L.B. Foster reports 4Q earnings
Written by Douglas John BowenL.B. Foster Thursday reported fourth-quarter net income of $6.1 million, or 60 cents per diluted share, compared to $6.2 million or 60 cents per diluted share, in the same quarter of 2010.
Fourth-quarter net sales decreased by $10.6 million or 7.1% due to a 23.5% sales decline in the legacy L.B. Foster business, the company said, partially offset by the inclusion of Portec Rail Products Inc. sales of $27.9 million.
Adjusted EBITDA (Earnings before interest, taxes, depreciation, amortization and other purchase accounting charges not considered amortization) decreased 10.5% to $12.9 million compared to $14.4 million in the prior year quarter.
Fourth-quarter bookings were $127.4 million compared with $113.0 million last year, an increase of 12.7%. Excluding Portec, bookings were 10.6% lower than last year’s fourth quarter. At year end, the company’s backlog was $145.4 million, 23.2% lower than the prior year.
Robert P. Bauer, L. B. Foster‘s president and chief executive officer, said, “Our performance in the fourth quarter was mixed. The Rail segment reported strong sales and income, while the softness in the Construction segment booking levels and backlog that we reported the last two quarters has negatively impacted sales and income.
