The Greenbrier Companies, Inc. (NYSE: GBX) is a leading designer, manufacturer, and marketer of railroad freight car equipment and services, operating primarily in North America, Europe, and South America. The company produces a wide range of railcars, provides maintenance and servicing solutions, and offers leasing and management services for railcar fleets. Greenbrier's integrated business model combines manufacturing, maintenance, and leasing to deliver comprehensive solutions to its customers.
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Manufacturing - Designs and produces freight railcars, including double-stack intermodal railcars, tank cars, conventional freight railcars, and automotive railcar products. Operates manufacturing facilities in the U.S., Mexico, Poland, Romania, and Turkey.
- Marine Vessels - Produces marine vessels, though this activity has been scaled back as part of a strategic review.
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Maintenance Services - Provides wheel and axle servicing, railcar maintenance, and production of component parts for the rail industry in North America.
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Leasing & Management Services - Owns a fleet of approximately 15,500 railcars and manages approximately 409,000 railcars for railroads, shippers, carriers, and institutional investors. Offers leasing services and syndicates railcars to third parties or retains them in its lease fleet.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lorie L. Tekorius ExecutiveBoard | CEO, President, and Board Member | None | Joined GBX in 1995; became CEO in March 2022; previously served as COO, CFO, and President. | View Report → |
Brian J. Comstock Executive | EVP and President, The Americas | None | Joined GBX in 1998; previously EVP, Chief Commercial and Leasing Officer; promoted to current role in January 2024. | |
Christian M. Lucky Executive | SVP, Chief Legal & Compliance Officer, and Corporate Secretary | None | Joined GBX in 2015; promoted to current role in January 2024; oversees legal, compliance, and corporate governance functions. | |
Laurie Dornan Executive | SVP and Chief Human Resources Officer | None | Joined GBX in 2014; promoted to CHRO in November 2020; leads HR strategies and initiatives. | |
Martin R. Baker Executive | SVP, Chief Legal and Compliance Officer | None | Joined GBX in May 2008; oversees legal and compliance functions; has served as General Counsel. | |
Michael J. Donfris Executive | SVP and Chief Financial Officer | None | Joined GBX in June 2024; became CFO in July 2024; previously CFO at R.J. Corman Railroad Group and VP of Finance at TrinityRail. | |
Rick Galvan Executive | SVP, Operations, Maintenance Services | None | Joined GBX in January 2021; promoted to current role in January 2024; over 30 years of experience in the railroad industry. | |
William Glenn Executive | SVP and President, Europe | None | Joined GBX in 2001; returned in 2019 after a brief departure; oversees European operations. | |
William Krueger Executive | SVP and COO, The Americas | None | Joined GBX in 2020; promoted to COO in January 2024; previously President of Greenbrier Manufacturing Operations. | |
Antonio O. Garza Board | Board Member | Director at Canadian Pacific Kansas City Limited; Member of CFR and COMEXI | Joined GBX Board in 2021; former U.S. Ambassador to Mexico; extensive experience in transportation and governance. | |
Graeme A. Jack Board | Board Member | Independent Non-Executive Director at HUTCHMED (China) Limited | Joined GBX Board in 2006; Chair of the Audit Committee; expertise in accounting, financial reporting, and international business. | |
James R. Huffines Board | Board Member | Board Member at Susser Bank Holdings | Joined GBX Board in 2021; recognized as an audit committee financial expert; extensive experience in banking and finance. | |
Kelly M. Williams Board | Board Member | CEO of Williams Legacy Foundation; Board Member at KKR Private Equity Conglomerate LLC | Joined GBX Board in 2015; Chair of the Nominating and Corporate Governance Committee; extensive experience in finance and governance. | |
Thomas B. Fargo Board | Chair of the Board | Board Chair at Hawaiian Electric Industries; Board Member at Matson, Inc.; Member of CFR and COMEXI | Retired four-star Admiral; joined GBX Board in 2015; became Chair in September 2022; extensive leadership in maritime and transportation sectors. | |
Wanda F. Felton Board | Board Member | Trustee at The Cooper Union; Senior Advisor at Demopolis Equity Partners | Joined GBX Board in 2017; former Vice Chair of the Export-Import Bank of the U.S.; expertise in finance and governance. | |
Wendy L. Teramoto Board | Board Member | Senior Investment Professional at Fairfax Financial Holdings Limited | Rejoined GBX Board in 2019; previously served on the Board from 2009 to 2017; expertise in investment management and heavy industry. |
- Despite achieving a 19.8% aggregate gross margin in Q1 , you did not raise your fiscal 2025 guidance; can you explain why you remain cautious in your outlook and what specific factors are influencing this decision ?
- Your backlog has decreased from $3.8 billion to $3 billion over recent quarters ; how do you plan to address this decline, and are you concerned that it could impact future production rates and margins ?
- With an expected shift to more commoditized car types in the second half of the year , how do you anticipate this will affect your margins, and what strategies are you implementing to mitigate potential margin compression ?
- You mentioned a $5 million reduction in capital expenditure guidance due to better visibility into fiscal year 2025 plans ; can you provide more detail on the factors driving this adjustment and its implications for your operations ?
- Given your net debt to EBITDA ratio of approximately 3x , what steps are you taking to further reduce recourse debt, and how will this affect your capital allocation priorities, such as dividends and share repurchases ?
Research analysts who have asked questions during GREENBRIER COMPANIES earnings calls.
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
GBX Leasing | 2023 | Greenbrier Companies, Inc. acquired 100% interest in GBX Leasing—completing the acquisition by purchasing the minority interest from The Longwood Group to expand its lease fleet and benefit from stable, tax-advantaged cash flows that complement its cyclical railcar manufacturing revenues. Additionally, the acquisition integrated GBX Leasing into its Leasing & Management Services segment, resulting in a combined lease fleet of approximately 12,200 railcars. |
Recent press releases and 8-K filings for GBX.
- Greenbrier announced the renewal and extension of its bank facilities totaling $850 million, including a $600 million revolving facility and a $250 million term loan, extended through 2030 with the next significant debt maturity in 2027.
- The company entered into a Fifth Amendment to its credit agreement with Bank of America, which adjusts borrowing terms and incorporates additional guarantors, with repayments for the term loan commencing on September 30, 2025.
- Reported Core EBITDA of $123.9 million, core diluted EPS of $1.69, core net earnings of $56 million, and EPS of $1.73; GAAP diluted EPS of $1.56 reflects a $0.13 European facility cost .
- Revenue reached $762 million with net earnings of $52 million; achieved an aggregate gross margin of 18.2% with revised FY guidance of margins at 17%-17.5% and operating margins of 10.2%-10.7%, alongside a revenue forecast of $3.15–$3.35 billion .
- Maintained a fleet of 16,600 railcars (average remaining lease term of 4.2 years, net book value ~$1.5Bn, 98.3% utilization) and delivered 5,500 new railcars in Q2, with FY guidance projecting 21,500–23,500 units delivered .
- Posted strong operating cash flow of about $94 million and quarter-end liquidity of $752 million (including $264 million in cash and $488 million of available borrowing capacity) .
- The board raised the quarterly dividend by nearly 7% to $0.32 per share .
- Financial details are available on Form 8-K and the investor website; join the live audio webcast on April 7, 2025 at 2:00 p.m. PT (5:00 p.m. ET) .
- Greenbrier Companies Inc. declared a quarterly cash dividend of $0.32 per share, marking a 7% increase from the previous $0.30 dividend.
- The dividend will be paid on May 13, 2025, with stockholders recorded as of April 22, 2025.