During its fiscal fourth quarter, which ended Aug. 31, transportation equipment manufacturer Greenbrier Companies, Inc. secured orders for 15,300 new railcars valued at $1.9 billion, giving the Lake Oswego, Oregon-based company its highest quarterly order count in almost a decade.
The company’s Sept. 21 announcement did not include railcars under any multi-year order activity, Greenbrier said.
“The diverse range of orders across railcar types exceeded Greenbrier’s expectations for the quarter,” Chief Commercial and Leasing Officer Executive Vice President Brian J. Comstock said, adding that the orders reflect Greenbrier’s strength in the North American and European markets.
“Order levels are distinct from the high demand seen during the crude-by-rail era of the 2010s,” Comstock said. “Today, one or two railcar types are not powering the market. Although railcar loadings are not fully back at pre-pandemic levels, we believe that growth in key commodity markets will keep railcar demand steady and above replacement levels in future periods.”
The company said it plans to announce its fourth quarter and fiscal year 2023 earnings results on Oct. 25.
“Our backlog and this order activity provide clear visibility through fiscal 2024, increasing our confidence in our operating expectations,” CEO and President Lorie L. Tekorius said in a statement. “Further, our leasing and aftermarket services businesses will provide additional stability and balance through economic cycles.”