Shares of railroad freight car manufacturer Greenbriar Companies (NYSE: GBX) surged 25% through 11:30 a.m. ET on Thursday after crushing analyst earnings forecasts like, well, a freight train.

Heading into its fiscal third quarter of 2023, analysts had forecast Greenbriar would earn $0.58 per share on quarterly sales of $898.8 million. But Greenbriar nearly doubled that earnings forecast, reporting adjusted profits of $1.02 per share, with sales coming in at $1.04 billion.  

The news wasn't quite as good as this makes it seem. While earnings were $1.02 adjusted (to not count losses related to the company's sale of its Gunderson Marine unit), actual earnings as calculated according to generally accepted accounting principles (GAAP) came in a bit lighter than that -- just $0.64 per share.  

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Source Fool.com