US wagon manufacturer The Greenbrier Companies has announced that it received orders for 15,300 new wagons with an aggregate value of $US 1.9bn during the fourth quarter of its fiscal year which ended on August 31.
Greenbrier says the new wagons were ordered by customers from various commercial sectors and spanned a range of wagon types. Certain orders within the total are subject to customary documentation and completion of terms.
This is Greenbrier's highest quarterly order count in nearly a decade, and the company says that this figure does not include any multi-year order activity.
“Our commercial team performed exceptionally in our fiscal fourth quarter,” says Greenbrier CEO and president, Ms Lorie Tekorius.
“Our backlog and this order activity provide clear visibility through fiscal 2024, increasing our confidence in our operating expectations. Further, our leasing and aftermarket services businesses will provide additional stability and balance through economic cycles.”
“The diverse range of orders across railcar types exceeded Greenbrier's expectations for the quarter,” says Mr Brian Comstock, executive vice-president, chief commercial and leasing officer at Greenbrier. “It also indicates Greenbrier's strength in our North American and European markets.
“Order levels are distinct from the high demand seen during the crude-by-rail era of the 2010s,” he says.
“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.”
Greenbrier is due to announce its earnings for the fourth quarter and its fiscal year 2023 as a whole on October 25.
