UPDATE 2-Greenbrier posts surprise profit

* Q4 adj profit $0.14/shr vs est. loss $0.03/shr

* Sees lower 2010 revenue

* Continues discussions with GE

(Recasts, adds details, background)

Nov 12 (Reuters) - Railroad equipment supplier Greenbrier Cos Inc (GBX.N) posted a surprise quarterly profit as margins improved, helped by cost reduction actions, even as it moves on to a challenging 2010.

Greenbrier, which saw its fourth-quarter orders drop in half, said it expects lower fiscal 2010 revenue due to continued weakness in business conditions, particularly in the new railcar market.

Second half fiscal 2010 results are expected to be stronger than the first half, similar to what occurred in 2009, the company said in a statement.

Greenbrier and peers such as FreightCar America (RAIL.O) and American Railcar (ARII.O) have been hit by a weak freight environment that has lead to low levels of railroad traffic and high levels of railcar storage.

Last week, FreightCar America said it had not received any new railcar orders in its third quarter, and expects the weak environment to continue well into 2010. [ID:nBNG425993]