Business
L.B. Foster Reports Fourth Quarter and Full Year 2021 Operating Results
PITTSBURGH, March 01, 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, March 01, 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 2021 fourth quarter and full year operating results, including the performance highlights below. The Company divested its steel Piling Products division (\"Piling\") in September 2021, and this release reflects certain adjustments related to Piling, as appropriate. Net sales for the 2021 fourth quarter were $113.0 million, a $2.6 million decrease, or 2.3%, from the fourth quarter of 2020. Excluding Piling, net sales1 for the 2021 fourth quarter were $111.3 million, a $9.0 million increase, or 8.8%, over the prior year comparable quarter.Gross profit for the 2021 fourth quarter was $19.0 million, a decline of $2.7 million, or 12.2%, from the prior year quarter. Gross profit margin for the 2021 fourth quarter was 16.9%, a 190-basis point reduction from the prior year quarter. Excluding Piling, gross profit1 for the 2021 fourth quarter was $19.1 million, a $0.9 million decrease, or 4.6%, from the prior year quarter. Gross profit margin for the 2021 fourth quarter excluding Piling1 was 17.2%, a 240-basis point reduction from the prior year comparable quarter.Selling and administrative expenses for the 2021 fourth quarter were $18.1 million, an $0.8 million increase, or 4.5%, over the prior year quarter. Selling and administrative expenses as a percent of net sales increased to 16.1% compared to 15.0% last year.Net loss from continuing operations for the 2021 fourth quarter was $0.4 million, or $0.03 per diluted share, a decrease of $0.24 per diluted share from last year's fourth quarter net income from continuing operations of $2.3 million, or $0.21 per diluted share. Adjusted net loss from continuing operations1 was $0.4 million, or $0.03 per diluted share, compared to adjusted net income from continuing operations1 of $2.5 million, or $0.24 per diluted share, for the prior year quarter.Adjusted EBITDA from continuing operations1 for the 2021 fourth quarter was $3.2 million, a $3.7 million decrease versus the prior year comparable quarter. Adjusted EBITDA from continuing operations1 for the 2021 fourth quarter excluding Piling1 was $3.5 million, a $2.4 million decrease from the prior year comparable quarter.Net operating ...