Greenbrier Cos. (NYSE: GBX) reported Friday it narrowed its fiscal first-quarter loss on cost controls despite a strong drop in deliveries of new railcars, according to Associated Press.
For the period ended Nov. 30, Greenbrier lost $3.2 million, or 19 cents per share, compared with a loss of $3.9 million, or 23 cents per share, in the same quarter a year before.
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The latest quarter included non-cash charges of $1.2 million, or 7 cents per share, for amortization of warrants and convertible debt discount. Excluding that, the company's loss was 12 cents per share, in line with the average estimate of analysts polled by Thomson Reuters.
Revenue fell to $171.7 million from $256.1 million. Cost of revenue slid to $150 million from $238.2 million, as the company cut its manufacturing cost nearly in half to $55.9 million from $106.9 million.
The railroad freight car maker said it delivered about 350 new railcars in the quarter, compared with 800 in the same period a year earlier.
The company's marine equipment backlog also fell, dropping to $96 million from $190 million a year earlier.
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