NYSE: GBX 1Q26 Earnings Slides & Supplemental Information InvestorRelations@gbrx.com www.gbrx.com Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, including statements that are not purely statements of historical fact. The Greenbrier Companies, Inc. (the "Company," "we," "us" or "our") uses words, and variations of words, such as "backlog," "believe," "capacity," "commit," "continue," "drive," "estimate," "expect," "focus," "future," "gr ...

ASHLAND, Ky., Dec. 30, 2025 (GLOBE NEWSWIRE) -- TX Rail Products, Inc. (OTC Markets PINK: TXRP), a supplier of rail and rail products to the U.S. coal mining industry, short line railroads and tunneling contractors, today announced financial results for the fiscal year ended September 30, 2025. Mr. Shrewsbury, CEO and Chairman of TX Rail Products, Inc., commented, “Our results for fiscal 2025 reflect increasing demand across our core end markets and meaningful progress in positioning the business for future ...

Core Insights - FreightCar America has completed the acquisition of Carly Railcar Components, enhancing its position in the railcar aftermarket distribution business [1][2][3] Group 1: Acquisition Details - The acquisition focuses on running-repair components, which are frequently replaced and complement the company's core offerings [2] - Customers will benefit from reduced lead times and a larger catalog of ready-to-ship railcar components due to this acquisition [2][3] Group 2: Strategic Importance - The acquisition strengthens FreightCar America's capabilities in the railcar aftermarket, leveraging CRC's established regional footprint and distribution expertise [3] - The integration of Carly Railcar Components is expected to deliver operational improvements and enhance customer value [4] Group 3: Company Background - Carly Railcar Components, founded in 1995, is a major distributor of OEM railcar components and has a strong reputation for profitable growth and customer service [5] - FreightCar America, headquartered in Chicago, has been a trusted manufacturer of railroad freight cars since 1901, focusing on quality and economic growth [6]

Core Viewpoint - FreightCar America, Inc. is actively engaging with investors through one-on-one meetings at Sidoti's Year End Virtual Investor Conference on December 11, 2025, indicating a focus on investor relations and potential growth opportunities [1]. Company Overview - FreightCar America is a diversified manufacturer and supplier of railroad freight cars, railcar parts, and components, headquartered in Chicago, Illinois [3]. - The company specializes in railcar repairs, complete railcar rebody services, and railcar conversions, which repurpose idled rail assets back into revenue service [3]. - Established in 1901, FreightCar America has built a reputation for quality railcars that are essential to economic growth and the North American supply chain [3].

Company Overview - FreightCar America, Inc. is a diversified manufacturer and supplier of railroad freight cars, railcar parts, and components [3] - The company specializes in railcar repairs, complete railcar rebody services, and railcar conversions to repurpose idled rail assets back into revenue service [3] - Established in 1901, FreightCar America has built a reputation for quality railcars that are essential to economic growth and the North American supply chain [3] Recent Developments - The CEO Nick Randall and CFO Michael Riordan will present and engage in one-on-one meetings with investors at Noble Capital Markets' Emerging Growth Equity Conference on December 3, 2025, in Boca Raton, Florida [1]

Core Insights - Westinghouse Air Brake Technologies Corporation (WAB) has a market cap of $33.8 billion and is a leading provider of technology and services for the freight rail and passenger transit industries [1] - WAB's stock has underperformed compared to the S&P 500 Index over the past year, with a 1.1% increase versus the index's 12.3% gain [2] - The company reported a revenue increase of 8.4% to $2.89 billion in Q3 2025, with adjusted EPS rising 16% to $2.32, despite a decline in operating cash flow [4] Financial Performance - WAB's multi-year backlog has grown to $25.6 billion, indicating strong future revenue potential [4] - Analysts project an 18.3% year-over-year increase in adjusted EPS for the current fiscal year, reaching $8.94 [5] - The company has a mixed earnings surprise history, surpassing estimates in three of the last four quarters [5] Analyst Ratings and Price Targets - WAB has a consensus "Moderate Buy" rating, with seven "Strong Buys" and six "Holds" among 13 analysts [5] - Citi has restated its "Buy" stance with a price target of $225, while the mean price target of $229.54 suggests a 16.2% upside from current prices [6] - The highest target from analysts is $257, indicating a potential upside of 30.1% [6]

Core Insights - Wabtec has committed 20 million reais ($3.7 million) to expand operations and workforce in Brazil, focusing on engineering and manufacturing capacity in Contagem, Minas Gerais [1] - The company will establish its first global engineering center in Latin America, set to open in December, occupying approximately 9,000 square meters [1][2] - The new facility will support research and development for both domestic and international markets, accommodating 300 engineering professionals [2] Production Capacity and Workforce - Wabtec's locomotive production line at the Contagem plant began operations in April 2025, with an expected production capacity increase of 28% [2] - The facility is projected to produce a total of 1,000 locomotives by 2026, with a combined workforce of over 1,000 employees anticipated by that year [3] Strategic Expansion and Partnerships - The expansion reflects Wabtec's confidence in the Brazilian market and the region's growth potential, as stated by regional leader Danilo Miyasato [3] - In addition to the engineering center, Wabtec plans to open two logistics centers in 2023 to enhance shipping capacity and support business growth in various areas [4] - Wabtec and Vale have formalized an agreement for laboratory testing on a dual-fuel engine, which aims to evaluate operational performance and emissions, with assessments continuing through 2027 [5]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $454 million, down both sequentially and year over year due to lower external deliveries in the Rail Products Group [15] - Earnings per share (EPS) for the quarter increased to $0.38 sequentially, attributed to favorable margin performance despite lower deliveries [15] - Full year EPS guidance has been raised to a range of $1.55 to $1.70, reflecting confidence in the business model and execution capabilities [6][19] Business Line Data and Key Metrics Changes - The railcar leasing and services segment saw revenue growth year over year, driven by higher fleet pricing and strong utilization of 96.8% [7] - Renewal rates were 25.1% above expiring rates with an 82% renewal success rate [8] - The Rail Products Group achieved a solid operating profit margin of 7.1% despite lower deliveries of 1,680 railcars [9][11] Market Data and Key Metrics Changes - The North American railcar fleet is contracting as scrapping outpaces new railcar deliveries, with an expected 40,000 railcars to be scrapped this year [17][31] - Industry railcar orders in Q3 were 3,071, significantly below expectations, indicating a challenging market environment [11] - The backlog stands at $1.8 billion, with approximately 21% expected to deliver by year-end [13] Company Strategy and Development Direction - The company is focused on leveraging its integrated platform of railcar leasing, manufacturing, and services to deliver value to shareholders and customers [13] - Continued investment in the fleet is prioritized to provide sustainable long-term returns [19] - The company expects secondary market activity to accelerate in Q4, optimizing and monetizing its fleet [8] Management's Comments on Operating Environment and Future Outlook - Management noted persistent market uncertainty has delayed customer decisions to invest in new railcars, but existing railcars are being retained [7] - The company anticipates a similar industry delivery environment in 2026 as in 2025, with ongoing discussions indicating potential for future growth [27][34] - Management expressed confidence in the leasing market and the performance of the leasing portfolio [39] Other Important Information - Year-to-date cash flow from continuing operations was $187 million, with a net fleet investment of $387 million, exceeding full year guidance [16] - The company returned $134 million of capital to shareholders through dividends and share buybacks [16] - The loan to value ratio remains within the target range at 68.5% [17] Q&A Session Summary Question: Current railcar delivery and order environment - Management indicated that the current environment shows strong inquiries but delayed orders due to uncertainty [27][30] Question: Delivery gap versus replacement level demand - The gap is primarily driven by delays in placing orders rather than a lack of need, with expectations for a pickup once certainty returns [31] Question: Potential for Class 1 rail consolidation - Management acknowledged that consolidation could enhance asset utilization but emphasized the need for proof of modal share growth [36] Question: FLRD drop and expectations - The drop was attributed to higher expiring rates and some moderation in market rates, but the leasing environment remains favorable [39] Question: Repricing of the fleet - Approximately 65% of the fleet has been repriced, with continued opportunities for revenue growth from leasing [41] Question: Market conditions and guidance for next year - Management refrained from providing specific guidance for 2026 but indicated a steady outlook for leasing and secondary market performance [68]

Financial Data and Key Metrics Changes - Greenbrier achieved record full-year diluted earnings per share and record core EBITDA, with an aggregate gross margin of nearly 19% and over $265 million in operating cash flow [4][16] - The company reported a return on invested capital of nearly 11%, within its long-term target range [4][17] - Fourth quarter revenue was nearly $760 million, with an operating income of $72 million, representing nearly 10% of revenue [16][17] - Core diluted earnings per share for the quarter was $1.26, and core EBITDA was $115 million, or 15% of revenue [17] Business Line Data and Key Metrics Changes - The leasing and fleet management business saw recurring revenue reach nearly $170 million, representing almost 50% growth from $113 million over two years [12][13] - The lease fleet grew by about 10% in fiscal 2025 to just over 17,000 units, with high fleet utilization at 98% [13] - New railcar orders in Q4 totaled approximately 2,400 units valued at over $300 million, bringing full-year orders to more than 13,000 units [10][11] Market Data and Key Metrics Changes - The backlog at the end of the year stood at 16,600 units valued at $2.2 billion, reflecting a healthy mix of product types and customers [11] - In North America, freight trends and tariff dynamics are moderating new railcar demand, leading many fleet owners to extend acquisition timelines [11] Company Strategy and Development Direction - Greenbrier is focused on operational excellence, innovation, and responsible growth, with a goal to double recurring revenues by fiscal 2028 [7][9] - The company is undergoing footprint rationalization in Europe, expecting annualized savings of $20 million from the closure of two additional facilities [7][20] - The integration of manufacturing and leasing is a defining feature of Greenbrier's model, providing stability and efficiency [8][14] Management's Comments on Operating Environment and Future Outlook - Management views the current market conditions as an opportunity to enhance production efficiency and reduce costs [10][11] - The company anticipates a stronger back half of fiscal 2026, driven by backlog orders and customer needs [41][50] - Management expressed confidence in the company's ability to generate cash flow and shareholder value for years to come [9][20] Other Important Information - Greenbrier's liquidity level was the highest in 10 quarters at over $800 million, consisting of more than $305 million in cash and almost $500 million in available borrowing capacity [17][18] - The board declared a dividend of $0.32 per share, marking the 46th consecutive quarterly dividend [18][19] Q&A Session Summary Question: Outlook on new railcar deliveries - Management indicated that they believe they are at the low point of the cycle and expect inquiries to increase, forecasting a production ramp-up in the back half of the year [24][25] Question: Impact of tariffs and cost inputs - Management stated that they are well-protected in their contracts regarding tariffs and can pivot if necessary [31] Question: Details on European facility closures - Management confirmed that they will be down to three facilities in Europe, maintaining the same production capacity [32][36] Question: First quarter outlook - Management is not inclined to provide quarterly guidance but expects stronger performance in the back half of the year [41][42] Question: Competitive landscape in new car builds - Management noted mixed pricing pressures, with more commoditized markets facing pricing pressure while specialty cars maintain discipline [63]