Business
L.B. Foster Reports First Quarter Operating Results
PITTSBURGH, May 10, 2022 (GLOBE NEWSWIRE) -- L.B. Foster Company (Nasdaq: FSTR), a global solutions provider of products and services for the rail and
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, May 10, 2022 (GLOBE NEWSWIRE) -- L.B. Foster Company (Nasdaq: FSTR), a global solutions provider of products and services for the rail and infrastructure markets (the \"Company\"), today reported its 2022 first quarter operating results, which included the following performance highlights. The Company divested its Piling Products division (\"Piling\") in September 2021, and this release reflects certain adjustments related to Piling, as appropriate. New orders totaling $135.4 million for the 2022 first quarter increased 17.7% over the prior year quarter and 42.2% sequentially. Backlog totaling $244.6 million increased by $4.7 million, or 1.9%, compared to the prior year quarter, as adjusted for the Piling divestiture, and grew $34.4 million, or 16.4%, in the quarter.Net sales for the 2022 first quarter were $98.8 million, a $17.3 million decrease, or 14.9%, from the first quarter of 2021. Excluding the divested Piling division, net sales1 increased $3.5 million, or 3.7%, over the prior year quarter.Gross profit for the 2022 first quarter was $16.4 million, a $2.4 million decline, or 12.7%, from the prior year quarter. The 2022 first quarter gross profit margin was 16.6% versus 16.2% in last year's quarter. Excluding the Piling division, gross profit1 decreased $1.2 million, or 6.7%, and gross profit margin decreased 190 basis points excluding Piling1.Selling and administrative expenses for the 2022 first quarter were $17.3 million, a $0.7 million decrease, or 4.0%, from the prior year quarter. Excluding the Piling division, selling and administrative expenses1 increased $0.2 million.Net loss for the 2022 first quarter was $1.6 million, or $0.15 per diluted share, an increased loss of $0.03 per diluted share from the prior year quarter.EBITDA1 for the 2022 first quarter was $1.7 million, a $1.1 million decrease versus the prior year quarter. Excluding the Piling division, EBITDA1 decreased $0.8 million from the prior year quarter.Net operating cash flow used in the first quarter totaled $7.6 million compared to net cash provided by operations of $7.6 million in the prior year quarter.Net debt1 as of March 31, 2022 was $29.4 million, down $2.4 million from last year. The Company's adjusted net leverage ratio1 was 1.7x as of March 31, 2022. 1 See \"Non-GAAP Disclosures\" at the end of this press release for information ...