Greenbrier Drops Most on Russell 2000 as Railcar Demand Weakens
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Greenbrier Cos. fell the most on the Russell 2000 Index after the company lowered its earnings forecast and expectations for railcar deliveries, reflecting a drop in railroad cargo.
Earnings for 2016 are now expected to be as much as $5.90 a share, down from as much as $6.10 in an April forecast, Greenbrier said in a statement Wednesday. The company cut the upper range of railcar deliveries by 1,000 units to 21,000. That raised shareholder concerns about demand next year, said Allison Poliniak-Cusic, an analyst at Wells Fargo & Co, in a note.