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Rail News: Financials
After a rocky first quarter, L.B. Foster Co. rebounded in the second quarter, posting notable sales and net income improvements.
Today, the manufacturer, fabricator and distributor of rail, construction and tubular products reported net income of $1.6 million — an increase compared with second-quarter 2004’s net income of $1.3 million and first-quarter 2005’s net loss of $0.1 million.
Net sales totaled $97.8 million, a 27 percent increase compared with $76.8 million in second-quarter 2004, and gross margins declined 1.1 percentage points to 11 percent.
"We are very pleased with our sales levels in the second quarter," said L.B. Foster President and Chief Executive Officer Stan Hasselbusch in a prepared statement. "Our Piling and Rail Distribution businesses increased 62 percent and 50 percent, respectively, over the prior year quarter. These increases were primarily responsible for our increased profitability this quarter."
Meanwhile, the supplier’s Fabricated Products business has taken a hit because delays in passing a new federal highway and transit bill have "negatively impacted competitive bidding opportunities in the marketplace," said Hasselbusch.
Even so, L.B. Foster expects the earnings improvement to continue.
7/28/2005
Rail News: Financials
Financial results improve for L.B. Foster in second quarter
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After a rocky first quarter, L.B. Foster Co. rebounded in the second quarter, posting notable sales and net income improvements.
Today, the manufacturer, fabricator and distributor of rail, construction and tubular products reported net income of $1.6 million — an increase compared with second-quarter 2004’s net income of $1.3 million and first-quarter 2005’s net loss of $0.1 million.
Net sales totaled $97.8 million, a 27 percent increase compared with $76.8 million in second-quarter 2004, and gross margins declined 1.1 percentage points to 11 percent.
"We are very pleased with our sales levels in the second quarter," said L.B. Foster President and Chief Executive Officer Stan Hasselbusch in a prepared statement. "Our Piling and Rail Distribution businesses increased 62 percent and 50 percent, respectively, over the prior year quarter. These increases were primarily responsible for our increased profitability this quarter."
Meanwhile, the supplier’s Fabricated Products business has taken a hit because delays in passing a new federal highway and transit bill have "negatively impacted competitive bidding opportunities in the marketplace," said Hasselbusch.
Even so, L.B. Foster expects the earnings improvement to continue.
