Greenbrier Reports First Quarter Results
LAKE OSWEGO, Ore., Jan. 5, 2018 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its first fiscal quarter ended November 30, 2017.
First Quarter Highlights
-- Net earnings attributable to Greenbrier for the quarter were $26.3
million, or $0.83 per diluted share, on revenue of $559.5 million.
-- Quarterly results included $3.4 million ($2.3 million after-tax or $0.07
per diluted share) of expense related to resolution of litigation in a
foreign jurisdiction. Additionally, the tax rate for the quarter was
33.3% attributable to discrete items and the geographic mix of earnings.
Compared to the previous annual tax rate guidance of 29%, the impact of
the higher quarterly rate is $0.07 per diluted share.
-- Adjusted EBITDA for the quarter was $76.9 million, or 13.7% of revenue.
-- Orders for 3,200 diversified railcars were received during this quarter,
valued at over $290 million.
-- New railcar backlog as of November 30, 2017 was 26,500 units with an
estimated value of $2.56 billion.
-- New railcar deliveries totaled 4,400 units for the quarter.
-- Board declares a quarterly dividend of $0.23 per share, payable on
February 16, 2018 to shareholders as of January 26, 2018.
William A. Furman, Chairman and CEO, said, "Greenbrier advanced several key initiatives during the quarter and is on track to achieve our goals for the year. While the new railcar market in North America is challenging, broad-based demand for Greenbrier's products and services remains steady and we expect will trend higher as we advance through fiscal 2018. During the recent quarter, Greenbrier received 3,200 orders for a broad range of railcar types including covered hoppers, tanks, automotive carrying units and our first orders for open top hoppers for use in aggregate service. Greenbrier's disciplined balance sheet management has resulted in a strong cash position and very low net debt, enabling us to invest strategically and return capital to shareholders. Good backlog visibility combined with a strong balance sheet provides the flexibility we need to build railcars when and where customers need them, across four continents."
Furman concluded, "Based on first quarter results, we are confident in our guidance for the year. As fiscal 2018 progresses, we will continue integration of our new manufacturing investments and will continue to expand internationally. Greenbrier is well positioned to achieve its ambitious business objectives for fiscal 2018 as growth in North American and international markets drives increased revenues, deliveries and EPS compared to fiscal 2017."
Business Outlook
Based on current business trends, industry forecasts and production schedules for fiscal 2018, and excluding the expected benefits of the recent tax reform act, Greenbrier believes:
-- Deliveries will be approximately 20,000 - 22,000 units including
Greenbrier-Maxion (Brazil) which will account for up to 10% of
deliveries
-- Revenue will be $2.4 - $2.6 billion
-- Diluted EPS will be $4.00
As noted in the "Safe Harbor" statement, there are risks to achieving this guidance. Certain orders and backlog in this release are subject to customary documentation and completion of terms.
Financial Summary
Q1 FY18 Q4 FY17 Sequential Comparison - Main
Drivers
------- ------- -----------------------------
Revenue $559.5M $611.4M Down 8.5% primarily due to lower
volume of deliveries due to
timing of syndications
------- ------- ------- ---------------------------------
Gross margin 16.0% 16.3% Down 30 bps due to product mix
shifts
------------ ---- ---- -------------------------------
Selling and $47.0M $47.1M Down modestly due to lower
employee related costs; includes
foreign legal settlement expense
administrative expense
----------------------
Gain on disposition ($19.2M) ($4.9M) Increase reflects rebalancing of
lease portfolio
of equipment
------------
Adjusted EBITDA $76.9M $73.3M Higher operating margin
--------------- ------ ------ -----------------------
Effective tax rate 33.3% 20.7% Reflects foreign discrete items
and a change in the geographic
mix of earnings
------------------ ---- ---- --------------------------------
Loss from ($2.9M) ($6.5M) (1) Continued operating challenges at
GBW
unconsolidated
affiliates
--------------
Net earnings ($7.1M) ($8.5M) Driven primarily by lower
attributable deliveries and timing of railcar
syndications at our GIMSA JV
to noncontrolling
interest
-----------------
Adjusted net earnings
attributable to
Greenbrier $26.3M $27.3M
--------------------- ------ ------
Adjusted diluted EPS $0.83 $0.86
-------------------- ----- -----
((1) )Includes $3.5 million, net of tax, or $0.11 per share, impact associated with a non-cash goodwill impairment charge recorded by GBW.
Segment Summary
Q1 FY18 Q4 FY17 Sequential Comparison - Main
Drivers
------- ------- -----------------------------
Manufacturing
-------------
Revenue $451.5M $508.5M Down 11.2% due to lower volume of
deliveries
------- ------- ------- ---------------------------------
Gross 15.6% 16.3% Down 70 bps primarily due to
margin product mix shifts
------ ---- ---- -----------------------------
Operating
margin
(1) 11.7% 13.5%
--------- ---- ----
Deliveries
(2) 4,000 5,200
---------- ----- -----
Wheels & Parts
--------------
Revenue $78.0M $75.1M Up 3.9% primarily attributable to
higher wheel and component
volume
------- ------ ------ ---------------------------------
Gross
margin 7.1% 7.0% Up 10 bps due to higher volume
------ --- --- ------------------------------
Operating
margin
(1) 3.1% 3.0%
--------- --- ---
Leasing & Services
------------------
Revenue $30.0M $27.8M Up 7.9% due to higher volume of
externally sourced railcar
syndications
------- ------ ------ --------------------------------
Gross 43.9% 42.1% Up 180 bps primarily due to
margin higher interim rent
------ ---- ---- ----------------------------
Operating Driven by higher level of gains
margin on disposition of equipment due
(1) to rebalancing of lease fleet
(3) 93.8% 27.2%
---------- ---- ---- --------------------------------
Lease
fleet
utilization 91.8% 92.1%
----------- ---- ----
((1)) See supplemental segment information on page 9 for additional information.
((2)) Excludes Brazil deliveries which are not consolidated into manufacturing revenue and margins.
((3)) Includes Net gain on disposition of equipment, which is excluded from gross margin.
Conference Call
Greenbrier will host a teleconference to discuss its first quarter 2018 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website.
Teleconference details are as follows:
-- January 5, 2018
-- 8:00 a.m. Pacific Standard Time
-- Phone: 1-630-395-0143, Password: "Greenbrier"
-- Real-time Audio Access: ("Newsroom" at http://www.gbrx.com)
Please access the site 10 minutes prior to the start time.
About Greenbrier
Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Greenbrier designs, builds and markets freight railcars and marine barges in North America. Greenbrier Europe is an end-to-end freight railcar manufacturing, engineering and repair business with operations in Poland and Romania that serves customers across Europe and in the nations of the GCC. Greenbrier builds freight railcars and rail castings in Brazil through two separate strategic partnerships. We are a leading provider of wheel services, parts, railcar management & regulatory compliance services and leasing services to railroads and related transportation industries in North America. Greenbrier offers freight railcar repair, refurbishment and retrofitting services in North America through a joint venture partnership with Watco Companies, LLC. Through other unconsolidated joint ventures, we produce industrial and rail castings, tank heads and other components. Greenbrier owns a lease fleet of over 8,000 railcars and performs management services for 353,000 railcars. Learn more about Greenbrier at www.gbrx.com.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release may contain forward-looking statements, including any statements that are not purely statements of historical fact. Greenbrier uses words such as "anticipates," "believes," "forecast," "potential," "goal," "contemplates," "expects," "intends," "plans," "projects," "hopes," "seeks," "estimates," "strategy," "could," "would," "should," "likely," "will," "may," "can," "designed to," "future," "foreseeable future" and similar expressions to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, reported backlog and awards that are not indicative of Greenbrier's financial results; uncertainty or changes in the credit markets and financial services industry; high levels of indebtedness and compliance with the terms of Greenbrier's indebtedness; write-downs of goodwill, intangibles and other assets in future periods; sufficient availability of borrowing capacity; fluctuations in demand for newly manufactured railcars or failure to obtain orders as anticipated in developing forecasts; loss of one or more significant customers; customer payment defaults or related issues; policies and priorities of the federal government regarding international trade, taxation and infrastructure; sovereign risk to contracts, exchange rates or property rights; actual future costs and the availability of materials and a trained workforce; failure to design or manufacture new products or technologies or to achieve certification or market acceptance of new products or technologies; steel or specialty component price fluctuations and availability and scrap surcharges; changes in product mix and the mix between segments; labor disputes, energy shortages or operating difficulties that might disrupt manufacturing operations or the flow of cargo; production difficulties and product delivery delays as a result of, among other matters, costs or inefficiencies associated with expansion, start-up, or changing of production lines or changes in production rates, changing technologies, transfer of production between facilities or non-performance of alliance partners, subcontractors or suppliers; ability to obtain suitable contracts for the sale of leased equipment and risks related to car hire and residual values; integration of current or future acquisitions and establishment of joint ventures; succession planning; discovery of defects in railcars or services resulting in increased warranty costs or litigation; physical damage or product or service liability claims that exceed Greenbrier's insurance coverage; train derailments or other accidents or claims that could subject Greenbrier to legal claims; actions or inactions by various regulatory agencies including potential environmental remediation obligations or changing tank car or other railcar or railroad regulation; and issues arising from investigations of whistleblower complaints; all as may be discussed in more detail under the headings "Risk Factors" and "Forward Looking Statements" in Greenbrier's Annual Report on Form 10-K for the fiscal year ended August 31, 2017 and Greenbrier's other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. Except as otherwise required by law, Greenbrier does not assume any obligation to update any forward-looking statements.
THE GREENBRIER COMPANIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
November 30, August 31, May 31, February 28, November 30,
2017 2017 2017 2017 2016
---- ---- ---- ---- ----
Assets
Cash and cash equivalents $591,406 $611,466 $465,413 $545,752 $233,790
Restricted cash 8,839 8,892 8,753 8,696 8,642
Accounts receivable, net 315,393 279,964 267,830 295,844 237,037
Inventories 411,371 400,127 414,012 381,439 402,064
Leased railcars for
syndication 130,991 91,272 149,119 98,398 102,686
Equipment on operating
leases, net 274,598 315,941 315,976 298,269 305,586
Property, plant and
equipment, net 426,961 428,021 330,471 325,325 327,170
Investment in
unconsolidated
affiliates 101,529 108,255 110,058 90,762 93,330
Intangibles and other
assets, net 83,819 85,177 68,930 68,228 63,780
Goodwill 67,783 68,590 43,265 43,265 43,265
------ ------ ------ ------ ------
$2,412,690 $2,397,705 $2,173,827 $2,155,978 $1,817,350
========== ========== ========== ========== ==========
Liabilities and Equity
Revolving notes $6,885 $4,324 $ - $ - $ -
Accounts payable and
accrued liabilities 441,373 415,061 339,001 372,321 345,776
Deferred income taxes 69,984 75,791 80,482 65,589 54,123
Deferred revenue 120,044 129,260 82,006 85,441 85,358
Notes payable, net 558,987 558,228 532,638 532,596 300,331
Contingently redeemable
noncontrolling interest 35,209 36,148 - - -
Total equity -Greenbrier 1,032,557 1,018,130 986,221 942,084 880,725
Noncontrolling interest 147,651 160,763 153,479 157,947 151,037
------- ------- ------- ------- -------
Total equity 1,180,208 1,178,893 1,139,700 1,100,031 1,031,762
--------- --------- --------- --------- ---------
$2,412,690 $2,397,705 $2,173,827 $2,155,978 $1,817,350
========== ========== ========== ========== ==========
THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts, unaudited)
Three Months Ended
November 30,
2017 2016
---- ----
Revenue
Manufacturing $451,485 $454,033
Wheels & Parts 78,011 69,635
Leasing & Services 30,039 28,646
------ ------
559,535 552,314
Cost of revenue
Manufacturing 380,850 356,555
Wheels & Parts 72,506 64,978
Leasing & Services 16,865 18,030
------ ------
470,221 439,563
Margin 89,314 112,751
Selling and
administrative 47,043 41,213
Net gain on disposition
of equipment (19,171) (1,122)
Earnings from operations 61,442 72,660
Other costs
Interest and foreign
exchange 7,020 1,724
----- -----
Earnings before income
tax and loss from
unconsolidated
affiliates 54,422 70,936
Income tax expense (18,135) (20,386)
------- -------
Earnings before loss
from unconsolidated
affiliates 36,287 50,550
Loss from unconsolidated
affiliates (2,910) (2,584)
------ ------
Net earnings 33,377 47,966
Net earnings
attributable to
noncontrolling interest (7,124) (23,004)
------ -------
Net earnings
attributable to
Greenbrier $26,253 $24,962
======= =======
Basic earnings per
common share: $0.90 $0.86
Diluted earnings per
common share: $0.83 $0.79
Weighted average common
shares:
Basic 29,332 29,097
Diluted 32,696 32,412
Dividends declared per
common share $0.23 $0.21
THE GREENBRIER COMPANIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
Three Months Ended
November 30,
------------
2017 2016
---- ----
Cash flows from operating
activities:
Net earnings $33,377 $47,966
Adjustments to reconcile
net earnings to net cash
provided by (used in)
operating activities:
Deferred income taxes (5,865) 2,756
Depreciation and
amortization 18,370 15,595
Net gain on disposition of
equipment (19,171) (1,122)
Accretion of debt discount 1,024 -
Stock based compensation
expense 5,939 5,343
Noncontrolling interest
adjustments (875) (3,781)
Other 477 229
Decrease (increase) in
assets:
Accounts receivable, net (35,510) (5,256)
Inventories (16,311) (39,108)
Leased railcars for
syndication (35,541) 34,295
Other 6,304 8,893
Increase (decrease) in
liabilities:
Accounts payable and
accrued liabilities 16,676 (22,873)
Deferred revenue (8,548) (11,111)
------ -------
Net cash provided by (used
in) operating activities (39,654) 31,826
------- ------
Cash flows from investing
activities:
Proceeds from sales of
assets 75,060 9,189
Capital expenditures (29,893) (12,584)
Decrease in restricted
cash 53 15,637
Cash distribution from
unconsolidated affiliates - 550
Investment in and advances
to unconsolidated
affiliates - (550)
Net cash provided by
investing activities 45,220 12,242
------ ------
Cash flows from financing
activities:
Net changes in revolving
notes with maturities of
90 days or less 2,561 -
Proceeds from issuance of
notes payable 2,138 -
Repayments of notes
payable (2,809) (1,750)
Investment by joint
venture partner 6,500 -
Cash distribution to joint
venture partner (26,900) (11,185)
Dividends (319) (6,147)
Tax payments for net share
settlement of restricted
stock (5,061) (2,820)
Excess tax deficiency from
restricted stock awards - (2,464)
Net cash used in financing
activities (23,890) (24,366)
------- -------
Effect of exchange rate
changes (1,736) (8,591)
Increase (decrease) in
cash and cash equivalents (20,060) 11,111
Cash and cash equivalents
Beginning of period 611,466 222,679
------- -------
End of period $591,406 $233,790
======== ========
THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
(In thousands, except per share amounts, unaudited)
Operating Results by Quarter for 2017 are as follows:
First Second Third Fourth Total
----- ------ ----- ------ -----
Revenue
Manufacturing $454,033 $445,504 $317,104 $508,547 $1,725,188
Wheels & Parts 69,635 82,714 85,231 75,099 312,679
Leasing & Services 28,646 38,064 36,826 27,761 131,297
------ ------ ------ ------ -------
552,314 566,282 439,161 611,407 2,169,164
Cost of revenue
Manufacturing 356,555 346,653 245,228 425,531 1,373,967
Wheels & Parts 64,978 75,497 77,985 69,876 288,336
Leasing & Services 18,030 25,207 26,247 16,078 85,562
------ ------ ------ ------ ------
439,563 447,357 349,460 511,485 1,747,865
Margin 112,751 118,925 89,701 99,922 421,299
Selling and
administrative expense 41,213 39,495 42,810 47,089 170,607
Net gain on disposition
of equipment (1,122) (2,090) (1,581) (4,947) (9,740)
Earnings from operations 72,660 81,520 48,472 57,780 260,432
Other costs
Interest and foreign
exchange 1,724 5,673 7,894 8,901 24,192
----- ----- ----- ----- ------
Earnings before income
tax and earnings (loss)
from unconsolidated
affiliates 70,936 75,847 40,578 48,879 236,240
Income tax expense (20,386) (24,858) (8,656) (10,114) (64,014)
Earnings before earnings
(loss) from
unconsolidated
affiliates 50,550 50,989 31,922 38,765 172,226
Earnings (loss) from
unconsolidated
affiliates (2,584) (1,988) (681) (6,511) (11,764)
------ ------ ---- ------ -------
Net earnings 47,966 49,001 31,241 32,254 160,462
Net earnings
attributable to
noncontrolling interest (23,004) (14,465) 1,582 (8,508) (44,395)
------- ------- ----- ------ -------
Net earnings
attributable to
Greenbrier $24,962 $34,536 $32,823 $23,746 $116,067
======= ======= ======= ======= ========
Basic earnings per
common share (1) $0.86 $1.19 $1.12 $0.81 $3.97
Diluted earnings per
common share (1) $0.79 $1.09 $1.03 $0.75 $3.65
(1) Quarterly amounts do not total
to the year to date amount as
each period is calculated
discretely. Diluted earnings
per common share excludes the
dilutive effect of the 2024
Convertible Notes, since the
average stock price was less
than the applicable conversion
price and therefore was
considered anti-dilutive, but
includes restricted stock units
that are subject to performance
criteria, for which actual
levels of performance above
target have been achieved,
using the treasury stock method
when dilutive and the dilutive
effect of shares underlying the
2018 Convertible Notes using
the "if converted" method in
which debt issuance and
interest costs, net of tax,
were added back to net
earnings.
THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
(In thousands, unaudited)
Segment Information
Three months ended November 30, 2017:
Revenue Earnings (loss) from operations
------- -------------------------------
(In thousands) External Intersegment Total External Intersegment Total
-------- ------------ ----- -------- ------------ -----
Manufacturing $451,485 $16,804 $468,289 $52,969 $4,186 $57,155
Wheels & Parts 78,011 7,732 85,743 2,418 748 3,166
Leasing & Services 30,039 1,605 31,644 28,190 1,372 29,562
Eliminations - (26,141) (26,141) - (6,306) (6,306)
Corporate - - - (22,135) - (22,135)
--- --- --- ------- --- -------
$559,535 $ - $559,535 $61,442 $ - $61,442
======== ======================== ======== ======= ========================= =======
Three months ended August 31, 2017:
Revenue Earnings (loss) from operations
------- -------------------------------
External Intersegment Total External Intersegment Total
-------- ------------ ----- -------- ------------ -----
Manufacturing $508,547 $ - $508,547 $68,723 $ - $68,723
Wheels & Parts 75,099 7,468 82,567 2,282 341 2,623
Leasing & Services 27,761 3,772 31,533 7,541 3,497 11,038
Eliminations - (11,240) (11,240) - (3,838) (3,838)
Corporate - - - (20,766) - (20,766)
--- --- --- ------- --- -------
$611,407 $ - $611,407 $57,780 $ - $57,780
======== ========================= ======== ======= ========================= =======
Total assets
------------
November 30, August 31,
(In thousands) 2017 2017
---- ----
Manufacturing $915,918 $914,450
Wheels & Parts 262,349 236,315
Leasing & Services 535,847 535,323
Unallocated 698,576 711,617
$2,412,690 $2,397,705
========== ==========
The results of operations for GBW, which are shown below, are not reflected in the above tables as the investment is accounted for under the equity method of accounting.
As of and for the
Three Months Ended
------------------
November 30, August 31,
2017 2017
---- ----
Revenue $58,000 $56,300
Loss from operations $(5,700) $(15,400)
Total assets $204,300 $206,000
During the three months ended August 31, 2017, GBW performed an interim goodwill test as sales and profitability trends declined beyond what was anticipated. As a result, GBW recorded a pre-tax impairment loss of $11.2 million. GBW is accounted for under the equity method of accounting, therefore our share of the non-cash impairment loss recognized by GBW was $3.5 million after-tax ($0.11 per share) and is included as part of Earnings (loss) from unconsolidated affiliates on our Consolidated Statement of Income.
THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
(In thousands, excluding backlog and delivery units, unaudited)
Reconciliation of Net earnings to Adjusted EBITDA
Three Months Ended
------------------
November 30, August 31,
2017
2017
Net
earnings $33,377 $32,254
Interest
and
foreign
exchange 7,020 8,901
Income
tax
expense 18,135 10,114
Depreciation
and
amortization 18,370 18,513
GBW
goodwill
impairment - 3,522
Adjusted
EBITDA $76,902 $73,304
======= =======
Three Months
Ended
November 30,
2017
----
Backlog Activity (units)
Beginning backlog 28,600
Orders received (1) 3,200
Production held as Leased railcars for
syndication (1,400)
Production sold directly to third parties
(1) (3,900)
------
Ending backlog 26,500
======
Delivery Information (units)
Production sold directly to third parties
(1) 3,900
Sales of Leased railcars for syndication 500
---
Total deliveries 4,400
=====
(1) Includes Greenbrier-Maxion, our
Brazilian railcar manufacturer,
which is accounted for under the
equity method
THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL INFORMATION
(In thousands, except per share amounts,
unaudited)
Reconciliation of common shares outstanding,
adjusted net earnings attributable to
Greenbrier and adjusted diluted earnings
per share
The shares used in the computation of the
Company's basic and diluted earnings per
common share are reconciled as follows:
Three Months Ended
------------------
November 30, August 31,
2017
2017
----
Weighted average basic
common shares outstanding
(1) 29,332 29,323
Dilutive effect of
convertible notes (2) 3,331 3,321
Dilutive effect of
performance awards (3) 33 58
--- ---
Weighted average diluted
common shares outstanding 32,696 32,702
====== ======
(1) Restricted stock grants and
restricted stock units,
including some grants subject
to certain performance
criteria, are included in
weighted average basic common
shares outstanding when the
Company is in a net earnings
position.
(2) The dilutive effect of the 2018
Convertible notes are included
in the Weighted average diluted
common shares outstanding as
they were considered dilutive
under the "if converted" method
as further discussed below.
(3) Restricted stock units subject
to performance criteria, for
which actual levels of
performance above target have
been achieved, and are included
in Weighted average diluted
shares outstanding when the
company is in a net earnings
position.
Diluted earnings per share was calculated using the more dilutive of two approaches. The first approach includes the dilutive effect of using the treasury stock method, associated with shares underlying the 2024 Convertible notes and performance based restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved. The second approach supplements the first by including the "if converted" effect of the 2018 Convertible notes. Under the "if converted method" debt issuance and interest costs, both net of tax, associated with the convertible notes are added back to net earnings and the share count is increased by the shares underlying the convertible notes. The 2024 Convertible notes are included in the calculation of both approaches using the treasury stock method when the average stock price is greater than the applicable conversion price.
Three Months Ended
November 30, August 31,
2017
2017
----
Net earnings
attributable to
Greenbrier $26,253 $23,746
GBW goodwill impairment N/A 3,522
--- -----
Adjusted net earnings
attributable to
Greenbrier $26,253 $27,268
======= =======
Three Months Ended
November 30, August 31,
2017
2017
----
Net earnings
attributable to
Greenbrier $26,253 $23,746
Add back:
Interest and debt
issuance costs on the
2018 Convertible notes,
net of tax 733 733
--- ---
Earnings before interest
and debt issuance costs
on convertible notes $26,986 $24,479
======= =======
Weighted average diluted
common shares
outstanding 32,696 32,702
Diluted earnings per
share $0.83 $0.75
GBW goodwill
impairment(1) N/A 0.11
--- ----
Adjusted diluted
earnings per share $0.83 $0.86
===== =====
(1) GBW goodwill impairment of
$3.5 million, net of tax,
divided by weighted average
diluted common shares
outstanding of 32,702 for the
three months ended August 31,
2017.
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SOURCE The Greenbrier Companies, Inc. (GBX)
