Business
L.B. Foster Reports Third Quarter Operating Results
Third quarter net sales of $130.0 million flat with prior year; up 8.7% organically, 11.8% adjusted for nonroutine items1.Third quarter net loss $2.1 million
About this update from L.b. Foster Company
[{"type":"text","content":" Third quarter net sales of $130.0 million flat with prior year; up 8.7% organically, 11.8% adjusted for nonroutine items1.Third quarter net loss $2.1 million down $4.3 million from last year; Adjusted EBITDA1 of $9.3 million in current quarter, up $4.9 million, or 110.8%, over last year adjusting for nonroutine items.Backlog totaled $272.8 million at quarter end, a 5-year high, with infrastructure-related commercial activity increasing. PITTSBURGH, Nov. 08, 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 third quarter operating results. The Company completed the acquisitions of Intelligent Video Ltd. (\"IV\") on July 6, 2022 and VanHooseCo Precast, LLC, (\"VanHooseCo\") on August 12, 2022, and the divestiture of its rail spikes and anchors track components business (\"Track Components\") on August 1, 2022. The impact of the IV and VanHooseCo acquisitions and the Track Components divestiture is included the Company’s third quarter financial information. Where meaningful, this release calls out the impact of these strategic portfolio changes, as well as the divestiture of the Company's Piling Products division (\"Piling\") in September 2021 and certain other nonroutine items, to highlight operating performance from its ongoing operations. The Company’s third quarter performance highlights are reflected below: New orders totaling $137.3 million for the 2022 third quarter decreased 1.1% from the prior year quarter. New orders increased 5.0% organically and 5.6% from acquisitions, offset by a 11.7% decrease from divestitures. Backlog1 totaling $272.8 million increased by $41.1 million, or 17.7%, compared to the prior year quarter.Net sales for the 2022 third quarter were $130.0 million, essentially unchanged from the third quarter of 2021. Net sales increased 8.7% organically and 5.5% from acquisitions, offset by a 14.3% decrease from divestitures. Net sales for the quarter included a $4.0 million adverse impact associated with the settlement of certain long-term commercial contracts related to the multi-year Crossrail project in the Company's Technology Services and Solutions business in the U.K. This impact reduced both net sales and gross profit in the quarter. Adjusted for this impa...