Greenbrier posts net loss on $72M charge

Jul 03, 2013 | 04:27 PM | Corinna Petry

Tags  Greenbrier, earnings report, rail cars, barges, William Furman, orders, backlogs, repair shops underperforming Corinna Petry

CHICAGO — Greenbrier Cos. Inc. has fallen sharply into the red. The rail car and barge builder posted a net loss of $56.03 million in its fiscal third quarter ended May 31 in contrast to net income of $19.12 million in the same period last year on revenue that fell 14.6 percent to $433.66 million.

Results were negatively affected by a goodwill impairment charge of $71.8 million related to the company’s wheels, repair and parts business. The Lake Oswego, Ore.-based company, which said it will make improvements at six of its 38 facilities and close or sell eight underperforming repair shops, has appointed a new manager to turn around the troubled facilities, which employ more than a third of the segment’s workforce and....

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