L.B. Foster Company (Nasdaq: FSTR), a global technology solutions
provider of products and services for the rail and infrastructure
markets (the "Company"), today reported its 2023 third quarter
operating results.
CEO Comments
John Kasel, President and Chief Executive
Officer, commented, “Our third quarter results adjusted for
non-routine items reflect the continuing favorable impact of our
strategic transformation. Net adjusted sales growth for the quarter
remained robust at 10.0% year over year with strong organic growth
realized across all three segments, led by our Precast Concrete
business at 24.2%. Momentum from our business portfolio actions and
profitability initiatives drove gross margins up 40 bps year over
year to 21.2% adjusted for non-routine items in both periods. It's
important to emphasize that year-to-date adjusted gross margins of
21.1% are up 250 bps versus the comparable period last year,
highlighting the progress we've made in improving the profitability
profile of our business portfolio. The growth in sales and improved
margins resulted in a 14.2% year-over-year increase in adjusted
EBITDA to $10.6 million for the quarter, representing 7.2% of
adjusted sales. We’re pleased with the substantial progress we've
made in 2023 and remain confident our strategy execution is on
track to deliver our stated financial goals in 2025.”
Mr. Kasel continued, “There were two non-routine
items impacting our third quarter results. We previously announced
that the exit of the bridge grid deck product line would result in
certain cash and non-cash exit costs in 2023 ranging between
approximately $2.6 million and $2.9 million. We've updated our
total project cost estimate to approximately $4.6 million, with
$4.1 million impacting net income in the third quarter. The
increase was due to an update in our estimate of expected value for
certain commercial projects being completed as we wind down the
product line. In addition, we recorded a $0.9 million provision in
the third quarter for potentially uncollectible accounts associated
with a customer who filed for administrative protection in the U.K.
As previously reported, the U.K. market remains particularly
challenging and we're working with our local team with focus on
mitigation actions to reduce costs and limit investment which
should help to maintain our flexibility until market conditions
improve.”
Mr. Kasel concluded, “A highlight of the quarter
was our strong cash flow generation, which resulted in a $16.9
million reduction in net debt to $68.7 million at quarter end. In
fact, cash flow from operations for the quarter totaling $18.6
million was the highest quarterly level achieved in four years. We
used some of the cash generation in the quarter to continue our $15
million stock buyback program, with purchases program-to-date
totaling $0.9 million, representing approximately 0.6% of the
common shares outstanding. We also made solid progress on our
leverage metrics, with gross leverage per our credit agreement
improving to 2.0x at the end of the quarter, down from 2.5x at the
end of the previous quarter and down from 3.3x at last year's
comparable quarter end. Order rates were a bit softer in the third
quarter after a strong second quarter, with the current quarter
book to bill ratio at 0.69:1.00, but 1.03:1.00 on a TTM basis.
Backlog remains at a healthy $243.2 million as we enter our
seasonally slower period at the end of the year. We remain
optimistic in the growth prospects for our key domestic end markets
but are somewhat more cautious on the foreseeable outlook in the
U.K. given current conditions. As a result, we're maintaining the
mid-point of our sales and profitability guidance for 2023. We look
forward to closing out a solid year of progress in 2023 and further
growth in 2024 and beyond.”
1 See "Non-GAAP Financial Measures" and
"Non-GAAP Disclosures" at the end of this press release for a
description of and information regarding portfolio changes and
non-routine adjustments, adjusted EBITDA, Gross Leverage Ratio per
the Company's credit agreement, net debt, new orders, backlog,
book-to-bill ratio, and related reconciliations to their most
comparable GAAP financial measure.
2023 Financial Guidance
The Company is updating its 2023 financial
guidance as follows:
|
|
Updated |
|
Previous |
|
|
Low |
|
High |
|
Low |
|
High |
Net sales |
|
$ |
530,000 |
|
|
$ |
540,000 |
|
|
$ |
520,000 |
|
|
$ |
550,000 |
|
Adjusted EBITDA |
|
|
29,000 |
|
|
|
31,000 |
|
|
|
28,000 |
|
|
|
32,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Consolidated Highlights
The Company’s third quarter performance
highlights are reflected below:
|
|
Three Months EndedSeptember 30, |
|
Change |
|
PercentChange |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 vs. 2022 |
|
2023 vs. 2022 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
145,345 |
|
|
$ |
130,015 |
|
|
$ |
15,330 |
|
|
|
11.8 |
% |
Gross profit |
|
|
28,224 |
|
|
|
23,097 |
|
|
|
5,127 |
|
|
|
22.2 |
|
Selling and administrative
expenses |
|
|
24,160 |
|
|
|
22,618 |
|
|
|
1,542 |
|
|
|
6.8 |
|
Operating profit (loss) |
|
|
2,685 |
|
|
|
(1,120 |
) |
|
|
3,805 |
|
|
|
** |
|
Net income (loss) attributable
to L.B. Foster Company |
|
|
515 |
|
|
|
(2,077 |
) |
|
|
2,592 |
|
|
|
124.8 |
|
Adjusted EBITDA |
|
|
10,593 |
|
|
|
9,277 |
|
|
|
1,316 |
|
|
|
14.2 |
|
New orders1 |
|
|
100,263 |
|
|
|
137,283 |
|
|
|
(37,020 |
) |
|
|
(27.0 |
) |
Backlog |
|
|
243,219 |
|
|
|
272,777 |
|
|
|
(29,558 |
) |
|
|
(10.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
**Results of this calculation not considered
meaningful.
- Net sales for the 2023 third
quarter were $145.3 million, up $15.3 million, or 11.8%, over the
third quarter of 2022. Net sales for the quarter included an
adverse impact from the exit of the bridge grid deck product line
related to long-term contract changes within the Steel Products and
Measurement segment. This impact reduced sales by $2.0 million and
gross profit by $3.1 million during the quarter. Net sales and
gross profit in the 2022 third quarter included a $4.0 million
non-routine adverse impact from the settlement of certain long-term
commercial contracts related to the multi-year Crossrail project in
the Company's Technology Services and Solutions business in the
U.K. Removing the impact of these non-routine items, organic growth
was 12.6%, partially offset by portfolio changes of 2.6%.
- Gross profit for the 2023 third
quarter was $28.2 million, a $5.1 million increase year over year,
or 22.2%, and gross profit margins expanded by 160 basis points to
19.4%. Gross profit in the third quarter of 2023 included the
adverse impact from the exit of the bridge grid deck product line
resulting in a reduction to gross profit of $3.1 million. Gross
profit in the 2022 third quarter included a $4.0 million
non-routine settlement of certain long-term commercial contracts
related to the Company's business in the U.K. and a $0.9 million
impact from a purchase accounting adjustment related to the
VanHooseCo Precast, LLC ("VanHooseCo") business acquired inventory
impacting gross margins. Adjusting for these non-routine items,
gross profit increased from 20.8% to 21.2%, a 40 basis point margin
increase. The improvement in gross profit was due to the business
portfolio changes in line with the Company's strategic
transformation, along with an uplift from sales volume, product
mix, and pricing.
- Selling and administrative expenses
for the 2023 third quarter were $24.2 million, a $1.5 million
increase, or 6.8%, from the prior year quarter. The increase was
primarily attributed to increased personnel costs, as well as a bad
debt provision of $0.9 million due to a customer bankruptcy in the
Rail, Technologies, and Services segment. Selling and
administrative expenses as a percentage of net sales decreased to
16.6% in the current quarter, down from 17.4% last year.
- Operating profit for the 2023 third
quarter was $2.7 million, favorable by $3.8 million over the prior
year quarter. The improvement in operating profit was due to
increased sales volume and gross profit expansion, partially offset
by increased selling and administrative expenses.
- Net income attributable to the
Company for the 2023 third quarter was $0.5 million, or $0.05 per
diluted share, favorable by $2.6 million from the prior year
quarter.
- Adjusted EBITDA for the 2023 third
quarter, which adjusts for the impact of the exit of the bridge
grid deck product line and bad debt expense due to customer
bankruptcy, was $10.6 million, a $1.3 million increase, or
14.2%, versus the prior year quarter.
- New orders totaling $100.3 million
for the 2023 third quarter decreased 27.0% from the prior year
quarter. New orders decreased 15.3% organically and 11.7% from
divestitures. Included in the organic order decline is a $4.5
million decline associated with the bridge grid deck product line,
which the Company is exiting. Backlog totaling $243.2 million
decreased by $29.6 million, or 10.8%, compared to the prior year
quarter. Of this decrease, $32.7 million is from divestitures and
product lines being exited.
- Cash provided by operating
activities totaled $18.6 million in the third quarter, an increase
of $24.1 million over the prior year quarter.
- Net debt of $68.7 million as of
September 30, 2023 reflects a decrease of $16.9 million during
the quarter and a decrease of $25.3 million from the prior year
quarter. The Gross Leverage Ratio of 2.0x as of September 30,
2023 reflects a decline of 0.5x from the start of the quarter and
1.3x compared to the prior year quarter.
Third Quarter Business Results by Segment
Rail, Technologies, and Services Segment
|
|
Three Months EndedSeptember 30, |
|
Change |
|
PercentChange |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 vs. 2022 |
|
2023 vs. 2022 |
Net sales |
|
$ |
86,866 |
|
|
$ |
77,350 |
|
|
$ |
9,516 |
|
|
|
12.3 |
% |
Gross profit |
|
$ |
17,229 |
|
|
$ |
13,376 |
|
|
$ |
3,853 |
|
|
|
28.8 |
% |
Gross profit margin |
|
|
19.8 |
% |
|
|
17.3 |
% |
|
|
2.5 |
% |
|
|
14.7 |
% |
Segment operating profit |
|
$ |
3,865 |
|
|
$ |
539 |
|
|
$ |
3,326 |
|
|
|
** |
|
Segment operating profit margin |
|
|
4.4 |
% |
|
|
0.7 |
% |
|
|
3.7 |
% |
|
|
** |
|
New orders |
|
$ |
49,818 |
|
|
$ |
56,529 |
|
|
$ |
(6,711 |
) |
|
|
(11.9 |
)% |
Backlog |
|
$ |
93,632 |
|
|
$ |
108,864 |
|
|
$ |
(15,232 |
) |
|
|
(14.0 |
)% |
** Results of calculation not considered meaningful.
- Net sales for the 2023 third
quarter were $86.9 million, a $9.5 million increase, or 12.3%, over
the prior year quarter. Adjusting for the 2022 settlement of
certain long-term commercial contracts related to the multi-year
Crossrail project, adjusted net sales1 increased 6.8%. Adjusted
organic net sales1 increased 9.3% offset by divestitures of
2.5%.
- Gross profit for the 2023 third
quarter was $17.2 million, a $3.9 million increase, and gross
profit margins expanded by 250 basis points to 19.8%. Gross profit,
adjusted for the 2022 settlement of the Crossrail contracts1,
decreased by $0.1 million and was driven by the impact of
divestitures. The adjusted gross profit margin1 decreased by 150
basis points and was driven by continued softness in the U.K.
Technology Services and Solutions business, which offset growth in
Rail Products.
- Segment operating profit for the
2023 third quarter was $3.9 million, a $3.3 million increase over
the prior year quarter, due to the Crossrail commercial contract
settlement in 2022 which was partially offset by a bad debt
provision of $0.9 million due to a customer bankruptcy in
2023.
- Orders decreased by $6.7 million,
driven primarily by Rail Products, which was partially offset by
order growth in Technology Services and Solutions. Backlog of $93.6
million decreased $15.2 million from the prior year quarter driven
by a decline in Rail Products, which was partially offset by a
42.7% increase in Technology Services and Solutions.
Precast Concrete Products Segment
|
|
Three Months EndedSeptember 30, |
|
Change |
|
PercentChange |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 vs. 2022 |
|
2023 vs. 2022 |
Net sales |
|
$ |
38,642 |
|
|
$ |
28,856 |
|
|
$ |
9,786 |
|
|
|
33.9 |
% |
Gross profit |
|
$ |
9,266 |
|
|
$ |
5,647 |
|
|
$ |
3,619 |
|
|
|
64.1 |
% |
Gross profit margin |
|
|
24.0 |
% |
|
|
19.6 |
% |
|
|
4.4 |
% |
|
|
22.5 |
% |
Segment operating profit |
|
$ |
3,389 |
|
|
$ |
1,245 |
|
|
$ |
2,144 |
|
|
|
172.2 |
% |
Segment operating profit margin |
|
|
8.8 |
% |
|
|
4.3 |
% |
|
|
4.5 |
% |
|
|
104.3 |
% |
New orders |
|
$ |
27,368 |
|
|
$ |
30,678 |
|
|
$ |
(3,310 |
) |
|
|
(10.8 |
)% |
Backlog |
|
$ |
80,391 |
|
|
$ |
86,612 |
|
|
$ |
(6,221 |
) |
|
|
(7.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net sales for the 2023 third
quarter were $38.6 million, up $9.8 million, or 33.9%, over the
third quarter of 2022. Net sales increased 24.2% organically and
9.7% from the acquisition of the VanHooseCo business.
- Gross profit for the 2023 third
quarter was $9.3 million, a $3.6 million increase, and gross profit
margins expanded 440 basis points to 24.0%. The increase in gross
profit was driven by higher volumes in the legacy Precast business,
the VanHooseCo acquisition, and due to a $0.9 million in
non-routine expense for inventory fair value amortization
associated with the VanHooseCo acquisition incurred in the prior
year quarter. Adjusting for this non-routine item, gross profit
margin1 increased 150 basis points.
- Segment operating profit for the
2023 third quarter was $3.4 million, favorable by $2.1 million over
the prior year quarter on improved gross profit, partially offset
by higher selling and administrative expenses.
- Third quarter new orders were $27.4
million, down $3.3 million from the prior year quarter, primarily
due to a decline in legacy Precast orders. Backlog of $80.4 million
reflects a $6.2 million decrease from the prior year quarter driven
by legacy Precast, partially offset by a 19.1% increase from
VanHooseCo.
Steel Products and Measurement Segment
|
|
Three Months EndedSeptember 30, |
|
Change |
|
PercentChange |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 vs. 2022 |
|
2023 vs. 2022 |
Net sales |
|
$ |
19,837 |
|
|
$ |
23,809 |
|
|
$ |
(3,972 |
) |
|
|
(16.7 |
)% |
Gross profit |
|
$ |
1,729 |
|
|
$ |
4,074 |
|
|
$ |
(2,345 |
) |
|
|
(57.6 |
)% |
Gross profit margin |
|
|
8.7 |
% |
|
|
17.1 |
% |
|
|
(8.4 |
)% |
|
|
(49.1 |
)% |
Segment operating (loss) profit |
|
$ |
(1,521 |
) |
|
$ |
303 |
|
|
$ |
(1,824 |
) |
|
|
** |
|
Segment operating (loss) profit margin |
|
|
(7.7 |
)% |
|
|
1.3 |
% |
|
|
(9.0 |
)% |
|
|
** |
|
New orders |
|
$ |
23,077 |
|
|
$ |
50,076 |
|
|
$ |
(26,999 |
) |
|
|
(53.9 |
)% |
Backlog |
|
$ |
69,196 |
|
|
$ |
77,301 |
|
|
$ |
(8,105 |
) |
|
|
(10.5 |
)% |
** Results of calculation not considered meaningful.
- Net sales for the 2023 third
quarter were $19.8 million, a decrease of $4.0 million or 16.7%
compared to the prior year quarter. The decline was driven by the
divestiture of the Precision Measurement Products and Systems
business ("Chemtec"), which reduced sales by $4.3 million or 18.0%
and an adverse impact on sales related to the bridge grid deck
product line being exited in the current quarter of $2.0 million,
partially offset by organic growth1 of $2.3 million or 9.6%.
Organic sales growth was driven by both Protective Coatings and
Fabricated Steel Products.
- Steel Products and Measurement
gross profit decreased by $2.3 million, a decline of 840 basis
points. The decline was driven by an adverse impact on gross profit
on certain long-term contracts associated with the bridge grid deck
product line being exited of $3.1 million and the divestiture of
Chemtec which reduced gross profit by $0.3 million, partially
offset by organic growth1 of $1.1 million. Adjusting for the bridge
grid deck charge, gross profit1 increased to 21.9% or 480 basis
points, due to portfolio changes and margin gains in both
Protective Coatings and Fabricated Steel Products.
- Segment operating loss for the 2023
third quarter was $1.5 million, unfavorable $1.8 million due to the
impact of exit costs associated with the bridge grid decking
product line on gross profit.
- New orders in Steel Products and
Measurement decreased by $27.0 million, $16.0 million of which is
due to the divestiture of the Chemtec business, and $4.5 million of
which stems from the bridge grid deck product line the Company is
exiting. Backlog decreased by $8.1 million from the prior year
quarter, with a $25.7 million decline from divestitures and
discontinued product lines offsetting gains in the remainder of the
segment.
First Nine Months Consolidated Highlights
The Company's first nine months performance highlights are
presented below.
|
|
Nine Months EndedSeptember 30, |
|
Change |
|
PercentChange |
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 vs. 2022 |
|
2023 vs. 2022 |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
408,867 |
|
|
$ |
360,324 |
|
|
$ |
48,543 |
|
|
|
13.5 |
% |
Gross profit |
|
|
83,767 |
|
|
|
62,837 |
|
|
|
20,930 |
|
|
|
33.3 |
|
Selling and administrative expenses |
|
|
70,111 |
|
|
|
59,310 |
|
|
|
10,801 |
|
|
|
18.2 |
|
Operating profit (loss) |
|
|
9,537 |
|
|
|
(927 |
) |
|
|
10,464 |
|
|
|
** |
|
Net income (loss) attributable to L.B. Foster Company |
|
|
1,894 |
|
|
|
(1,633 |
) |
|
|
3,527 |
|
|
|
216.0 |
|
Adjusted EBITDA |
|
|
25,676 |
|
|
|
16,680 |
|
|
|
8,996 |
|
|
|
53.9 |
|
New orders |
|
|
423,521 |
|
|
|
414,127 |
|
|
|
9,394 |
|
|
|
2.3 |
|
Backlog |
|
|
243,219 |
|
|
|
272,777 |
|
|
|
(29,558 |
) |
|
|
(10.8 |
) |
** Results of calculation not considered meaningful.
- Net sales for the first nine months
of 2023 were $408.9 million, up $48.5 million, or 13.5%, over the
prior year period. Net sales in 2023 included an adverse impact
from the exit of the bridge grid deck product line related to long
term contract changes within the Steel Products and Measurement
segment. This impact reduced both sales by $2.0 million and gross
profit by $3.1 million. The net sales and gross profit in 2022
included a $4.0 million non-routine adverse impact in the prior
year quarter from the settlement of certain long-term commercial
contracts related to the multi-year Crossrail project in the
Company's Technology Services and Solutions business in the U.K.
Removing the impact of these non-routine items, organic growth was
12.6%, and 5.4% from acquisitions offset, in part, by divestitures
of 5.2% for an adjusted sales growth of 12.8%.
- Gross profit for the first nine
months of 2023 was $83.8 million, a $20.9 million increase year
over year, or 33.3%, and gross profit margins expanded by 310 basis
points to 20.5%. Gross profit in 2023 included an adverse impact
from the exit of the bridge grid deck product line reducing gross
profit by $3.1 million. Gross profit in 2022 included a $4.0
million non-routine settlement of certain long-term commercial
contracts related to the Company's business in the U.K and a $0.9
million impact related to a purchase accounting adjustment related
to the VanHooseCo acquired inventory impacting reported gross
margins. Adjusting for these non-routine items, adjusted gross
profit increased from 18.6% to 21.1%, a 250 basis point margin
increase. The improvement in gross profit was due to the business
portfolio changes in line with the Company's strategic
transformation along with an uplift from sales volume, product mix,
and pricing.
- Selling and administrative expenses
for the first nine months of 2023 were $70.1 million, a $10.8
million increase, or 18.2%, from the prior year period. The
increase was primarily attributed to increased personnel costs,
higher selling and administrative expenses from the net impact of
business portfolio actions, and a bad debt provision of $0.9
million due to a customer bankruptcy in the Rail, Technologies, and
Services segment. Selling and administrative expenses as a
percentage of net sales increased to 17.1% in the current year
period, up from 16.5% last year.
- Operating profit for the first nine
months of 2023 was $9.5 million, a $10.5 million increase over the
prior year period. The improvement in operating profit was due to
increased sales volume and gross profit expansion, partially offset
by increased selling and administrative expenses.
- Net income attributable to the
Company for the first nine months of 2023 was $1.9 million, or
$0.17 per diluted share.
- Adjusted EBITDA for the first nine
months of 2023, which adjusts for the loss on divestitures,
acquisition-related contingent consideration adjustments, costs
associated with the exit of the bridge grid deck business, and bad
debt expense due to customer bankruptcy, was $25.7 million, a
$9.0 million increase, or 53.9%, versus the prior year
period.
- New orders totaling
$423.5 million for the first nine months of 2023 increased
2.3% from the prior year period. Backlog totaling $243.2 million
decreased by $29.6 million, or 10.8%, compared to the prior
year.
- Cash provided by operating
activities totaled $15.3 million in the nine months ended
September 30, 2023, favorable $34.1 million compared to the
use in the prior year period.
Third Quarter Conference Call
L.B. Foster Company will conduct a conference
call and webcast to discuss its third quarter 2023 operating
results on Tuesday, November 7, 2023 at 11:00 AM ET. The call
will be hosted by Mr. John Kasel, President and Chief Executive
Officer. Listen via audio and access the slide presentation on the
L.B. Foster web site: www.lbfoster.com, under the Investor
Relations page. A conference call replay will be available through
November 14, 2023 via webcast through L.B. Foster’s Investor
Relations page of the company’s website.
Those interested in participating in the
question-and-answer session may register for the call at
https://register.vevent.com/register/BIcfd36322f9f74c8592069d190ca75176 to
receive the dial-in numbers and unique PIN to access the call. The
registration link will also be available on the Company’s Investor
Relations page of its website.
About L.B. Foster Company
Founded in 1902, L.B. Foster Company is a global
technology solutions provider of engineered, manufactured products
and services that builds and supports infrastructure. The Company’s
innovative engineering and product development solutions address
the safety, reliability, and performance needs of its customers'
most challenging requirements. The Company maintains locations in
North America, South America, Europe, and Asia. For more
information, please visit www.lbfoster.com.
Non-GAAP Financial Measures
This press release contains financial measures
that are not calculated and presented in accordance with generally
accepted accounting principles in the United States ("GAAP"). These
non-GAAP financial measures are provided as additional information
for investors. The presentation of this additional information is
not meant to be considered in isolation or as a substitute for GAAP
measures. For definitions of the non-GAAP financial measures used
in this press release and reconciliations to the most directly
comparable respective GAAP measures, see the “Non-GAAP Disclosures”
section below.
The Company has not reconciled the
forward-looking adjusted EBITDA to the most directly comparable
GAAP measure because this cannot be done without unreasonable
effort due to the variability and low visibility with respect to
certain costs, the most significant of which are acquisition and
divestiture-related costs and impairment expense. These underlying
expenses and others that may arise during the year are potential
adjustments to future earnings. The Company expects the variability
of these items to have a potentially unpredictable, and a
potentially significant, impact on our future GAAP financial
results.
The Company defines new orders as a contractual
agreement between the Company and a third-party in which the
Company will, or has the ability to, satisfy the performance
obligations of the promised products or services under the terms of
the agreement. The Company defines backlog as contractual
commitments to customers for which the Company’s performance
obligations have not been met, including with respect to new orders
and contracts for which the Company has not begun any performance.
Management utilizes new orders and backlog to evaluate the health
of the industries in which the Company operates, the Company’s
current and future results of operations and financial prospects,
and strategies for business development. The Company believes that
new orders and backlog are useful to investors as supplemental
metrics by which to measure the Company’s current performance and
prospective results of operations and financial performance. The
Company defines book-to-bill ratio as new orders divided by
revenue. The Company believes this is a useful metric to assess
supply and demand, including order strength versus order
fulfillment.
The Company views its Gross Leverage Ratio per
its credit agreement, as defined in the Second Amendment to its
Fourth Amended and Restated Credit Agreement dated August 12, 2022,
as an important indication of the Company's financial health and
believes it is useful to investors as an indicator of the Company's
ability to service its existing indebtedness and borrow additional
funds for its investing and operational needs.
Forward-Looking Statements
This release may contain “forward-looking”
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. Forward-looking statements provide
management's current expectations of future events based on certain
assumptions and include any statement that does not directly relate
to any historical or current fact. Sentences containing words such
as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,”
“anticipate,” “estimate,” “predict,” “project,” or their negatives,
or other similar expressions of a future or forward-looking nature
generally should be considered forward-looking statements.
Forward-looking statements in this earnings release are based on
management's current expectations and assumptions about future
events that involve inherent risks and uncertainties and may
concern, among other things, the Company’s expectations relating to
our strategy, goals, projections, and plans regarding our financial
position, liquidity, capital resources, and results of operations
and decisions regarding our strategic growth initiatives, market
position, and product development. While the Company considers
these expectations and assumptions to be reasonable, they are
inherently subject to significant business, economic, competitive,
regulatory, and other risks and uncertainties, most of which are
difficult to predict and many of which are beyond the Company’s
control. The Company cautions readers that various factors could
cause the actual results of the Company to differ materially from
those indicated by forward-looking statements. Accordingly,
investors should not place undue reliance on forward-looking
statements as a prediction of actual results. Among the factors
that could cause the actual results to differ materially from those
indicated in the forward-looking statements are risks and
uncertainties related to: any future global health crises, and the
related social, regulatory, and economic impacts and the response
thereto by the Company, our employees, our customers, and national,
state, or local governments; a continuation or worsening of the
adverse economic conditions in the markets we serve, including
recession, the continued volatility in the prices for oil and gas,
governmental travel restrictions, project delays, and budget
shortfalls, or otherwise; volatility in the global capital markets,
including interest rate fluctuations, which could adversely affect
our ability to access the capital markets on terms that are
favorable to us; restrictions on our ability to draw on our credit
agreement, including as a result of any future inability to comply
with restrictive covenants contained therein; a decrease in freight
or transit rail traffic; environmental matters, including any costs
associated with any remediation and monitoring of such matters; the
risk of doing business in international markets, including
compliance with anti-corruption and bribery laws, foreign currency
fluctuations and inflation, and trade restrictions or embargoes;
our ability to effectuate our strategy, including cost reduction
initiatives, and our ability to effectively integrate acquired
businesses or to divest businesses, such as the recent dispositions
of the Track Components, Chemtec, and Ties businesses, and
acquisitions of the Skratch Enterprises Ltd., Intelligent Video
Ltd., and VanHooseCo Precast LLC businesses and to realize
anticipated benefits; costs of and impacts associated with
shareholder activism; the timeliness and availability of materials
from our major suppliers, as well as the impact on our access to
supplies of customer preferences as to the origin of such supplies,
such as customers’ concerns about conflict minerals; labor
disputes; cybersecurity risks such as data security breaches,
malware, ransomware, “hacking,” and identity theft, which could
disrupt our business and may result in misuse or misappropriation
of confidential or proprietary information, and could result in the
disruption or damage to our systems, increased costs and losses, or
an adverse effect to our reputation; the continuing effectiveness
of our ongoing implementation of an enterprise resource planning
system; changes in current accounting estimates and their ultimate
outcomes; the adequacy of internal and external sources of funds to
meet financing needs, including our ability to negotiate any
additional necessary amendments to our credit agreement or the
terms of any new credit agreement, and reforms regarding the use of
SOFR as a benchmark for establishing applicable interest rates; the
Company’s ability to manage its working capital requirements and
indebtedness; domestic and international taxes, including estimates
that may impact taxes; domestic and foreign government regulations,
including tariffs; economic conditions and regulatory changes
caused by the United Kingdom’s exit from the European Union;
geopolitical conditions, including the conflict in Ukraine and
Israel; a lack of state or federal funding for new infrastructure
projects; an increase in manufacturing or material costs; the loss
of future revenues from current customers; and risks inherent in
litigation and the outcome of litigation and product warranty
claims. Should one or more of these risks or uncertainties
materialize, or should the assumptions underlying the
forward-looking statements prove incorrect, actual outcomes could
vary materially from those indicated. Significant risks and
uncertainties that may affect the operations, performance, and
results of the Company’s business and forward-looking statements
include, but are not limited to, those set forth under Item 1A,
“Risk Factors,” and elsewhere in our Annual Report on Form 10-K for
the year ended December 31, 2022, or as updated and/or amended by
our other current or periodic filings with the Securities and
Exchange Commission.
The forward-looking statements in this release
are made as of the date of this release and we assume no obligation
to update or revise any forward-looking statement, whether as a
result of new information, future developments, or otherwise,
except as required by the federal securities laws.
Investor Relations:Stephanie
Schmidt(412) 928-3417investors@lbfoster.com
L.B. Foster Company415 Holiday DriveSuite
100Pittsburgh, PA 15220
L.B. FOSTER COMPANY AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands,
except per share data)
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Sales of
goods |
|
$ |
131,065 |
|
|
$ |
117,302 |
|
|
$ |
361,770 |
|
|
$ |
318,307 |
|
Sales of
services |
|
|
14,280 |
|
|
|
12,713 |
|
|
|
47,097 |
|
|
|
42,017 |
|
Total
net sales |
|
|
145,345 |
|
|
|
130,015 |
|
|
|
408,867 |
|
|
|
360,324 |
|
Cost of
goods sold |
|
|
103,061 |
|
|
|
93,737 |
|
|
|
282,195 |
|
|
|
258,913 |
|
Cost of
services sold |
|
|
14,060 |
|
|
|
13,181 |
|
|
|
42,905 |
|
|
|
38,574 |
|
Total
cost of sales |
|
|
117,121 |
|
|
|
106,918 |
|
|
|
325,100 |
|
|
|
297,487 |
|
Gross
profit |
|
|
28,224 |
|
|
|
23,097 |
|
|
|
83,767 |
|
|
|
62,837 |
|
Selling
and administrative expenses |
|
|
24,160 |
|
|
|
22,618 |
|
|
|
70,111 |
|
|
|
59,310 |
|
Amortization expense |
|
|
1,379 |
|
|
|
1,599 |
|
|
|
4,119 |
|
|
|
4,454 |
|
Operating profit (loss) |
|
|
2,685 |
|
|
|
(1,120 |
) |
|
|
9,537 |
|
|
|
(927 |
) |
Interest
expense - net |
|
|
1,442 |
|
|
|
993 |
|
|
|
4,404 |
|
|
|
1,747 |
|
Other
expense (income) - net |
|
|
917 |
|
|
|
168 |
|
|
|
3,463 |
|
|
|
(1,096 |
) |
Income
(loss) before income taxes |
|
|
326 |
|
|
|
(2,281 |
) |
|
|
1,670 |
|
|
|
(1,578 |
) |
Income
tax (benefit) expense |
|
|
(121 |
) |
|
|
(176 |
) |
|
|
(99 |
) |
|
|
137 |
|
Net
income (loss) |
|
|
447 |
|
|
|
(2,105 |
) |
|
|
1,769 |
|
|
|
(1,715 |
) |
Net loss
attributable to noncontrolling interest |
|
|
(68 |
) |
|
|
(28 |
) |
|
|
(125 |
) |
|
|
(82 |
) |
Net
income (loss) attributable to L.B. Foster Company |
|
$ |
515 |
|
|
$ |
(2,077 |
) |
|
$ |
1,894 |
|
|
$ |
(1,633 |
) |
Basic
earnings (loss) per common share |
|
$ |
0.05 |
|
|
$ |
(0.20 |
) |
|
$ |
0.18 |
|
|
$ |
(0.16 |
) |
Diluted
earnings (loss) per common share |
|
$ |
0.05 |
|
|
$ |
(0.20 |
) |
|
$ |
0.17 |
|
|
$ |
(0.16 |
) |
Average number of common
shares outstanding - Basic |
|
|
10,813 |
|
|
|
10,731 |
|
|
|
10,804 |
|
|
|
10,710 |
|
Average number of common
shares outstanding - Diluted |
|
|
10,973 |
|
|
|
10,731 |
|
|
|
10,895 |
|
|
|
10,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L.B. FOSTER COMPANY AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(In thousands)
|
|
September 30,2023 |
|
December 31,2022 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
2,969 |
|
|
$ |
2,882 |
|
Accounts receivable - net |
|
|
64,638 |
|
|
|
82,455 |
|
Contract assets - net |
|
|
30,503 |
|
|
|
33,613 |
|
Inventories - net |
|
|
82,020 |
|
|
|
75,721 |
|
Other current assets |
|
|
9,712 |
|
|
|
11,061 |
|
Total current assets |
|
|
189,842 |
|
|
|
205,732 |
|
Property, plant, and equipment - net |
|
|
75,867 |
|
|
|
85,344 |
|
Operating lease right-of-use assets - net |
|
|
15,440 |
|
|
|
17,291 |
|
Other
assets: |
|
|
|
|
Goodwill |
|
|
30,856 |
|
|
|
30,733 |
|
Other intangibles - net |
|
|
20,006 |
|
|
|
23,831 |
|
Deferred tax assets |
|
|
— |
|
|
|
24 |
|
Other assets |
|
|
2,580 |
|
|
|
2,355 |
|
TOTAL
ASSETS |
|
$ |
334,591 |
|
|
$ |
365,310 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
44,900 |
|
|
$ |
48,782 |
|
Deferred revenue |
|
|
16,003 |
|
|
|
19,452 |
|
Accrued payroll and employee benefits |
|
|
12,358 |
|
|
|
10,558 |
|
Current portion of accrued settlement |
|
|
8,000 |
|
|
|
8,000 |
|
Current maturities of long-term debt |
|
|
97 |
|
|
|
127 |
|
Other accrued liabilities |
|
|
14,679 |
|
|
|
16,192 |
|
Total current liabilities |
|
|
96,037 |
|
|
|
103,111 |
|
Long-term debt |
|
|
71,592 |
|
|
|
91,752 |
|
Deferred tax liabilities |
|
|
1,131 |
|
|
|
3,109 |
|
Long-term portion of accrued settlement |
|
|
4,000 |
|
|
|
8,000 |
|
Long-term operating lease liabilities |
|
|
12,312 |
|
|
|
14,163 |
|
Other long-term liabilities |
|
|
7,391 |
|
|
|
7,577 |
|
Stockholders' equity: |
|
|
|
|
Common stock |
|
|
111 |
|
|
|
111 |
|
Paid-in capital |
|
|
41,832 |
|
|
|
41,303 |
|
Retained earnings |
|
|
125,063 |
|
|
|
123,169 |
|
Treasury stock |
|
|
(5,062 |
) |
|
|
(6,240 |
) |
Accumulated other comprehensive loss |
|
|
(20,123 |
) |
|
|
(21,165 |
) |
Total L.B. Foster Company stockholders’ equity |
|
|
141,821 |
|
|
|
137,178 |
|
Noncontrolling interest |
|
|
307 |
|
|
|
420 |
|
Total stockholders’ equity |
|
|
142,128 |
|
|
|
137,598 |
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
334,591 |
|
|
$ |
365,310 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Disclosures(Unaudited)
This earnings release discloses earnings before
interest, taxes, depreciation, and amortization (“EBITDA”),
adjusted EBITDA, net debt, and adjustments to consolidated and
segment results for portfolio actions and non-routine items, which
are non-GAAP financial measures. The Company believes that
EBITDA is useful to investors as a supplemental way to evaluate the
ongoing operations of the Company’s business since EBITDA may
enhance investors’ ability to compare historical periods as it
adjusts for the impact of financing methods, tax law and strategy
changes, and depreciation and amortization. In addition, EBITDA is
a financial measure that management and the Company’s Board of
Directors use in their financial and operational decision-making
and in the determination of certain compensation programs. Adjusted
EBITDA adjusts for certain charges to EBITDA from continuing
operations that the Company believes are unusual, non-recurring,
unpredictable, or non-cash.
In the three and nine months ended
September 30, 2023, the Company made adjustments to exclude
expenses from the exit of the bridge grid deck product line, bad
debt provision for customer bankruptcy, the loss on divestitures,
and VanHooseCo contingent consideration. In the three and nine
months ended September 30, 2022, the Company made adjustments
to exclude the loss (gain) on divestitures, acquisition and
divestiture costs, Crossrail commercial settlement impact,
contingent consideration and inventory adjustments to fair value
amortization associated with the VanHooseCo acquisition. The
Company believes the results adjusted to exclude these items are
useful to investors as these items are non-routine in nature.
The Company views net debt, which is total debt
less cash and cash equivalents, as an important metric of the
operational and financial health of the organization and believes
it is useful to investors as indicators of its ability to incur
additional debt and to service its existing debt.
The Company excluded the impact of portfolio
changes and certain non-routine costs during the three and nine
months ended September 30, 2023 and three and nine months
ended September 30, 2022 as adjusting for these items provides
visibility to the performance of its base business that is useful
to investors.
Non-GAAP financial measures are not a
substitute for GAAP financial results and should only be considered
in conjunction with the Company’s financial information that is
presented in accordance with GAAP. Quantitative reconciliations of
EBITDA, adjusted EBITDA, net debt, and adjustments to segment
results to exclude portfolio actions and one-time adjustments made
(in thousands, except for percentages and ratios):
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
|
(Unaudited) |
Adjusted EBITDA
Reconciliation |
|
|
|
|
|
|
|
|
Net
income (loss), as reported |
|
$ |
447 |
|
|
$ |
(2,105 |
) |
|
$ |
1,769 |
|
|
$ |
(1,715 |
) |
Interest
expense - net |
|
|
1,442 |
|
|
|
993 |
|
|
|
4,404 |
|
|
|
1,747 |
|
Income
tax (benefit) expense |
|
|
(121 |
) |
|
|
(176 |
) |
|
|
(99 |
) |
|
|
137 |
|
Depreciation expense |
|
|
2,460 |
|
|
|
2,269 |
|
|
|
7,449 |
|
|
|
6,083 |
|
Amortization expense |
|
|
1,379 |
|
|
|
1,599 |
|
|
|
4,119 |
|
|
|
4,454 |
|
Total EBITDA |
|
$ |
5,607 |
|
|
$ |
2,580 |
|
|
$ |
17,642 |
|
|
$ |
10,706 |
|
Loss
(gain) on divestitures |
|
|
— |
|
|
|
447 |
|
|
|
3,074 |
|
|
|
(42 |
) |
Acquisition and divestiture costs |
|
|
— |
|
|
|
1,258 |
|
|
|
— |
|
|
|
1,814 |
|
Commercial contract
settlement |
|
|
— |
|
|
|
3,956 |
|
|
|
— |
|
|
|
3,956 |
|
Insurance proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(790 |
) |
VanHooseCo inventory adjustment to fair value amortization |
|
|
— |
|
|
|
851 |
|
|
|
— |
|
|
|
851 |
|
VanHooseCo contingent consideration |
|
|
— |
|
|
|
185 |
|
|
|
(26 |
) |
|
|
185 |
|
Bridge
grid deck exit impact |
|
|
4,120 |
|
|
|
— |
|
|
|
4,120 |
|
|
|
— |
|
Bad debt
provision |
|
|
866 |
|
|
|
— |
|
|
|
866 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
10,593 |
|
|
$ |
9,277 |
|
|
$ |
25,676 |
|
|
$ |
16,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,2023 |
|
June 30,2023 |
|
September 30,2022 |
Net Debt Reconciliation |
|
|
|
|
|
|
Total debt |
|
$ |
71,689 |
|
|
$ |
89,505 |
|
|
$ |
98,919 |
|
Less:
cash and cash equivalents |
|
|
(2,969 |
) |
|
|
(3,880 |
) |
|
|
(4,943 |
) |
Net debt |
|
$ |
68,720 |
|
|
$ |
85,625 |
|
|
$ |
93,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Adjusted Results for Non-routine Items |
|
|
|
|
|
|
Net sales, as reported |
|
$ |
145,345 |
|
|
$ |
130,015 |
|
|
$ |
408,867 |
|
|
$ |
360,324 |
|
Bridge grid deck exit
impact |
|
|
1,977 |
|
|
|
— |
|
|
|
1,977 |
|
|
|
— |
|
Crossrail settlement
adjustment |
|
|
— |
|
|
|
3,956 |
|
|
|
— |
|
|
|
3,956 |
|
Net sales, as adjusted |
|
$ |
147,322 |
|
|
$ |
133,971 |
|
|
$ |
410,844 |
|
|
$ |
364,280 |
|
|
|
|
|
|
|
|
|
|
Gross profit, as reported |
|
$ |
28,224 |
|
|
$ |
23,097 |
|
|
$ |
83,767 |
|
|
$ |
62,837 |
|
Bridge grid deck exit
impact |
|
|
3,051 |
|
|
|
— |
|
|
|
3,051 |
|
|
|
— |
|
Crossrail settlement
adjustment |
|
|
— |
|
|
|
3,956 |
|
|
|
— |
|
|
|
3,956 |
|
VanHooseCo inventory
adjustment to fair value amortization |
|
|
— |
|
|
|
851 |
|
|
|
— |
|
|
|
851 |
|
Gross profit, as adjusted |
|
$ |
31,275 |
|
|
$ |
27,904 |
|
|
$ |
86,818 |
|
|
$ |
67,644 |
|
Gross profit margin, as
reported |
|
|
19.4 |
% |
|
|
17.8 |
% |
|
|
20.5 |
% |
|
|
17.4 |
% |
Gross profit margin, as
adjusted |
|
|
21.2 |
% |
|
|
20.8 |
% |
|
|
21.1 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Adjusted
Organic Sales |
|
Three Months Ended September 30, |
|
PercentChange |
|
Nine Months Ended September 30, |
|
PercentChange |
2023 net sales, as
adjusted |
|
$ |
147,322 |
|
|
|
|
$ |
410,844 |
|
|
|
2022 net sales, as
adjusted |
|
|
133,971 |
|
|
|
|
|
364,280 |
|
|
|
Change in adjusted sales |
|
|
13,351 |
|
|
|
10.0 |
% |
|
|
46,564 |
|
|
|
12.8 |
% |
Net sales decrease (increase)
from acquisitions and divestitures |
|
|
3,503 |
|
|
|
2.6 |
% |
|
|
(747 |
) |
|
|
(0.2 |
)% |
Change in adjusted organic
sales |
|
$ |
16,854 |
|
|
|
12.6 |
% |
|
$ |
45,817 |
|
|
|
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Adjusted Segment Results for Non-routine
Items |
|
|
|
|
|
|
Rail, Technologies, and
Services net sales, as reported |
|
$ |
86,866 |
|
|
$ |
77,350 |
|
|
$ |
242,866 |
|
|
$ |
222,857 |
|
Crossrail settlement
adjustment |
|
|
— |
|
|
|
3,956 |
|
|
|
— |
|
|
|
3,956 |
|
Rail, Technologies, and
Services net sales, as adjusted |
|
$ |
86,866 |
|
|
$ |
81,306 |
|
|
$ |
242,866 |
|
|
$ |
226,813 |
|
|
|
|
|
|
|
|
|
|
Rail, Technologies, and
Services gross profit, as reported |
|
$ |
17,229 |
|
|
$ |
13,376 |
|
|
$ |
51,360 |
|
|
$ |
41,564 |
|
Crossrail settlement
adjustment |
|
|
— |
|
|
|
3,956 |
|
|
|
— |
|
|
|
3,956 |
|
Rail, Technologies, and
Services gross profit, as adjusted |
|
$ |
17,229 |
|
|
$ |
17,332 |
|
|
$ |
51,360 |
|
|
$ |
45,520 |
|
Rail, Technologies, and
Services gross profit margin, as reported |
|
|
19.8 |
% |
|
|
17.3 |
% |
|
|
21.1 |
% |
|
|
18.7 |
% |
Rail, Technologies, and
Services gross profit margin, as adjusted |
|
|
19.8 |
% |
|
|
21.3 |
% |
|
|
21.1 |
% |
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Rail,
Technology, and Services Adjusted Organic Sales |
|
Three Months Ended September 30, |
|
PercentChange |
|
Nine Months Ended September 30, |
|
PercentChange |
2023 net sales, as
reported |
|
$ |
86,866 |
|
|
|
|
$ |
242,866 |
|
|
|
2022 net sales, as
adjusted |
|
|
81,306 |
|
|
|
|
|
226,813 |
|
|
|
Change in adjusted sales |
|
|
5,560 |
|
|
|
6.8 |
% |
|
|
16,053 |
|
|
|
7.1 |
% |
Net sales decrease from
acquisitions and divestitures |
|
|
2,028 |
|
|
|
2.5 |
% |
|
|
9,132 |
|
|
|
4.0 |
% |
Change in adjusted organic
sales |
|
$ |
7,588 |
|
|
|
9.3 |
% |
|
$ |
25,185 |
|
|
|
11.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Adjusted Segment Gross Profit for Non-routine
Items |
|
|
|
|
|
|
Precast Concrete Products
sales, as reported |
|
$ |
38,642 |
|
|
$ |
28,856 |
|
|
$ |
96,795 |
|
|
$ |
67,477 |
|
Precast Concrete Products
gross profit, as reported |
|
$ |
9,266 |
|
|
$ |
5,647 |
|
|
$ |
22,463 |
|
|
$ |
11,439 |
|
VanHooseCo inventory
adjustment to fair value amortization |
|
|
— |
|
|
|
851 |
|
|
|
— |
|
|
|
851 |
|
Precast Concrete Products
gross profit, as adjusted |
|
$ |
9,266 |
|
|
$ |
6,498 |
|
|
$ |
22,463 |
|
|
$ |
12,290 |
|
Precast Concrete Products
gross profit margin, as reported |
|
|
24.0 |
% |
|
|
19.6 |
% |
|
|
23.2 |
% |
|
|
17.0 |
% |
Precast Concrete Products
gross profit margin, as adjusted |
|
|
24.0 |
% |
|
|
22.5 |
% |
|
|
23.2 |
% |
|
|
18.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Precast
Concrete Products Organic Sales |
|
Three Months Ended September 30, |
|
PercentChange |
|
Nine Months Ended September 30, |
|
PercentChange |
2023 net sales, as
reported |
|
$ |
38,642 |
|
|
|
|
$ |
96,795 |
|
|
|
2022 net sales, as
reported |
|
|
28,856 |
|
|
|
|
|
67,477 |
|
|
|
Change in sales |
|
|
9,786 |
|
|
|
33.9 |
% |
|
|
29,318 |
|
|
|
43.4 |
% |
Net sales increase from
acquisition |
|
|
(2,800 |
) |
|
|
(9.7 |
)% |
|
|
(18,330 |
) |
|
|
(27.2 |
)% |
Change in organic sales |
|
$ |
6,986 |
|
|
|
24.2 |
% |
|
$ |
10,988 |
|
|
|
16.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Adjusted Segment Results for Non-routine
Items |
|
|
|
|
|
|
Steel Products and Measurement
net sales, as reported |
|
$ |
19,837 |
|
|
$ |
23,809 |
|
|
$ |
69,206 |
|
|
$ |
69,990 |
|
Bridge grid deck exit
impact |
|
|
1,977 |
|
|
|
— |
|
|
|
1,977 |
|
|
|
— |
|
Steel Products and Measurement
net sales, as adjusted |
|
$ |
21,814 |
|
|
$ |
23,809 |
|
|
$ |
71,183 |
|
|
$ |
69,990 |
|
|
|
|
|
|
|
|
|
|
Steel Products and Measurement
gross profit, as reported |
|
$ |
1,729 |
|
|
$ |
4,074 |
|
|
$ |
9,944 |
|
|
$ |
9,834 |
|
Bridge grid deck exit
impact |
|
|
3,051 |
|
|
|
— |
|
|
|
3,051 |
|
|
|
— |
|
Steel Products and Measurement
gross profit, as adjusted |
|
$ |
4,780 |
|
|
$ |
4,074 |
|
|
$ |
12,995 |
|
|
$ |
9,834 |
|
Steel Products and Measurement
gross profit margin, as reported |
|
|
8.7 |
% |
|
|
17.1 |
% |
|
|
14.4 |
% |
|
|
14.1 |
% |
Steel Products and Measurement
gross profit margin, as adjusted |
|
|
21.9 |
% |
|
|
17.1 |
% |
|
|
18.3 |
% |
|
|
14.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Steel
Products and Measurement Adjusted Organic Sales |
|
Three Months Ended September 30, |
|
PercentChange |
|
|
Nine Months Ended September 30, |
|
|
PercentChange |
2023 net sales, as
adjusted |
|
$ |
21,814 |
|
|
|
|
$ |
71,183 |
|
|
|
2022 net sales, as
reported |
|
|
23,809 |
|
|
|
|
|
69,990 |
|
|
|
Change in adjusted sales |
|
|
(1,995 |
) |
|
|
(8.4 |
)% |
|
|
1,193 |
|
|
|
1.7 |
% |
Net sales decrease from
divestiture |
|
|
4,275 |
|
|
|
18.0 |
% |
|
|
8,451 |
|
|
|
12.1 |
% |
Change in adjusted organic
sales |
|
$ |
2,280 |
|
|
|
9.6 |
% |
|
$ |
9,644 |
|
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in Steel
Products and Measurement Adjusted Organic Gross
Profit |
|
Three Months Ended September 30, |
|
PercentChange |
|
Nine Months Ended September 30, |
|
PercentChange |
2023 gross profit, as
adjusted |
|
$ |
4,780 |
|
|
|
|
$ |
12,995 |
|
|
|
2022 gross profit, as
reported |
|
|
4,074 |
|
|
|
|
|
9,834 |
|
|
|
Change in adjusted gross profit |
|
|
706 |
|
|
|
17.3 |
% |
|
|
3,161 |
|
|
|
32.1 |
% |
Net gross profit decrease from
divestiture |
|
|
348 |
|
|
|
8.5 |
% |
|
|
560 |
|
|
|
5.7 |
% |
Change in adjusted organic
gross profit |
|
$ |
1,054 |
|
|
|
25.9 |
% |
|
$ |
3,721 |
|
|
|
37.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L B Foster (NASDAQ:FSTR)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
L B Foster (NASDAQ:FSTR)
Gráfica de Acción Histórica
De May 2023 a May 2024