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L.B. Foster Co. (FSTR) is a distinguished American firm renowned for manufacturing, fabricating, and distributing essential products and services, particularly catering to the rail, construction, energy, and utility sectors. Established more than a century ago, L.B. Foster has played a pivotal role in shaping today's infrastructure by providing materials crucial for the construction and maintenance of various landmark projects, such as the Panama Canal, Brooklyn Bridge, and New Orleans flood walls.
The company operates through three core segments: Rail Technologies and Services, Precast Concrete Products, and Steel Products and Measurement. Within the Rail Technologies and Services segment, L.B. Foster supplies new and used rail, trackwork, and accessories. This segment also produces concrete railroad ties, insulated rail joints, power rail, track fasteners, and cover boards.
The Precast Concrete Products segment focuses on creating high-quality concrete solutions for various infrastructure needs, while the Steel Products and Measurement segment deals in steel sheet piling, H-bearing piles, and other piling products vital for foundation and earth retention projects. These segments oversee engineering, manufacturing, distribution, and sales facilities globally.
Furthermore, L.B. Foster has formed strategic alliances with industry-leading manufacturing and engineering firms, enhancing its role as a distributor and service provider. The company remains dedicated to ongoing programs aimed at boosting product quality, refining operational processes, and ensuring employee safety.
Financially, L.B. Foster generates the majority of its revenues from the Rail Technologies and Services segment, supported by a robust performance in the other two segments. Recent achievements include significant contributions to infrastructure projects and continuous innovations in product offerings.
As part of its mission, L.B. Foster is committed to delivering superior products to its customers and fostering an entrepreneurial environment for its employees. This commitment underlines the company’s enduring legacy and ongoing relevance in the essential sectors it serves.
L.B. Foster Company (NASDAQ: FSTR) announced a strategic agreement with 22NW, LP, one of its largest shareholders. As part of this agreement, Alexander B. Jones will serve as a non-voting Board Observer, effective immediately. Jones, a Research Analyst at 22NW, brings experience overseeing investments in various sectors. Company Chairman Raymond T. Betler expressed optimism about the collaboration, envisioning beneficial insights on capital allocation and shareholder value enhancement. Aron R. English, 22NW’s Portfolio Manager, acknowledged the productive dialogue and expressed excitement over L.B. Foster's progress in its strategic transformation. The agreement also includes customary standstill and voting provisions, with details to be filed with the SEC.
L.B. Foster Company (NASDAQ: FSTR) has announced the sale of most assets from its Chemtec Energy Services division, generating approximately $6.6 million in cash, subject to working capital adjustments. The divested business, located in Texas, had revenues of about $25 million for the past twelve months. This strategic move aims to reduce exposure to the energy market and lower the company’s leverage, aligning with management's focus on financial stability. Following the sale, L.B. Foster has updated its financial guidance for 2023, projecting net sales between $520 million and $550 million, down from a previous estimate.
L.B. Foster Company (NASDAQ: FSTR) reported a 21.4% increase in fourth quarter net sales, reaching $137.2 million. Gross margins improved by 260 basis points to 19.5%. Despite these gains, the company faced a net loss of $43.9 million, impacted by a $37.9 million deferred tax asset valuation and $8.0 million in asset impairment charges. The fourth quarter saw adjusted EBITDA rise by 132.6% to $7.5 million. New orders reached $137.8 million, a 44.8% increase year-over-year. For 2023, the company projects net sales of $540 million to $570 million and announced a $15 million stock buyback plan.
PITTSBURGH, Feb. 21, 2023 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR) announced it will release its fourth quarter and full year 2022 operating results on March 6, 2023, before market opening. A conference call to discuss these results, market outlook, and business developments will be held at 11:00 A.M. Eastern Time on the same day. An earnings presentation will be available on the Company’s Investor Relations page following the release. The call will be webcast live, and a replay will be accessible until March 13, 2023. Participants can register for the question-and-answer session via the provided links.
L.B. Foster Company (NASDAQ: FSTR) announces a strategic partnership with FUCHS Lubricants Co., enhancing its friction management solutions in the rail industry. This collaboration leverages L.B. Foster's expertise in friction management technologies and FUCHS's manufacturing capabilities, promoting co-branded greases aimed at reducing operational costs and improving safety for rail customers. The partnership aims to meet growing demand in North America and international markets while providing customers with a comprehensive lubrication solution.
L.B. Foster Company (NASDAQ: FSTR) announced the appointment of Ms. Janet Lee to its Board of Directors effective January 1, 2023. This follows the retirements of Ms. Suzanne B. Rowland and Mr. Robert S. Purgason on December 31, 2022. Ms. Lee, currently Vice President and General Counsel at ANSYS, brings over 30 years of legal experience. Her expertise encompasses intellectual property, cybersecurity, and risk management. L.B. Foster's Chairman expressed optimism about her contributions to enhancing shareholder value.
L.B. Foster Company (NASDAQ: FSTR) will present at the Singular Research Best of the Uncovered investor conference on December 8, 2022, at 4:00 PM ET. Bill Thalman, CFO, and Sean Reilly, Controller, will lead the presentation. A live video webcast and slides will be accessible online, with a replay available for 30 days. Founded in 1902, L.B. Foster specializes in engineered solutions for infrastructure across multiple continents. For more details, visit www.lbfoster.com.
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