From GlobeNewswire:

L.B. Foster Company reported 2023 net sales of $543.7 million, up 9.3% from the prior year, with gross margins increasing to 20.7%, and fourth quarter net sales of $134.9 million, down 1.7% from the previous year but with expanded gross margins to 21.5%. The company saw a full year net cash flow from operations of $37.4 million and a net income of $1.3 million in 2023, with net debt decreasing to $52.7 million.

In the fourth quarter, the company experienced a net loss of $0.5 million, an improvement of $43.5 million over the previous year, and adjusted EBITDA of $6.1 million, slightly below the prior year. The company’s fourth quarter new orders decreased by 23.4% year over year, resulting in a backlog of $213.8 million. For 2024, the company anticipates net sales between $525.0 million to $560.0 million and adjusted EBITDA ranging from $34.0 million to $39.0 million.

CEO John Kasel expressed pride in the company’s performance in 2023, highlighting the strong revenue and profit growth, especially in the Infrastructure segment which showed a 23.1% organic sales increase and gross profit expansion. The Rail segment, however, faced challenges with commercial weakness in the United Kingdom. The company aims to focus on organic growth opportunities in key areas such as Rail Technologies and Precast Concrete to achieve its 2025 sales and EBITDA goals.

Overall, L.B. Foster Company showcased improved financial results in 2023, with strong cash flow generation and debt reduction. The strategic alignment of the business segments has allowed for better insight into operational performance, with continuous focus on organic growth and profitability. The company remains optimistic about future growth and performance, setting ambitious goals for 2025 in sales and EBITDA.



Read more at GlobeNewswire:: L.B. Foster Exceeds 2023 Guidance; Delivers Strong Cash