Shares of Greenbrier Companies Inc. rallied 1.8% in premarket trading Wednesday, after the freight railcar and marine barge maker swung to fiscal second-quarter profit that was double what was expected and reported revenue that more than doubled, as Russia’s invasion of Ukraine has led to growth in rail freight. Net income for the quarter to Feb. 28 was $12.8 million, or 38 cents a share, after a loss of $9.1 million, or 28 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 19 cents. Revenue grew 131.0% to $682.8 million, well above the FactSet consensus of $575.8 million, as manufacturing revenue jumped 175.8% to $555.7 million. Cost of revenue increased 125.9% to $628.0 million. New railcar orders were 8,500 units valued at $930 million, and deliveries totaled 4,800 units. For fiscal 2022, the company expects deliveries of 17,500 to 19,500. “The tragedy in Ukraine and its impact on commodity prices are likely to have far-reaching consequences to the global railcar industry, including growth in rail freight in many sectors,” said Executive Chairman William Furman. The stock has gained 2.2% year to date, while the Dow Jones Transportation Average has dropped 8.6% and the Dow Jones Industrial Average has slipped 4.7%.
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