L B Foster Stock Price, News & Analysis

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.