Greenbrier furthers sustainability goals through expanded railcar conversion program
The Greenbrier Companies, Inc. ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today announced that it received new orders of 6,200 units valued at $670 million during the first fiscal quarter that began on September 1, 2021. The railcar orders are from a diverse mix of customers and comprise a broad range of railcar types, including intermodal, boxcars, gondolas, tank cars, covered hoppers and automobile-carrying railcars.
In addition to the new railcar orders, Greenbrier received orders to rebody 1,400 railcars as part of its railcar conversion program. This follows orders for 1,300 railcar conversions in fiscal 2021. Greenbrier's railcar conversion program demonstrates a growing partnership with its customers to sustainably repurpose North America's aging fleet. Railcar conversions promote conservation as older, inefficient equipment is upcycled into new freight railcars. This reduces waste in the manufacturing process through the reuse of key components. It also frequently yields a railcar that can more efficiently move commodities integral to the economy. It is another example of Greenbrier's commitment to work with its customers on railcar solutions that meet their needs while ensuring that rail remains the most environmentally friendly mode of surface transport.
William A. Furman, Chairman and CEO said, "As we close the first fiscal quarter, Greenbrier has received orders already equal to 36% of the total orders received in fiscal 2021. This reflects great execution by our commercial team, excellence in engineering, resourcefulness in global sourcing and leadership in railcar manufacturing worldwide. These orders, along with our $2.8 billion new railcar backlog as of August 31, 2021, provide Greenbrier strong visibility for fiscal 2022 and beyond. Importantly, it highlights the strength and flexibility of our global manufacturing and supply chain networks that support our integrated business model. Combined with a strong liquidity position and tax-advantaged cash flows from a growing lease fleet, Greenbrier is strongly-positioned in the recovering railcar markets on three continents, North America, South America and Europe."
