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For The Greenbrier Cos., the first quarter of fiscal year 2005 was driven by R&D: revenue and rail-car deliveries. During the quarter ending Nov. 30, revenue totaling $218 million increased 61 percent and deliveries totaling 3,200 units rose 68 percent compared with first-quarter FY2004. Quarterly net earnings of $5.4 million increased 29 percent.

The company's North American and European car backlog totaled 10,300 units valued at $620 million on Nov. 30 compared with 11,500 units valued at $620 million on Nov. 30, 2003.

"Industry forecasts for 2005 indicate another strong year for new car orders," said Greenbrier President and Chief Executive Officer William Furman in a prepared statement. "We continue to develop a strong pipeline of potential orders. The order cycle for double-stack cars is expected to begin in spring and summer."

Last month, Greenbrier acquired Bombardier Transportation's 50 percent interest in Mexican car builder/joint venture Gunderson-Concarril (now Greenbrier-Concarril L.L.C.). Greenbrier officials expect the acquisition to increase second-half FY2005 earnings through improved purchasing and manufacturing efficiencies, and increased price competitiveness.