months ended November 30, 2011 was $14.5 million or $0.48 per diluted common share compared to net loss attributable to Greenbrier of $2.3 million or $0.11 per diluted common share for the three months ended November 30, 2010.Wheel Services, Refurbishment & Parts revenue was $117.7 million for the three months ended November 30, 2011 compared to $95.3 million in the comparable period of the prior year. The increase of $22.4 million was primarily attributed to higher sales volumes, higher scrap volumes and an increase in scrap metal pricing.
Selling and administrative expense was $23.2 million for the three months ended November 30, 2011 compared to $17.9 million for the comparable prior period, an increase of $5.3 million. The increase was primarily related to higher employee related costs which included an increase in incentive compensation, restoration of salary reductions taken during the down turn, merit increases and other employee related costs. In addition, the increase resulted from the revenue based fees paid to our joint venture partners in Mexico due to higher activity levels. These increases were partially offset by lower research and development costs.
The tax rate for the three months ended November 30, 2011 was 36.3% as compared to 29.4% in the prior comparable period. The provision for income taxes is based on projected consolidated results of operations and geographical mix of earnings for the entire year which resulted in an estimated 36.3% annual effective tax rate on pre-tax results for 2012. The effective tax rate fluctuates from period to period due to the geographical mix of pre-tax earnings and losses, minimum tax requirements in certain local jurisdictions and operating results for certain operations with no related tax effect.
Capital expenditures totaled $15.0 million and $11.5 million for the three months ended November 30, 2011 and 2010. Of these capital expenditures, approximately $9.2 million and $1.4 million were attributable to Leasing & Services operations. Leasing & Services capital expenditures for 2012, net of proceeds from sales of equipment, are expected to be approximately $40.0 million. We regularly sell assets from our lease fleet, some of which may have been purchased within the current year and included in capital expenditures. Proceeds from sales of equipment were $5.7 million and $4.1 million for the three months ended November 30, 2011 and 2010.
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