On this page of StockholderLetter.com we present the 11/13/2023 shareholder letter from GREENBRIER COMPANIES INC — ticker symbol GBX. Reading current and past GBX letters to shareholders can bring important insights into the investment thesis.

 •  11/13/2023 Letter Continued (Full PDF)
 •  11/14/2024 GBX Stockholder Letter
 •  11/17/2025 GBX Stockholder Letter
 •  More "Railroads" Category Stockholder Letters
 •  GBX Benford's Law Stock Score = 98

GBX 11/13/2023 Shareholder/Stockholder Letter Transcript:

2023
ANNUAL
REPORT

2023 ANNUAL REPORT CEO LETTER
To Our Shareholders:
Greenbrier took meaningful strides forward in fiscal year 2023. We ended the year with nearly $4.0 billion in revenue, an all-time
record, and $2.97 adjusted earnings per share. Our diversified backlog of 30,900 units valued at $3.8 billion provides significant
visibility into fiscal 2024 and beyond. Recently, our Board approved a $0.30 per share dividend, the 38th consecutive quarterly
dividend for Greenbrier shareholders.
Our current strength allows us to build a prosperous future as we implement our new multi-year strategy, Better Together. The
strategy has three tenets: (1) Maintain our manufacturing leadership position across geographies; (2) Optimize our industrial
footprint for efficiency and margin enhancement while addressing the needs of our customers; and (3) Expand our recurring
revenue from our lease fleet, railcar lease syndications and aftermarket services to reduce the impact of manufacturing cyclicality.
Among its targets, this strategy is designed to achieve three long-term strategic financial goals: grow recurring revenue, increase
our aggregate gross margin and improve our return on invested capital.
As part of our strategy, over fiscal 2023, Greenbrier evaluated our operating assets and manufacturing processes to rationalize
capacity and enhance efficiency. This resulted in divestitures of businesses that did not align with our more focused strategy.
In every case, we transitioned divested assets intact with the existing workforce, allowing skilled workers to continue with
employers specializing in those industries. We are now focused on Greenbrier   s strengths in railcar manufacturing, leasing and
aftermarket services.
Greenbrier also saw leadership changes to our Board of Directors. We welcomed new member, Patrick Ottensmeyer, who brings
decades of rail experience to the Board. In January, our founder, Bill Furman, and Director, Butch Swindells, will leave the Board
after nearly a half-century of combined service. Please refer to the back of this report to learn more about their many contributions
to Greenbrier. Sadly, we also experienced a great loss with the passing of Board Member David Starling in February. Dave will be
remembered as a preeminent railroader, dear friend, admired colleague, and devoted husband and father.
Greenbrier   s commitment to our workforce continued in fiscal 2023. Our workforce achieved another year of excellent workplace
safety results and we introduced a global program focused on hand safety. Our 2023 Environmental, Social and Governance
(ESG) report highlights additional human capital management developments and our environmental sustainability progress.
Fiscal 2023 produced strategy development, efficiency enhancements, growth in market share and broad order activity. The
Greenbrier team went above and beyond to deliver for our customers and investors during one of the most exacting business
environments we have experienced. I am proud to lead our innovative and dedicated employees into a new fiscal year. With our
Better Together strategy and the best employees in the industry, I am confident we will achieve our fiscal 2024 goals.
Sincerely,
L o r i e L . Te k o r i u s
CE O & P re si d e n t
No v e m b e r 2 0 2 3

11/13/2023 Letter Continued (Full PDF)

 

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.