Railroad equipment supplier Greenbrier Cos Inc posted a wider-than-expected quarterly loss, hurt by lower new railcar deliveries and a slowdown in marine production rates, and said it expects to report a net loss for the current quarter.
Revenue at the manufacturing segment, which consists of marine and new railcar production in Europe and North America, fell 36 percent to $69.5 million.
Greenbrier, whose customers include Union Pacific Corp and General Electric Co , said its marine business is not expected to rebound until late in this fiscal year or early 2012. For June-August, Greenbrier, which competes with American Railcar and FreightCar America , reported net income of $7.7 million, or 33 cents a share, compared with $6.1 million, or 33 cents a share, a year ago.
Excluding items, the company posted a loss of 15 cents a share, according to Thomson Reuters I/B/E/S.
Revenue fell 21 percent to $181.4 million.
Analysts of average were expecting loss of 9 cents a share on revenue of $186 million, according to Thomson Reuters I/B/E/S. (Reuters)