The Greenbrier Companies, Inc. (NYSE: GBX), a global leader in providing equipment and services to freight transportation markets, has released its financial results for the third fiscal quarter ended May 31, 2023. Greenbrier  reported strong performance, with notable highlights including new railcar orders, impressive backlog, liquidity, and earnings. Furthermore, Greenbrier's CEO and President, Lorie L. Tekorius, expressed confidence in Greenbrier 's strategic plan and announced an 11% increase in the quarterly dividend.

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Third Quarter Highlights

Greenbrier experienced a robust quarter, with several key highlights:

1. Railcar Orders and Deliveries: During the quarter, Greenbrier received new railcar orders for 4,600 units valued at $650 million. Additionally, they made deliveries of 6,600 units. Following the quarter's end, Greenbrier received orders for 7,900 units valued at $975 million. The new railcar backlog stood at 23,400 units, estimated to be worth $2.9 billion as of May 31, 2023.
2. Strong Liquidity Position: Greenbrier maintained a strong liquidity position with $665 million, including $321 million in cash and $344 million of available borrowing capacity.
3. Earnings and Revenue: Greenbrier  reported net earnings of $27 million and net earnings attributable to Greenbrier of $21 million, or $0.64 per diluted share. Adjusted net earnings attributable to Greenbrier stood at $34 million or $1.02 per diluted share. Furthermore, Greenbrier achieved revenue of $1.0 billion, demonstrating its strong financial performance.
4. Share Repurchase Program: Greenbrier repurchased 1.2 million shares of stock for $32 million during the quarter, leaving $54 million under the current share repurchase program.

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Dividend Increase Announcement

The Greenbrier Companies delighted its shareholders by announcing an 11% increase in the quarterly dividend. The Board of Directors approved the raise, setting the new dividend at $0.30 per share. The dividend will be payable on August 8, 2023, to shareholders of record as of July 18, 2023. This increase marks the 37th consecutive quarterly dividend declared by Greenbrier, reflecting Greenbrier's commitment to providing value to its shareholders.