U.S. stocks were green on Tuesday on proposed tariffs on goods produced in the European Union. The Dow Jones Industrial Average gained 0.26% to 26,787, the S&P 500 Index advanced 0.29% to 2,973 and the Nasdaq Composite Index rose 0.22% to 8,109.
Shares of The Greenbrier Companies Inc. (GBX, Financial) fell nearly 7% on Tuesday after the company announced third-quarter results. The company posted earnings of 89 cents per share on $856.15 million in revenue, reflecting 33.5% growth from the prior-year quarter. The company fell 6 cents short of earnings estimates and $7.09 million shy of revenue expectations.
"Greenbrier gained the momentum we expected during the quarter, led by improved operating efficiencies in our core North American manufacturing business," Chairman and CEO William Furman said. "Greenbrier's current and expected performance is consistent with our prior comments that revenue and margins would be back-half weighted this fiscal year. These gains were muted in our overall financial results due to continued weakness in Greenbrier's railcar repair business and certain international operations, along with costs associated with the ARI acquisition."
The adjusted earnings before interest, taxes, depreciation and amortization was $84.4 million, or 9.9% of revenue. Further, the company received 6,500 orders for diversified railcars, valued at $730 million.
The board of directors declared a quarterly dividend of 25 cents per share, yielding 3.2% when compared to the current price.
Looking ahead to the fourth quarter, the company expects diluted earnings per share between $1.30 and 1.50.
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The main European stock markets traded higher. The U.K.'s FTSE 100 rose 0.82%, France's CAC 40 gained 0.16%, Germany's Dax swelled 0.04% and Spain's IBEX 35 advanced 0.18%.
In Asia, Japan's Nikkei 225 gained 0.11%, India’s BSE Sensex rose 0.33%, Hong Kong's Hang Seng climbed 1.17% and China's Shanghai Composite closed 0.03% lower.
Disclosure: The author holds no positions in any stocks mentioned.
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