The Greenbrier Companies, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended February 28, 2013. For the quarter, the company reported revenue of $423,166,000 against $458,186,000 a year ago. Earnings from operations were $26,409,000 against $29,161,000 a year ago. Net earnings attributable to Greenbrier were $13,839,000 or $0.45 per diluted share against $17,670,000 or $0.57 per diluted share a year ago. Net debt was reduced by $55 million during the quarter, driven by strong quarterly earnings and working capital improvements. Earnings before income taxes and earnings from unconsolidated affiliates was $20,087,000 against $22,531,000 a year ago. For the six months, the company reported revenue of $838,540,000 against $856,385,000 a year ago. Earnings from operations were $49,495,000 against $56,040,000 a year ago. Net earnings attributable to Greenbrier were $24,266,000 or $0.80 per diluted share against $32,186,000 or $1.04 per diluted share a year ago. Net cash provided by operating activities was $33,588,000 against net cash used in operating activities was $7,916,000 a year ago. Capital expenditures were $35,525,000 against $35,713,000 a year ago. Adjusted EBITDA was $36,226,000 against $31,836,000 on November 30, 2012. Earnings before income taxes and earnings from unconsolidated affiliates was $37,273,000 against $44,026,000 a year ago. Based on current business trends and industry forecasts, management currently anticipates the company’s new railcar deliveries in 2013 to be about 13,000 units. Management anticipates that fiscal 2013 revenue, adjusted EBITDA and earnings per share will be similar to fiscal 2012, with the second half of the year being stronger than the first half of the year. The company expects net capital expenditure to be about $96 million and depreciation to be about $45 million. And expects tax rate for the year to run around 32%.

The Greenbrier Companies, Inc. said it intends to sell some of its non-core businesses after overall deliveries fell for the third quarter in a row. Of the assets, company plans to sell its underperforming wheel services, refurbishment and parts business. "Our wheels, refurbishment and parts segment did not meet our expectations for the quarter due in part to lower scrap pricing and wheel volumes, but also due to some operating inefficiencies," Chief Financial Officer Mark Rittenbaum said. William A. Furman, President and Chief Executive Officer said, We intend to liberate $100 million of capital by no later than the end of our fiscal 2014 by selling non-core or underperforming operations, particularly in our underperforming Wheel Services, Refurbishment & Parts segment, reducing working capital and refining our leasing model to take more of our assets and debt off the balance sheet in a tax efficient manner." Greenbrier shares fell 3% at $21.05.

The Greenbrier Companies, Inc. announced that Alejandro Arias has been promoted to general manager of Gunderson-GIMSA, the company's joint venture manufacturing operation in Monclova, Coahuila, Mexico. The company noted that Arias will report to Alejandro Centurion, president of Greenbrier Manufacturing North America. Arias joined Greenbrier in 2012, most recently serving as director of quality assurance at Gunderson-GIMSA. In this new role, Arias will have direct responsibility for day-to-day operations at the Gunderson-GIMSA facility, where Greenbrier has three production lines manufacturing tank cars and covered hopper cars. Arias replaces Brian LaBorde, who has accepted a senior position in the United States with a manufacturer outside the transportation equipment industry.