LAKE OSWEGO, Ore. (AP) — Greenbrier's first-quarter net income fell 28 percent, weighed down by higher costs.

The railcar company, which recently rejected buyout offer from Carl Icahn's American Railcar, also said it expects to deliver fewer railcars this year than a year ago.

Greenbrier Cos. said Wednesday that it earned $10.4 million, or 35 cents per share, for the three months ended Nov. 30. That compares with earnings of $14.5 million, or 48 cents per share, a year earlier.

Earnings were 37 cents per share, stripping out items.

Analysts polled by FactSet expected earnings of 31 cents per share.

Revenue rose 4 percent to $415.4 million from $398.2 million. This topped Wall Street's estimate of $401.5 million.

Manufacturing costs climbed during the period, as well as interest and foreign exchange costs and selling and administrative expenses.

Greenbrier said that it delivered 2,900 new railcars in the quarter.

For 2013, the Lake Oswego, Ore. company anticipates delivering about 13,000 new railcars. That is below 2012's 15,000 deliveries. Greenbrier said that while there will likely be fewer new railcar deliveries, the product mix will be more favorable and railcars will be sold at higher prices.

Greenbrier shares closed at $17.27 per share on Tuesday. Its shares have traded between $13.10 and $26.66 over the past year.