Business
L.B. Foster Reports Fourth Quarter and Full Year 2020 Operating Results
PITTSBURGH, March 02, 2021 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR), a leading provider of products and services for the rail industry and
About this update from L.b. Foster Company
[{"type":"text","content":"PITTSBURGH, March 02, 2021 (GLOBE NEWSWIRE) -- L.B. Foster Company (NASDAQ: FSTR), a leading provider of products and services for the rail industry and solutions to support critical infrastructure projects, today reported its fourth quarter and full year 2020 operating results, which included the following performance highlights: Fourth quarter of 2020 net income from continuing operations was $2.3 million, or $0.21 per diluted share, a decrease of $2.62 per diluted share from the prior year quarter. Adjusted net income from continuing operations1 for the fourth quarter of 2020 was $2.5 million, or an adjusted $0.24 per diluted share1, a decrease of $0.09 per adjusted diluted share1 from the prior year quarter. Adjusted net income from continuing operations1 for the fourth quarter of 2020 excludes restructuring charges of $0.3 million, net of tax.Net sales for the fourth quarter of 2020 decreased by $25.8 million, or 18.2%, from the prior year quarter to $115.6 million. Of the $25.8 million decline, $13.3 million came from divisions that primarily serve midstream energy customers.New orders for the fourth quarter of 2020 were $134.4 million, a decline of 23.4% from the prior year, but increased 3.0% sequentially from the third quarter of 2020. Backlog increased by 8.4% to $248.2 million compared to the prior year, driven by increases in both the Rail Technologies and Services (\"Rail\") and Infrastructure Solutions (\"Infrastructure\") segments. The backlog increase continues to show signs of resiliency for freight rail, transit rail, and general infrastructure projects.Gross profit for the fourth quarter of 2020 was $21.7 million, a decline of 23.1% from the prior year quarter. Gross profit margin was 18.8% for the fourth quarter of 2020.Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and certain charges) from continuing operations1 for the quarter was $6.9 million, a decrease of $3.9 million from the prior year quarter. Adjusted EBITDA from continuing operations1 for the quarter excludes restructuring charges of $0.3 million. The fourth quarter of 2020 benefited from a $1.0 million reduction in stock-based compensation when compared to the prior year quarter.Net cash provided by continuing operating activities for the fourth quarter totaled $4.3 million, a decline of $11.7 million from the prior ...