Exhibit 99.1

News Release
One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000	www.gbrx.com

For release:	April 5, 2019, 6:00 a.m. EDT	Contact:	Lorie Tekorius, Investor Relations
			Justin Roberts, Investor Relations
			Ph: 503-684-7000

Greenbrier Reports Second Quarter Results

~ Announces orders of 3,800 railcars valued at nearly $450 million ~

~ New railcar backlog of 26,000 units valued at $2.7 billion ~

~ Updates FY19 Guidance ~

Lake Oswego, Oregon, April 5, 2019 – The Greenbrier Companies, Inc. (NYSE: GBX) today reported financial results for its second fiscal quarter ended February 28, 2019.

Second Quarter Highlights

• Net earnings attributable to Greenbrier for the quarter were $2.8 million, or $0.08 per diluted share, on revenue of $658.7 million. Quarterly results included $4.7 million, or $0.14 per diluted share, related to loss accruals on certain railcar contracts and facility closure costs in the railcar repair operations.

• Adjusted EBITDA for the quarter was $37.4 million, or 5.7% of revenue, and included $7.6 million related to railcar contract loss accruals and facility closure costs.

• Orders for 3,800 diversified railcars were received during the quarter, valued at nearly $450 million.

• New railcar backlog as of February 28, 2019 was 26,000 units with an estimated value of $2.7 billion.

• New railcar deliveries totaled 5,100 units for the quarter.

• Board declares quarterly dividend of $0.25 per share, payable on May 15, 2019 to shareholders as of April 24, 2019.

William A. Furman, Chairman and CEO, said, “Order activity, railcar deliveries and revenue generation highlighted Greenbrier’s fiscal second quarter. However, our earnings performance was underwhelming, reflecting what we believe will be a single disappointing quarter. Greenbrier’s fiscal second quarter was expected to be the least profitable of fiscal 2019. Planned production line changeovers temporarily reduced manufacturing efficiency in the quarter. These expected operating disruptions were compounded by the railcar contract loss accruals in Europe and Gunderson and the facility closure costs in our railcar repair network that we communicated on March 22. Greenbrier is actively addressing these performance issues. We expect to quickly resolve them.”

Furman concluded, “Over the balance of fiscal 2019, Greenbrier’s financial performance and profitability will significantly improve compared to the first half of fiscal 2019. As a result, revenue and delivery estimates for fiscal 2019 are unchanged and we have updated EPS guidance today to reflect the impact of the unique operating challenges in the fiscal second quarter. Greenbrier’s backlog of 26,000 units valued at $2.7 billion will produce sustained railcar deliveries through fiscal 2019 and provides good visibility into fiscal 2020. Our strong balance sheet, manufacturing flexibility and product innovation position us to successfully address a dynamic market environment and continue to grow at scale. We remain confident in Greenbrier’s long-term growth strategy and integrated business model.”

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 2

Fiscal 2019 Business Update

With approximately 95% of fiscal 2019 production in backlog, and based on current business trends, Greenbrier believes:

• Deliveries will be approximately 24,000 – 26,000 units including Greenbrier-Maxion (Brazil) (which will account for approximately 2,000 units).

• Revenue will exceed $3.0 billion.

• Diluted EPS will be $3.60 - $3.80 excluding the $0.14 per share related to railcar contract loss accruals and closure costs in the fiscal second quarter.

As noted in the “Safe Harbor” statement, there are risks to achieving this guidance. Certain orders and backlog in this release are subject to customary documentation and completion of terms.

Financial Summary

	Q2 FY19		Q1 FY19		Sequential Comparison – Main Drivers
Revenue	$	658.7M	$	604.5M	Up 9.0% primarily due to increased external syndication activity and higher wheel and component volumes
Gross margin		8.2%		12.0%	Decrease driven by lower manufacturing efficiencies, including multiple line change overs, railcar contract loss accruals and closure costs
Selling and administrative expense		$47.9M		$50.4M	Down 5.0% primarily due to lower employee related costs
Gain on disposition of equipment		$12.1M		$14.4M	Reflects continued rebalancing of lease portfolio
Adjusted EBITDA		$37.4M		$57.6M	Lower operating earnings including the $7.6 million of closure costs and railcar contract loss accruals in Q2
Effective tax rate		25.5%		28.5%
Earnings (loss) from unconsolidated affiliates		($0.8M)		$0.5M	Continued volatility in Brazilian operations
Net earnings attributable to noncontrolling interest		$3.0M		$5.4M	Change primarily impacted by partner share of European losses
Net earnings attributable to Greenbrier		$2.8M		$18.0M	Change includes $4.7 million from railcar contract loss accruals and closure costs, lower operating earnings and higher foreign exchange losses
Diluted EPS		$0.08		$0.54	Includes $0.14 per share from railcar contract loss accruals and closure costs

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 3

Segment Summary

	Q2 FY19	Q1 FY19	Sequential Comparison – Main Drivers
Manufacturing
Revenue	$476.0M	$471.8M	Change primarily driven by mix shift
Gross margin	6.9%	11.4%	Decrease driven by lower manufacturing efficiencies, including multiple line change overs, and railcar contract loss accruals
Operating margin (1)	2.9%	7.8%	Primarily reflects lower gross margin
Deliveries (2)	4,500	4,200
Wheels, Repair & Parts
Revenue	$125.3M	$108.5M	Up 15.5% primarily attributable to higher wheel and component volumes
Gross margin	5.4%	7.0%	Down due to lower operating efficiencies and closure costs in Repair network
Operating margin (1)	2.3%	3.0%
Leasing & Services
Revenue	$57.4M	$24.2M	Increase driven by higher volume of externally sourced railcar syndications
Gross margin	24.4%	45.4%	Decrease primarily reflects lower margins on externally sourced railcar syndications; excluding this activity, gross margin would be 51.3%
Operating margin (1) (3)	36.7%	72.4%	Current quarter includes higher volume of externally sourced railcar syndications which have a lower gross margin
Lease fleet utilization	97.4%	94.9%

(1) See supplemental segment information on page 10 for additional information.

(2) Excludes Brazil deliveries which are not consolidated into manufacturing revenue and margins.

(3) Includes Net gain on disposition of equipment, which is excluded from gross margin.

Conference Call

Greenbrier will host a teleconference to discuss its second quarter 2019 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:

• April 5, 2019

• 8:00 a.m. Pacific Daylight Time

• Phone: 1-630-395-0143, Password: “Greenbrier”

• Real-time Audio Access: (“Newsroom” at http://www.gbrx.com)

Please access the site 10 minutes prior to the start time.

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Greenbrier designs, builds and markets freight railcars and marine barges in North America. Greenbrier Europe is an end-to-end freight railcar manufacturing, engineering and repair business with operations in Poland, Romania and Turkey that serves customers across Europe and in the nations of the Gulf Cooperation Council. Greenbrier builds freight railcars and rail castings in Brazil through two separate strategic partnerships. We are a leading provider of freight railcar wheel services, parts, repair, refurbishment and retrofitting services in North America through our wheels, repair & parts business unit. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and related transportation industries in North America. Through unconsolidated joint ventures, we produce industrial and rail castings, tank heads and other components. Greenbrier owns a lease fleet of 10,600 railcars and performs management services for 372,000 railcars. Learn more about Greenbrier at www.gbrx.com.

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 4

“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release may contain forward-looking statements, including any statements that are not purely statements of historical fact. Greenbrier uses words such as “affirms,” “anticipates,” “believes,” “forecast,” “potential,” “goal,” “contemplates,” “expects,” “intends,” “plans,” “projects,” “hopes,” “seeks,” “estimates,” “strategy,” “could,” “would,” “should,” “likely,” “will,” “may,” “can,” “designed to,” “future,” “foreseeable future” and similar expressions to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, reported backlog and awards that are not indicative of Greenbrier’s financial results; uncertainty or changes in the credit markets and financial services industry; high levels of indebtedness and compliance with the terms of Greenbrier’s indebtedness; write-downs of goodwill, intangibles and other assets in future periods; sufficient availability of borrowing capacity; fluctuations in demand for newly manufactured railcars or failure to obtain orders as anticipated in developing forecasts; loss of one or more significant customers; customer payment defaults or related issues; policies and priorities of the federal government regarding international trade, taxation and infrastructure; sovereign risk to contracts, exchange rates or property rights; actual future costs and the availability of materials and a trained workforce; failure to design or manufacture new products or technologies or to achieve certification or market acceptance of new products or technologies; steel or specialty component price fluctuations and availability and scrap surcharges; changes in product mix and the mix between segments; labor disputes, energy shortages or operating difficulties that might disrupt manufacturing operations or the flow of cargo; production difficulties and product delivery delays as a result of, among other matters, costs or inefficiencies associated with expansion, start-up, or changing of production lines or changes in production rates, changing technologies, transfer of production between facilities or non-performance of alliance partners, subcontractors or suppliers; ability to obtain suitable contracts for the sale of leased equipment and risks related to car hire and residual values; integration of current or future acquisitions and establishment of joint ventures; succession planning; discovery of defects in railcars or services resulting in increased warranty costs or litigation; physical damage or product or service liability claims that exceed Greenbrier’s insurance coverage; train derailments or other accidents or claims that could subject Greenbrier to legal claims; actions or inactions by various regulatory agencies including potential environmental remediation obligations or changing tank car or other railcar or railroad regulation; and issues arising from investigations of whistleblower complaints; all as may be discussed in more detail under the headings “Risk Factors” and “Forward Looking Statements” in Greenbrier’s Annual Report on Form 10-K for the fiscal year ended August 31, 2018, Greenbrier’s Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2018, and Greenbrier’s other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof. Except as otherwise required by law, Greenbrier does not assume any obligation to update any forward-looking statements.

Adjusted EBITDA, Adjusted net earnings attributable to Greenbrier, Adjusted diluted EPS and Diluted earnings per share range excluding railcar contract loss accruals and closure costs are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools commonly used by rail supply companies and Greenbrier. You should not consider these metrics in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because these metrics are not a measure of financial performance under GAAP and are susceptible to varying calculations, the measures presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define Adjusted EBITDA as Net earnings before Interest and foreign exchange, Income tax expense (benefit), Depreciation and amortization and excluding the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe the presentation of Adjusted EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s core business. We believe this assists in comparing our performance across reporting periods.

Adjusted net earnings attributable to Greenbrier and Adjusted diluted EPS excludes the impact associated with items we do not believe are indicative of our core business or which affect comparability. Diluted earnings per share range excluding railcar contract loss accruals and closure costs exclude railcar contract loss accruals and closure costs. We believe these assist in comparing our performance across reporting periods.

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 5

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)

	February 28, 2019		November 30, 2018		August 31, 2018		May 31, 2018		February 28, 2018
Assets
Cash and cash equivalents	$	341,500	$	462,797	$	530,655	$	589,969	$	586,008
Restricted cash		21,584		8,872		8,819		9,204		8,875
Accounts receivable, net		335,732		306,917		348,406		322,328		321,795
Inventories		574,146		492,573		432,314		396,518		408,419
Leased railcars for syndication		163,472		233,415		130,926		158,194		168,748
Equipment on operating leases, net		381,336		317,282		322,855		302,074		258,417
Property, plant and equipment, net		472,739		461,120		457,196		424,035		429,465
Investment in unconsolidated affiliates		58,685		58,682		61,414		75,884		98,009
Intangibles and other assets, net		101,284		95,958		94,668		82,030		83,308
Goodwill		82,743		77,508		78,211		70,347		69,011
	$	2,533,221	$	2,515,124	$	2,465,464	$	2,430,583	$	2,432,055
Liabilities and Equity
Revolving notes	$	22,323	$	22,189	$	27,725	$	20,337	$	7,990
Accounts payable and accrued liabilities		474,863		438,304		449,857		447,827		461,088
Deferred income taxes		29,481		30,631		31,740		36,657		41,257
Deferred revenue		91,533		108,566		105,954		102,919		85,886
Notes payable, net		486,107		487,764		436,205		437,833		559,755
Contingently redeemable noncontrolling interest		25,637		28,449		29,768		31,135		33,046
Total equity - Greenbrier		1,257,818		1,257,631		1,250,101		1,225,512		1,095,447
Noncontrolling interest		145,459		141,590		134,114		128,363		147,586
Total equity		1,403,277		1,399,221		1,384,215		1,353,875		1,243,033
	$	2,533,221	$	2,515,124	$	2,465,464	$	2,430,583	$	2,432,055

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 6

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts, unaudited)

	Three Months Ended February 28,						Six Months Ended February 28,
	2019			2018			2019			2018
Revenue
Manufacturing	$	476,019		$	511,827		$	947,808		$	963,312
Wheels, Repair & Parts		125,278			88,710			233,821			166,721
Leasing & Services		57,374			28,799			81,565			58,838
		658,671			629,336			1,263,194			1,188,871
Cost of revenue
Manufacturing		442,996			429,165			860,801			810,015
Wheels, Repair & Parts		118,455			80,708			219,433			153,214
Leasing & Services		43,376			14,116			56,583			30,981
		604,827			523,989			1,136,817			994,210
Margin		53,844			105,347			126,377			194,661
Selling and administrative expense		47,892			50,294			98,324			97,337
Net gain on disposition of equipment		(12,102	)		(5,817	)		(26,455	)		(24,988	)
Earnings from operations		18,054			60,870			54,508			122,312
Other costs
Interest and foreign exchange		9,237			7,029			13,641			14,049
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		8,817			53,841			40,867			108,263
Income tax benefit (expense)		(2,248	)		11,301			(11,383	)		(6,834	)
Earnings before earnings (loss) from unconsolidated affiliates		6,569			65,142			29,484			101,429
Earnings (loss) from unconsolidated affiliates		(786	)		147			(319	)		(2,763	)
Net earnings		5,783			65,289			29,165			98,666
Net earnings attributable to noncontrolling interest		(3,018	)		(3,647	)		(8,444	)		(10,771	)
Net earnings attributable to Greenbrier	$	2,765		$	61,642		$	20,721		$	87,895
Basic earnings per common share:	$	0.08		$	2.10		$	0.63		$	3.00
Diluted earnings per common share:	$	0.08		$	1.91		$	0.63		$	2.74
Weighted average common shares:
Basic		32,628			29,355			32,634			29,343
Diluted		33,206			32,711			33,149			32,703
Dividends declared per common share	$	0.25		$	0.23		$	0.50		$	0.46

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 7

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)

	Six Months Ended February 28,
	2019			2018
Cash flows from operating activities
Net earnings	$	29,165		$	98,666
Adjustments to reconcile net earnings to net cash used in operating activities:
Deferred income taxes		(3,405	)		(35,080	)
Depreciation and amortization		40,815			36,454
Net gain on disposition of equipment		(26,455	)		(24,988	)
Accretion of debt discount		2,165			2,060
Stock based compensation expense		7,311			12,574
Noncontrolling interest adjustments		5,306			(2,555	)
Other		1,809			958
Decrease (increase) in assets:
Accounts receivable, net		23,298			(25,681	)
Inventories		(154,388	)		(10,211	)
Leased railcars for syndication		(76,386	)		(74,129	)
Other		(11,274	)		10,434
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities		28,458			46,434
Deferred revenue		(13,041	)		(42,589	)
Net cash used in operating activities		(146,622	)		(7,653	)
Cash flows from investing activities
Proceeds from sales of assets		63,879			105,142
Capital expenditures		(98,176	)		(53,503	)
Investment in and advances to unconsolidated affiliates		(11,393	)		(17,739	)
Other		1,986			1,207
Net cash provided by (used in) investing activities		(43,704	)		35,107
Cash flows from financing activities
Net changes in revolving notes with maturities of 90 days or less		(6,007	)		3,666
Proceeds from issuance of notes payable		225,000			13,929
Repayments of notes payable		(176,641	)		(16,056	)
Investment by joint venture partner		—			6,500
Debt issuance costs		(2,770	)		—
Dividends		(16,651	)		(13,546	)
Cash distribution to joint venture partner		(5,058	)		(41,758	)
Tax payments for net share settlement of restricted stock		(4,762	)		(5,199	)
Net cash provided by (used in) financing activities		13,111			(52,464	)
Effect of exchange rate changes		825			(465	)
Decrease in cash, cash equivalents and restricted cash		(176,390	)		(25,475	)
Cash, cash equivalents and restricted cash
Beginning of period		539,474			620,358
End of period	$	363,084		$	594,883
Balance Sheet Reconciliation
Cash and cash equivalents	$	341,500		$	586,008
Restricted cash		21,584			8,875
Total cash, cash equivalents and restricted cash as presented above	$	363,084		$	594,883

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 8

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, except per share amounts, unaudited)

Operating Results by Quarter for 2019 are as follows:

	First			Second			Total
Revenue
Manufacturing	$	471,789		$	476,019		$	947,808
Wheels, Repair & Parts		108,543			125,278			233,821
Leasing & Services		24,191			57,374			81,565
		604,523			658,671			1,263,194
Cost of revenue
Manufacturing		417,805			442,996			860,801
Wheels, Repair & Parts		100,978			118,455			219,433
Leasing & Services		13,207			43,376			56,583
		531,990			604,827			1,136,817
Margin		72,533			53,844			126,377
Selling and administrative expense		50,432			47,892			98,324
Net gain on disposition of equipment		(14,353	)		(12,102	)		(26,455	)
Earnings from operations		36,454			18,054			54,508
Other costs
Interest and foreign exchange		4,404			9,237			13,641
Earnings before income taxes and earnings (loss) from unconsolidated affiliates		32,050			8,817			40,867
Income tax expense		(9,135	)		(2,248	)		(11,383	)
Earnings before earnings (loss) from unconsolidated affiliates		22,915			6,569			29,484
Earnings (loss) from unconsolidated affiliates		467			(786	)		(319	)
Net earnings		23,382			5,783			29,165
Net earnings attributable to noncontrolling interest		(5,426	)		(3,018	)		(8,444	)
Net earnings attributable to Greenbrier	$	17,956		$	2,765		$	20,721
Basic earnings per common share (1)	$	0.55		$	0.08		$	0.63
Diluted earnings per common share (1)	$	0.54		$	0.08		$	0.63

(1) Quarterly amounts may not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share excludes the dilutive effect of the 2024 Convertible Notes, since the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive, but includes restricted stock units that are not considered participating securities and restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, when dilutive.

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 9

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, except per share amounts, unaudited)

Operating Results by Quarter for 2018 are as follows:

	First			Second			Third			Fourth			Total
Revenue
Manufacturing	$	451,485		$	511,827		$	510,099		$	571,175		$	2,044,586
Wheels, Repair & Parts		78,011			88,710			94,515			85,787			347,023
Leasing & Services		30,039			28,799			36,773			32,244			127,855
		559,535			629,336			641,387			689,206			2,519,464
Cost of revenue
Manufacturing		380,850			429,165			427,875			489,517			1,727,407
Wheels, Repair & Parts		72,506			80,708			85,850			79,266			318,330
Leasing & Services		16,865			14,116			19,155			14,536			64,672
		470,221			523,989			532,880			583,319			2,110,409
Margin		89,314			105,347			108,507			105,887			409,055
Selling and administrative expense		47,043			50,294			51,793			51,309			200,439
Net gain on disposition of equipment		(19,171	)		(5,817	)		(14,825	)		(4,556	)		(44,369	)
Earnings from operations		61,442			60,870			71,539			59,134			252,985
Other costs
Interest and foreign exchange		7,020			7,029			6,533			8,786			29,368
Earnings before income tax and earnings (loss) from unconsolidated affiliates		54,422			53,841			65,006			50,348			223,617
Income tax benefit (expense)		(18,135	)		11,301			(15,944	)		(10,115	)		(32,893	)
Earnings before earnings (loss) from unconsolidated affiliates		36,287			65,142			49,062			40,233			190,724
Earnings (loss) from unconsolidated affiliates		(2,910	)		147			(12,823	)		(3,075	)		(18,661	)
Net earnings		33,377			65,289			36,239			37,158			172,063
Net earnings attributable to noncontrolling interest		(7,124	)		(3,647	)		(3,288	)		(6,223	)		(20,282	)
Net earnings attributable to Greenbrier	$	26,253		$	61,642		$	32,951		$	30,935		$	151,781
Basic earnings per common share (1)	$	0.90		$	2.10		$	1.03		$	0.95		$	4.92
Diluted earnings per common share (1)	$	0.83		$	1.91		$	1.01		$	0.94		$	4.68

(1) Quarterly amounts do not total to the year to date amount as each period is calculated discretely. Diluted earnings per common share excludes the dilutive effect of the 2024 Convertible Notes, since the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive, but includes restricted stock units that are not considered participating securities and restricted stock units that are subject to performance criteria, for which actual levels of performance above target have been achieved, when dilutive and the dilutive effect of shares underlying the 2018 Convertible Notes using the “if converted” method in which debt issuance and interest costs, net of tax, were added back to net earnings. The 2018 Convertible Notes matured on April 1, 2018.

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 10

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, unaudited)

Segment Information

Three months ended February 28, 2019:

	Revenue								Earnings (loss) from operations
	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	476,019	$	46,855		$	522,874		$	13,990		$	2,358		$	16,348
Wheels, Repair & Parts		125,278		8,858			134,136			2,823			(858	)		1,965
Leasing & Services		57,374		2,911			60,285			21,030			2,101			23,131
Eliminations		—		(58,624	)		(58,624	)		—			(3,601	)		(3,601	)
Corporate		—		—			—			(19,789	)		—			(19,789	)
	$	658,671	$	—		$	658,671		$	18,054		$	—		$	18,054

Three months ended November 30, 2018:

	Revenue								Earnings (loss) from operations
	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	471,789	$	6,201		$	477,990		$	36,855		$	433		$	37,288
Wheels, Repair & Parts		108,543		15,981			124,524			3,247			312			3,559
Leasing & Services		24,191		5,999			30,190			17,513			5,452			22,965
Eliminations		—		(28,181	)		(28,181	)		—			(6,197	)		(6,197	)
Corporate		—		—			—			(21,161	)		—			(21,161	)
	$	604,523	$	—		$	604,523		$	36,454		$	—		$	36,454

	Total assets
	February 28, 2019		November 30, 2018
Manufacturing	$	1,093,593	$	998,820
Wheels, Repair & Parts		341,317		322,525
Leasing & Services		704,016		691,389
Unallocated		394,295		502,390
	$	2,533,221	$	2,515,124

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 11

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, excluding backlog and delivery units, unaudited)

Reconciliation of Net earnings to Adjusted EBITDA

	Three Months Ended
	February 28, 2019		November 30, 2018
Net earnings	$	5,783	$	23,382
Interest and foreign exchange		9,237		4,404
Income tax expense		2,248		9,135
Depreciation and amortization		20,115		20,700
Adjusted EBITDA	$	37,383	$	57,621

	Three Months Ended
	February 28, 2019
Backlog Activity (units) (1)
Beginning backlog		27,500
Orders received		3,800
Production held as Leased railcars for syndication		(1,400	)
Production sold directly to third parties		(3,900	)
Ending backlog		26,000
Delivery Information (units) (1)
Production sold directly to third parties		3,900
Sales of Leased railcars for syndication		1,200
Total deliveries		5,100

(1) Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

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Greenbrier Reports Second Quarter Results. . . (Cont.) Page 12

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, except per share amounts, unaudited)

Reconciliation of common shares outstanding

The shares used in the computation of the Company’s basic and diluted earnings per common share are reconciled as follows:

	Three Months Ended
	February 28, 2019		November 30, 2018
Weighted average basic common shares outstanding (1)		32,628		32,640
Dilutive effect of convertible notes (2)		—		—
Dilutive effect of performance awards (3)		578		453
Weighted average diluted common shares outstanding		33,206		33,093

(1) Restricted stock grants and restricted stock units that are considered participating securities, including some grants subject to certain performance criteria, are included in weighted average basic common shares outstanding when the Company is in a net earnings position.

(2) The dilutive effect of the 2024 Convertible notes was excluded for the three months ended February 28, 2019 and November 30, 2018 as the average stock price was less than the applicable conversion price and therefore was considered anti-dilutive.

(3) Restricted stock units that are not considered participating securities and restricted stock units subject to performance criteria, for which actual levels of performance above target have been achieved, are included in Weighted average diluted shares outstanding when the Company is in a net earnings position.

Reconciliation of diluted earnings per share range

	Year Ended August 31, 2019
Diluted earnings per share range	$3.46 - $3.66
Railcar contract loss accruals and closure costs	0.14
Diluted earnings per share range excluding railcar contract loss accruals and closure costs	$3.60 - $3.80

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