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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) reported its 2022 third quarter results, announcing net sales of $130.0 million, flat compared to last year, but up 8.7% organically. The company experienced a net loss of $2.1 million but saw adjusted EBITDA rise 110.8% to $9.3 million. Backlog reached a five-year high of $272.8 million, with new orders totaling $137.3 million, slightly down from the previous year. The company completed acquisitions of Intelligent Video Ltd. and VanHooseCo, while divesting its rail spikes and anchors business, impacting overall performance. The management remains cautiously optimistic amid ongoing economic challenges.
L.B. Foster Company (Nasdaq: FSTR) announced a significant order through its Birmingham, Alabama protective coatings business for 2.5 million feet of 24-inch epoxy coated pipe. This order, facilitated by American Cast Iron Pipe Company, is for the Summit Carbon Solutions carbon capture project, which aims to transport carbon dioxide across 2,000 miles in the Midwest. The pipeline is designed to sequester up to 12 million tons of CO2 per year and is expected to be operational in 2024. This contract underscores the long-standing relationship between L.B. Foster and ACIPCO.
L.B. Foster Company (NASDAQ: FSTR) will release its third quarter 2022 operating results before the market opens on November 8, 2022. Following this, a conference call is scheduled for 11:00 A.M. Eastern Time to discuss the results, market outlook, and business developments. Interested participants can access the live webcast on the Investor Relations page of L.B. Foster’s website. A replay will be available until November 15, 2022. For those wishing to participate in the Q&A session, registration is required to receive dial-in information.
L.B. Foster Company (NASDAQ: FSTR) announced that CEO John Kasel and CFO Bill Thalman will present at the Singular Research Midwestern Values investor conference on September 14, 2022, at 4:45 PM ET. The presentation will be accessible via a live video webcast, with slides and a replay available online for 30 days. Investors can find the registration link and presentation materials on the company's website on the event day. Founded in 1902, L.B. Foster provides engineered solutions for infrastructure needs globally.
L.B. Foster Company (NASDAQ: FSTR) announced that its President and CEO, John Kasel, along with CFO Bill Thalman, will present at the Three Part Advisors Midwest IDEAS Investor Conference. The presentation is scheduled for 3:45 PM Central Time on August 24, 2022, at The Gwen hotel in Chicago, IL. A video webcast will be available during and after the event, with replay access for 90 days. More details can be found on the L.B. Foster website.
L.B. Foster Company (Nasdaq: FSTR) announced the acquisition of VanHooseCo Precast LLC for $50.5 million. This acquisition includes the assets of a precast concrete manufacturer, expanding L.B. Foster's market reach into commercial and residential development. With VanHooseCo generating ~$28 million in revenue and ~$1.4 million in net income in 2021, the deal is expected to enhance growth opportunities. The acquisition was supported by an amendment to L.B. Foster's revolving credit agreement to accommodate this transaction.
L.B. Foster Company (Nasdaq: FSTR) reported its Q2 2022 results, revealing a 14.9% decline in net sales to $131.5 million year-over-year, attributed mainly to the divestiture of its Piling Products division. Despite this, new orders rose 2.1% to $141.4 million, with a 24.7% increase excluding Piling. Backlog stood at $250.8 million, reflecting a 14.3% year-over-year increase. Net income fell to $2.0 million, or $0.18 per share, from $2.9 million a year prior. The company has acquired Skratch and Intelligent Video, enhancing its technological capabilities. CEO John Kasel remains optimistic about future growth driven by infrastructure investments.
L.B. Foster Company (Nasdaq: FSTR) has announced the divestiture of its rail spikes and anchors track components business located in St-Jean-sur-Richelieu, Quebec, to Gerdau Ameristeel Corporation for approximately CAD 10.2 million (US $7.8 million). This business generated revenue of roughly US $14 million over the trailing twelve months ending June 30, 2022. President and CEO John Kasel emphasized that the sale marks a significant step in their strategic transformation and the proceeds will reduce debt and support future growth initiatives.
L.B. Foster Company (NASDAQ: FSTR) will announce its second quarter 2022 operating results on August 9, 2022, before market opening. A conference call will follow at 11:00 A.M. Eastern Time to discuss the results and market outlook. Participants can access the live webcast through the company’s Investor Relations page, where a presentation will also be available post-release. Replay will be accessible until August 16. Interested participants are encouraged to register for the Q&A session to receive call details.
L.B. Foster Company (NASDAQ: FSTR) has acquired Skratch Enterprises Ltd. and Intelligent Video Ltd., enhancing its digital solutions capabilities within rail and adjacent markets. Skratch, based in the UK, offers integrated digital systems, while IV specializes in security solutions. This acquisition aligns with L.B. Foster's growth strategy, expanding its technological offerings and market reach in the UK and Europe. Both companies will operate as subsidiaries, adding 38 employees to L.B. Foster's existing workforce of 1,300 globally.
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