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L.B. Foster Company (FSTR) delivers essential infrastructure solutions across rail, construction, and energy sectors worldwide. This news hub provides investors and industry professionals with comprehensive updates on corporate developments, operational milestones, and strategic initiatives.
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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.
L.B. Foster Company (NASDAQ: FSTR) will announce its second quarter operating results on August 4, 2020, after market close. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss the results and market outlook. Participants can join by phone or via a webcast on the company’s Investor Relations page. A replay will be available until August 11, 2020. L.B. Foster specializes in transportation and energy infrastructure products and services.
L.B. Foster Company (NASDAQ: FSTR) has announced a transition to a virtual-only format for its annual meeting scheduled on May 28, 2020, at 8:30 AM EDT. This decision is a response to the COVID-19 pandemic, ensuring shareholder safety during public health concerns. Shareholders who are on record as of March 27, 2020, can participate by utilizing a control number provided earlier to vote and address questions during the meeting. More details and access can be found at www.virtualshareholdermeeting.com/FSTR2020.
L.B. Foster Company (FSTR) reported a first-quarter 2020 net loss of $1.9 million, equating to a loss of $0.18 per diluted share, down from a profit of $3.7 million year-over-year. Net sales decreased 14.4% to $128.8 million, driven by declines across all segments due to COVID-19 impacts. New orders fell 23.9%, negatively affecting backlog, though it increased from $230.1 million to $237.7 million quarter-over-quarter. The company anticipates further disruptions into Q2 2020, while managing costs through closures and operational adjustments. Adjusted EBITDA decreased 68.8% to $3.2 million.
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