PORTLAND -- Greenbrier Cos. returned to a profit in its fiscal second quarter as deliveries of new railcars climbed.
The railroad equipment maker reported on Monday that its net income was $17.7 million, or 57 cents per share, for the three months ended Feb. 29. That compares with a net loss of $550,000, or 2 cents per share, a year earlier.
This handily beat the 45 cents per share that analysts surveyed by FactSet expected.
Revenue jumped 61 percent to $458.2 million from $284.3 million, topping Wall Street's forecast of $443.5 million.
Manufacturing revenue surged as better demand for new railcars led to increased deliveries. Greenbrier said that it delivered 3,700 units in the quarter, compared with 2,200 units in the prior-year period as it added production lines and boosted production rates on existing lines.
The Lake Oswego-based company said that it received orders for 3,600 new railcars during the quarter, which is more than double its first-quarter orders of 1,600 new railcars.
Greenbrier anticipates that revenue will be better in the second half of the fiscal year when compared with the first half, based on current business trends.
The company owns approximately 9,100 railcars and performs management services for about 216,000 railcars.
Its shares finished at $19.70 per share on Thursday. The stock market was closed Friday for a holiday. Its shares traded in a 52-week range of $10.38 to $27.92.