UPDATE 1-Greenbrier posts Q2 loss; suspends quarterly dividend

Wed Apr 8, 2009 10:51pm BST
 
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* Q2 loss $0.41/shr

* Suspends quarterly dividend

* Railcar manufacturing backlog down

* Says GE may reduce or delay taking deliveries

April 8 (Reuters) - Railway equipment supplier Greenbrier Cos Inc (GBX.N) reported a second-quarter loss, hurt by declining demand and shrinking margins, and suspended its quarterly dividend to maintain liquidity.

For the quarter ended Feb. 28, the company posted a net loss of $6.9 million, or 41 cents a share, compared with earnings of $1.4 million, or 9 cents a share in the year-ago period. [ID:nWNAB2066]

Results were impacted by a $9.9 deferral of revenue and related margin on a portion of the sale price of certain railcars sold and paid for in full during the period, the company said in a statement.

Revenue grew 11 percent to $287 million, helped by increased sales at its manufacturing and refurbishment and parts segments.

Analysts on average were expecting a loss of 7 cents a share, excluding items, on revenue of $248.2 million, according to Reuters Estimates.  Continued...

 

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