Tuesday, May 01, 2012

L.B. Foster sales and backlog grow

Written by  Luther S. Miller, Senior Consulting Editor

L.B. Foster Co., which supplies and distributes products and services for rail, construction, energy, and utility markets, has reported net income of $3.4 million or 33 cents per diluted share, in the first quarter of 2012 compared with 7 cents per diluted share in the prior year period. Sales were $118.5 million in the first quarter and the company's backlog increased $56.3 million in the period.

The company said in an earnings statement Tuesday that Rail segment revenue increased 7.2%, driven by strong sales in its core new rail business and the insulated joint product line.

Robert P. Bauer, L. B. Foster's president and chief executive officer, commented, "Both the Rail and Tubular segments reported improved sales and income for the quarter with solid increases in backlog. Although the construction business remains soft, we were able to maintain gross margins on lower sales."