GREENBRIER REPORTS DROP IN 2ND-QUARTER RESULTS, NEW RAILCAR ORDERS

GREENBRIER REPORTS DROP IN 2ND-QUARTER RESULTS, NEW RAILCAR ORDERS    The Greenbrier Cos. Inc., the Lake Oswego, Ore.-based provider of rail and barge transportation equipment, on Tuesday said second-quarter net earnings fell 98 percent to $70,000.
   Revenues for the period ending Feb. 28 were down 9.2 percent to $157 million, due to a reduction in North American new railcar production.
   For the first six months of its fiscal year, net earnings were $3.1 million, compared to $4.7 million in the year earlier period. Revenue was $311 million, up 8.7 percent.
   Greenbrier has “significantly reduced production, laid-off personnel and instituted cost containment measures,” said Bill Furman, president and chief executive officer. “We believe we remain well-positioned to compete in the current intensely competitive marketplace.”
   Also on Tuesday, the company announced new orders for 2,700 railcars valued at $110 million. As a result, Greenbrier anticipates its manufacturing backlog in the third quarter will be stable or improve slightly over the second quarter.