Business
L.B. Foster Reports Fourth Quarter / Full Year 2022 Results, Full Year Financial Guidance for 2023, and $15 Million Stock Buyback Authorization
Fourth quarter net sales of $137.2 million up 21.4% year over year, with gross margins expanding 260 basis points to 19.5% for the quarter.Fourth quarter
About this update from L.b. Foster Company
[{"type":"text","content":" Fourth quarter net sales of $137.2 million up 21.4% year over year, with gross margins expanding 260 basis points to 19.5% for the quarter.Fourth quarter adjusted EBITDA1 of $7.5 million up $4.3 million, or 132.6%, year over year.Fourth quarter net loss of $43.9 million unfavorable $43.6 million versus prior year due to a $37.9 million deferred tax asset valuation allowance and asset impairment charges of $8.0 million.Improved profitability and cash generation in the fourth quarter, with net debt1 finishing at $89.0 million and gross leverage per the Company’s credit agreement1 declining from 3.3x to 2.8x as of quarter end.Fourth quarter new orders1 of $137.8 million increased 44.8% year over year; backlog of $272.3 million remains near all-time high.Full year 2022 net sales of $497.5 million down 3.1% due primarily to divestiture activity, with 2022 adjusted EBITDA1 of $24.2 million up 29.4% year over year.Full year 2022 net loss of $45.6 million unfavorable $49.1 million versus prior year.The Company announced full year financial guidance for 2023 with net sales expected to range from $540.0 million to $570.0 million and adjusted EBITDA1 in a range of $27.0 million to $31.0 million.The Company also announced that its Board of Directors has authorized the repurchase of up to $15.0 million of the Company's common stock through February 2026. PITTSBURGH, March 06, 2023 (GLOBE NEWSWIRE) -- 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 2022 fourth quarter and full year operating results. CEO CommentsJohn Kasel, President and Chief Executive Officer, commented, “We concluded 2022 with strong revenue growth from both organic and inorganic sources, with robust profitability growth and margin expansion that confirms our belief that the strategic transformation of L.B. Foster Company is on track and taking hold. Order intake levels were up nearly 45% in the quarter and the full year book-to-bill ratio was strong at 1.11 : 1.0. These favorable trends, coupled with the $272 million near record backlog give us confidence moving into 2023. We remain focused on integrating and leveraging the VanHooseCo and Skratch acquisitions for continued profitable growth and making further progress to reduce our gross lever...