Welcome to our dedicated page for Foster (Lb) Co news (Ticker: FSTR), a resource for investors and traders seeking the latest updates and insights on Foster (Lb) Co stock.
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 appointed William (Bill) M. Thalman as Senior Vice President and Chief Financial Officer, effective March 1, 2021. Thalman brings extensive experience from Kennametal, where he held various senior roles, enhancing financial performance and business transformation. His leadership aligns with the company's focus on improving performance and adapting to market changes. CEO Robert P. Bauer highlighted Thalman's unique skills as a valuable addition to the management team during this critical period.
L.B. Foster Company (NASDAQ: FSTR) announced a consolidation of its global business segment reporting structure to enhance growth strategies. The Company will now operate under two segments: Rail Technologies & Services and Infrastructure Solutions. The Rail segment focuses on developing technology for improved efficiency and safety. Meanwhile, Infrastructure Solutions aims to capitalize on anticipated infrastructure investments by offering customized solutions for complex projects. These organizational changes will not affect the Company’s product portfolio and will be reflected in future financial reports.
L.B. Foster Company (NASDAQ: FSTR) will present at three investor conferences in November 2020. The first presentation is scheduled for the Singular Research call on November 11 at 12:00 PM ET. The second presentation will take place at the Baird 2020 Global Industrial Conference on November 12 at 10:15 AM ET. Lastly, a pre-recorded presentation for the Three Part Advisors Southwest IDEAS Conference will be available on demand starting November 18 at 8:00 AM ET. Webcast links and materials will be accessible on the L.B. Foster website.
L.B. Foster Company (NASDAQ: FSTR) reported its Q3 2020 results, revealing net income from continuing operations of $16.6 million ($1.56 per diluted share), up from $3.8 million from the previous year. Adjusted net income stood at $1.0 million ($0.09 per diluted share). However, net sales dropped 18.3% to $118.4 million, with the Tubular and Energy segment experiencing a 44.9% decline. A noteworthy backlog increase of 21.7% to $235.2 million occurred, driven by Rail and Construction segments. Despite challenges from COVID-19, the company reduced net debt to $39.8 million.
L.B. Foster Company (NASDAQ: FSTR) is set to release its third quarter operating results on November 4, 2020, after market close. A conference call will follow at 5:00 p.m. Eastern Time on the same day, discussing the results, market outlook, and business developments. Participants can join via telephone or webcast through the Investor Relations page. A replay of the conference call will be available until November 11, 2020, with details provided for access.
L.B. Foster Company (NASDAQ: FSTR) will hold a conference call on September 28, 2020, at 4:00 p.m. ET to discuss the sale of its IOS Test & Inspection Services Business. A presentation will be accessible on the Investor Relations page of the company’s website prior to the call. Participants can join by phone at (833) 614-1392 for U.S. & Canada or (914) 987-7113 for international calls. A replay will be available until October 5, 2020, via (855) 859-2056 (U.S. & Canada) and (404) 537-3406 (International), using access code 2761937.
L.B. Foster Company (NASDAQ: FSTR) announced that CEO Robert Bauer and Corporate Controller James Kempton will present at the Singular Research Compelling Values Webcall on September 17, 2020, at 10:30 AM ET. This virtual event will feature a live video webcast along with presentation slides. A replay will be accessible for 30 days post-event. Interested parties can find the registration link and presentation materials on the L.B. Foster website under Investor Relations.
L.B. Foster Company (NASDAQ: FSTR) has completed the sale of its upstream oil and gas IOS Test and Inspection Services business for $4 million in cash, with an anticipated $9 million cash tax refund in 2021. The Test and Inspection Services generated revenues of approximately $11.1 million and a gross loss of $2.6 million for the first half of 2020. The divestiture reduces the company’s exposure to the volatile upstream energy market and focuses on midstream pipeline applications. The company plans an investor call on September 28, 2020, to discuss this transaction.
L.B. Foster Company (NASDAQ: FSTR) reported second-quarter 2020 results with net income of $0.5 million, down from $9.6 million year-over-year. Net sales fell by 27.5% to $145.8 million, affected by significant weakness in the energy sector due to the COVID-19 pandemic. Adjusted net income was $4.4 million, while gross profit dropped 27.1%. Despite a 15.7% decrease in new orders to $138.3 million, backlog increased by 7.9% to $225.9 million. The company anticipates continued challenges in the Tubular and Energy segment and expects to leverage its strong balance sheet for stability.
L.B. Foster Company (NASDAQ: FSTR) has appointed Raymond T. Betler to its Board of Directors effective August 3, 2020. Betler brings over four decades of experience in the transportation industry, notably as President and CEO of Wabtec, where he led significant acquisitions and revenue growth from $1 billion to $9 billion. His expertise in rail transportation systems is expected to enhance L.B. Foster’s strategic initiatives, particularly in rail technologies. Betler also serves on other boards and has a strong engineering background, making him a valuable addition to the company’s leadership.
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