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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) has secured a $7 million subcontract to provide 5,750 tons of steel piling for the rehabilitation of upstream approach walls at the U.S. Army Corps of Engineers' Soo Locks Complex in Michigan. The project, aimed at improving navigation for critical raw materials, is a collaboration with Kokosing-Alberici, LLC. Construction is set to use advanced steel materials and is expected to be completed in 2023. The Soo Locks are vital for shipping approximately 80 million tons of commodities annually.
L.B. Foster Company announced the retirement of CEO Robert P. Bauer, effective July 21, 2021, after nearly a decade in the role. John F. Kasel, the current COO with 18 years at the company, will succeed him. This leadership change follows a thorough succession planning process by the Board of Directors, which is optimistic about the future under Kasel's leadership. Kasel expressed commitment to increasing profitability and shareholder value while continuing the Company’s focus on technology and services in the rail industry.
L.B. Foster Company (NASDAQ: FSTR) announced a significant supply contract to deliver over 3,000 tons of steel piling to Bechtel Energy for Cheniere Energy Partners' Sabine Pass Liquefaction third marine berth expansion project. The innovative OPEN CELL™ bulkhead design, which supports LNG docking, is currently under construction in Cameron Parish, LA. This contract strengthens L.B. Foster's position in the infrastructure market and underscores its collaboration with supply partners for timely delivery of materials.
L.B. Foster Company (NASDAQ: FSTR) announced that Bob Bauer, President and CEO, alongside Bill Thalman, CFO, will present at the UBS Global Industrials and Transportation Virtual Conference. The presentation is scheduled for 9:00 AM ET on June 9, 2021. A live video webcast will be available, along with presentation slides, which will be posted on the company’s Investor Relations page. A recording of the event will remain accessible for 30 days post-presentation.
The company specializes in providing solutions for the rail industry and supporting critical infrastructure projects.
L.B. Foster Company (NASDAQ: FSTR) has secured a $14 million contract to supply new roadway decking for the rehabilitation of the north span of the Newburgh-Beacon Bridge. This contract involves the provision of 311,000 square feet of steel grid bridge deck panels manufactured in Bedford, PA. The project aims to ensure efficient installation and long-term performance, building on the company's past involvement in the bridge's south span rehabilitation in 2013.
L.B. Foster Company (NASDAQ: FSTR) reported a net sales decline of 4.8% to $116.1 million for Q1 2021, alongside a gross profit drop of 18.6% to $18.8 million. The gross profit margin fell to 16.2%, and the company recorded a net loss of $1.3 million or $0.12 per diluted share, a decrease from the previous year. Despite these setbacks, the backlog increased by 14.6% to $271.9 million. The company anticipates a 20% sequential increase in sales for Q2 2021, driven by improved market conditions and reduced pandemic disruptions.
L.B. Foster Company (NASDAQ: FSTR) announced it will release its first quarter 2021 operating results after market close on May 3, 2021. A conference call is scheduled for May 4, 2021, at 8:30 a.m. ET to discuss the results, market outlook, and business developments. Presentation materials will be available on the Company’s Investor Relations page post-earnings release. Participants can join via telephone or webcast. A replay of the conference call will be accessible until May 11, 2021, using provided dial-in numbers.
L.B. Foster Company (NASDAQ: FSTR) announced the promotions of Gregory W. Lippard to Senior Vice President of Rail Technologies & Services and William F. Treacy to Senior Vice President of Infrastructure Solutions. These changes follow a business realignment aimed at better supporting growth opportunities in evolving markets. Lippard, a 28-year veteran, will focus on sales and strategy for rail businesses, while Treacy will oversee diverse infrastructure projects. The company believes the new structure will enhance efficiency and market responsiveness.
L.B. Foster Company (NASDAQ: FSTR) reported a challenging fourth quarter for 2020, with net income of $2.3 million, down significantly from $30.2 million the prior year. Adjusted EBITDA also dropped by 36.3% to $6.9 million. Net sales fell by 18.2% to $115.6 million, primarily due to the impact of the COVID-19 pandemic on demand and operations. However, backlog increased by 8.4% to $248.2 million, indicating some resilience in rail and infrastructure segments. Despite challenges in midstream energy markets, the company has reduced net debt to $37.5 million, showcasing a strong balance sheet amidst operational headwinds.
L.B. Foster Company (NASDAQ: FSTR) announced the release of its fourth quarter and full year 2020 operating results, set for March 2, 2021, after market close. A conference call discussing these results, market outlook, and business developments will take place at 5:00 p.m. ET on the same day. Participants can join via telephone or webcast through the company's Investor Relations page. A replay of the conference call will be available until March 9, 2021. L.B. Foster specializes in rail industry solutions and critical infrastructure projects, with operations in North America, Europe, and Asia.
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