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Share Name | Share Symbol | Market | Type |
---|---|---|---|
L B Foster Company | NASDAQ:FSTR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.30 | 1.11% | 27.43 | 10.91 | 37.99 | 27.50 | 26.86 | 27.30 | 33,793 | 01:00:00 |
CEO Comments
John Kasel, President and Chief Executive Officer, commented, “Our third quarter results adjusted for non-routine items reflect the continuing favorable impact of our strategic transformation. Net adjusted sales growth for the quarter remained robust at 10.0% year over year with strong organic growth realized across all three segments, led by our Precast Concrete business at 24.2%. Momentum from our business portfolio actions and profitability initiatives drove gross margins up 40 bps year over year to 21.2% adjusted for non-routine items in both periods. It's important to emphasize that year-to-date adjusted gross margins of 21.1% are up 250 bps versus the comparable period last year, highlighting the progress we've made in improving the profitability profile of our business portfolio. The growth in sales and improved margins resulted in a 14.2% year-over-year increase in adjusted EBITDA to $10.6 million for the quarter, representing 7.2% of adjusted sales. We’re pleased with the substantial progress we've made in 2023 and remain confident our strategy execution is on track to deliver our stated financial goals in 2025.”
Mr. Kasel continued, “There were two non-routine items impacting our third quarter results. We previously announced that the exit of the bridge grid deck product line would result in certain cash and non-cash exit costs in 2023 ranging between approximately $2.6 million and $2.9 million. We've updated our total project cost estimate to approximately $4.6 million, with $4.1 million impacting net income in the third quarter. The increase was due to an update in our estimate of expected value for certain commercial projects being completed as we wind down the product line. In addition, we recorded a $0.9 million provision in the third quarter for potentially uncollectible accounts associated with a customer who filed for administrative protection in the U.K. As previously reported, the U.K. market remains particularly challenging and we're working with our local team with focus on mitigation actions to reduce costs and limit investment which should help to maintain our flexibility until market conditions improve.”
Mr. Kasel concluded, “A highlight of the quarter was our strong cash flow generation, which resulted in a $16.9 million reduction in net debt to $68.7 million at quarter end. In fact, cash flow from operations for the quarter totaling $18.6 million was the highest quarterly level achieved in four years. We used some of the cash generation in the quarter to continue our $15 million stock buyback program, with purchases program-to-date totaling $0.9 million, representing approximately 0.6% of the common shares outstanding. We also made solid progress on our leverage metrics, with gross leverage per our credit agreement improving to 2.0x at the end of the quarter, down from 2.5x at the end of the previous quarter and down from 3.3x at last year's comparable quarter end. Order rates were a bit softer in the third quarter after a strong second quarter, with the current quarter book to bill ratio at 0.69:1.00, but 1.03:1.00 on a TTM basis. Backlog remains at a healthy $243.2 million as we enter our seasonally slower period at the end of the year. We remain optimistic in the growth prospects for our key domestic end markets but are somewhat more cautious on the foreseeable outlook in the U.K. given current conditions. As a result, we're maintaining the mid-point of our sales and profitability guidance for 2023. We look forward to closing out a solid year of progress in 2023 and further growth in 2024 and beyond.”
1 See "Non-GAAP Financial Measures" and "Non-GAAP Disclosures" at the end of this press release for a description of and information regarding portfolio changes and non-routine adjustments, adjusted EBITDA, Gross Leverage Ratio per the Company's credit agreement, net debt, new orders, backlog, book-to-bill ratio, and related reconciliations to their most comparable GAAP financial measure.
2023 Financial Guidance
The Company is updating its 2023 financial guidance as follows:
Updated | Previous | |||||||||||||||
Low | High | Low | High | |||||||||||||
Net sales | $ | 530,000 | $ | 540,000 | $ | 520,000 | $ | 550,000 | ||||||||
Adjusted EBITDA | 29,000 | 31,000 | 28,000 | 32,000 | ||||||||||||
Third Quarter Consolidated Highlights
The Company’s third quarter performance highlights are reflected below:
Three Months EndedSeptember 30, | Change | PercentChange | ||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||
(Unaudited) | ||||||||||||||||
Net sales | $ | 145,345 | $ | 130,015 | $ | 15,330 | 11.8 | % | ||||||||
Gross profit | 28,224 | 23,097 | 5,127 | 22.2 | ||||||||||||
Selling and administrative expenses | 24,160 | 22,618 | 1,542 | 6.8 | ||||||||||||
Operating profit (loss) | 2,685 | (1,120 | ) | 3,805 | ** | |||||||||||
Net income (loss) attributable to L.B. Foster Company | 515 | (2,077 | ) | 2,592 | 124.8 | |||||||||||
Adjusted EBITDA | 10,593 | 9,277 | 1,316 | 14.2 | ||||||||||||
New orders1 | 100,263 | 137,283 | (37,020 | ) | (27.0 | ) | ||||||||||
Backlog | 243,219 | 272,777 | (29,558 | ) | (10.8 | ) | ||||||||||
**Results of this calculation not considered meaningful.
Third Quarter Business Results by Segment
Rail, Technologies, and Services Segment
Three Months EndedSeptember 30, | Change | PercentChange | ||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||
Net sales | $ | 86,866 | $ | 77,350 | $ | 9,516 | 12.3 | % | ||||||||
Gross profit | $ | 17,229 | $ | 13,376 | $ | 3,853 | 28.8 | % | ||||||||
Gross profit margin | 19.8 | % | 17.3 | % | 2.5 | % | 14.7 | % | ||||||||
Segment operating profit | $ | 3,865 | $ | 539 | $ | 3,326 | ** | |||||||||
Segment operating profit margin | 4.4 | % | 0.7 | % | 3.7 | % | ** | |||||||||
New orders | $ | 49,818 | $ | 56,529 | $ | (6,711 | ) | (11.9 | )% | |||||||
Backlog | $ | 93,632 | $ | 108,864 | $ | (15,232 | ) | (14.0 | )% |
** Results of calculation not considered meaningful.
Precast Concrete Products Segment
Three Months EndedSeptember 30, | Change | PercentChange | ||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||
Net sales | $ | 38,642 | $ | 28,856 | $ | 9,786 | 33.9 | % | ||||||||
Gross profit | $ | 9,266 | $ | 5,647 | $ | 3,619 | 64.1 | % | ||||||||
Gross profit margin | 24.0 | % | 19.6 | % | 4.4 | % | 22.5 | % | ||||||||
Segment operating profit | $ | 3,389 | $ | 1,245 | $ | 2,144 | 172.2 | % | ||||||||
Segment operating profit margin | 8.8 | % | 4.3 | % | 4.5 | % | 104.3 | % | ||||||||
New orders | $ | 27,368 | $ | 30,678 | $ | (3,310 | ) | (10.8 | )% | |||||||
Backlog | $ | 80,391 | $ | 86,612 | $ | (6,221 | ) | (7.2 | )% | |||||||
Steel Products and Measurement Segment
Three Months EndedSeptember 30, | Change | PercentChange | ||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||
Net sales | $ | 19,837 | $ | 23,809 | $ | (3,972 | ) | (16.7 | )% | |||||||
Gross profit | $ | 1,729 | $ | 4,074 | $ | (2,345 | ) | (57.6 | )% | |||||||
Gross profit margin | 8.7 | % | 17.1 | % | (8.4 | )% | (49.1 | )% | ||||||||
Segment operating (loss) profit | $ | (1,521 | ) | $ | 303 | $ | (1,824 | ) | ** | |||||||
Segment operating (loss) profit margin | (7.7 | )% | 1.3 | % | (9.0 | )% | ** | |||||||||
New orders | $ | 23,077 | $ | 50,076 | $ | (26,999 | ) | (53.9 | )% | |||||||
Backlog | $ | 69,196 | $ | 77,301 | $ | (8,105 | ) | (10.5 | )% |
** Results of calculation not considered meaningful.
First Nine Months Consolidated Highlights
The Company's first nine months performance highlights are presented below.
Nine Months EndedSeptember 30, | Change | PercentChange | ||||||||||||||
2023 | 2022 | 2023 vs. 2022 | 2023 vs. 2022 | |||||||||||||
(Unaudited) | ||||||||||||||||
Net sales | $ | 408,867 | $ | 360,324 | $ | 48,543 | 13.5 | % | ||||||||
Gross profit | 83,767 | 62,837 | 20,930 | 33.3 | ||||||||||||
Selling and administrative expenses | 70,111 | 59,310 | 10,801 | 18.2 | ||||||||||||
Operating profit (loss) | 9,537 | (927 | ) | 10,464 | ** | |||||||||||
Net income (loss) attributable to L.B. Foster Company | 1,894 | (1,633 | ) | 3,527 | 216.0 | |||||||||||
Adjusted EBITDA | 25,676 | 16,680 | 8,996 | 53.9 | ||||||||||||
New orders | 423,521 | 414,127 | 9,394 | 2.3 | ||||||||||||
Backlog | 243,219 | 272,777 | (29,558 | ) | (10.8 | ) |
** Results of calculation not considered meaningful.
Third Quarter Conference Call
L.B. Foster Company will conduct a conference call and webcast to discuss its third quarter 2023 operating results on Tuesday, November 7, 2023 at 11:00 AM ET. The call will be hosted by Mr. John Kasel, President and Chief Executive Officer. Listen via audio and access the slide presentation on the L.B. Foster web site: www.lbfoster.com, under the Investor Relations page. A conference call replay will be available through November 14, 2023 via webcast through L.B. Foster’s Investor Relations page of the company’s website.
Those interested in participating in the question-and-answer session may register for the call at https://register.vevent.com/register/BIcfd36322f9f74c8592069d190ca75176 to receive the dial-in numbers and unique PIN to access the call. The registration link will also be available on the Company’s Investor Relations page of its website.
About L.B. Foster Company
Founded in 1902, L.B. Foster Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company’s innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers' most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. For more information, please visit www.lbfoster.com.
Non-GAAP Financial Measures
This press release contains financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States ("GAAP"). These non-GAAP financial measures are provided as additional information for investors. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures. For definitions of the non-GAAP financial measures used in this press release and reconciliations to the most directly comparable respective GAAP measures, see the “Non-GAAP Disclosures” section below.
The Company has not reconciled the forward-looking adjusted EBITDA to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are acquisition and divestiture-related costs and impairment expense. These underlying expenses and others that may arise during the year are potential adjustments to future earnings. The Company expects the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
The Company defines new orders as a contractual agreement between the Company and a third-party in which the Company will, or has the ability to, satisfy the performance obligations of the promised products or services under the terms of the agreement. The Company defines backlog as contractual commitments to customers for which the Company’s performance obligations have not been met, including with respect to new orders and contracts for which the Company has not begun any performance. Management utilizes new orders and backlog to evaluate the health of the industries in which the Company operates, the Company’s current and future results of operations and financial prospects, and strategies for business development. The Company believes that new orders and backlog are useful to investors as supplemental metrics by which to measure the Company’s current performance and prospective results of operations and financial performance. The Company defines book-to-bill ratio as new orders divided by revenue. The Company believes this is a useful metric to assess supply and demand, including order strength versus order fulfillment.
The Company views its Gross Leverage Ratio per its credit agreement, as defined in the Second Amendment to its Fourth Amended and Restated Credit Agreement dated August 12, 2022, as an important indication of the Company's financial health and believes it is useful to investors as an indicator of the Company's ability to service its existing indebtedness and borrow additional funds for its investing and operational needs.
Forward-Looking Statements
This release may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this earnings release are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company’s expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations and decisions regarding our strategic growth initiatives, market position, and product development. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause the actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to: any future global health crises, and the related social, regulatory, and economic impacts and the response thereto by the Company, our employees, our customers, and national, state, or local governments; a continuation or worsening of the adverse economic conditions in the markets we serve, including recession, the continued volatility in the prices for oil and gas, governmental travel restrictions, project delays, and budget shortfalls, or otherwise; volatility in the global capital markets, including interest rate fluctuations, which could adversely affect our ability to access the capital markets on terms that are favorable to us; restrictions on our ability to draw on our credit agreement, including as a result of any future inability to comply with restrictive covenants contained therein; a decrease in freight or transit rail traffic; environmental matters, including any costs associated with any remediation and monitoring of such matters; the risk of doing business in international markets, including compliance with anti-corruption and bribery laws, foreign currency fluctuations and inflation, and trade restrictions or embargoes; our ability to effectuate our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or to divest businesses, such as the recent dispositions of the Track Components, Chemtec, and Ties businesses, and acquisitions of the Skratch Enterprises Ltd., Intelligent Video Ltd., and VanHooseCo Precast LLC businesses and to realize anticipated benefits; costs of and impacts associated with shareholder activism; the timeliness and availability of materials from our major suppliers, as well as the impact on our access to supplies of customer preferences as to the origin of such supplies, such as customers’ concerns about conflict minerals; labor disputes; cybersecurity risks such as data security breaches, malware, ransomware, “hacking,” and identity theft, which could disrupt our business and may result in misuse or misappropriation of confidential or proprietary information, and could result in the disruption or damage to our systems, increased costs and losses, or an adverse effect to our reputation; the continuing effectiveness of our ongoing implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate outcomes; the adequacy of internal and external sources of funds to meet financing needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, and reforms regarding the use of SOFR as a benchmark for establishing applicable interest rates; the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may impact taxes; domestic and foreign government regulations, including tariffs; economic conditions and regulatory changes caused by the United Kingdom’s exit from the European Union; geopolitical conditions, including the conflict in Ukraine and Israel; a lack of state or federal funding for new infrastructure projects; an increase in manufacturing or material costs; the loss of future revenues from current customers; and risks inherent in litigation and the outcome of litigation and product warranty claims. Should one or more of these risks or uncertainties materialize, or should the assumptions underlying the forward-looking statements prove incorrect, actual outcomes could vary materially from those indicated. Significant risks and uncertainties that may affect the operations, performance, and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2022, or as updated and/or amended by our other current or periodic filings with the Securities and Exchange Commission.
The forward-looking statements in this release are made as of the date of this release and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by the federal securities laws.
Investor Relations:Stephanie Schmidt(412) 928-3417investors@lbfoster.com
L.B. Foster Company415 Holiday DriveSuite 100Pittsburgh, PA 15220
L.B. FOSTER COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In thousands, except per share data)
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Sales of goods | $ | 131,065 | $ | 117,302 | $ | 361,770 | $ | 318,307 | ||||||||
Sales of services | 14,280 | 12,713 | 47,097 | 42,017 | ||||||||||||
Total net sales | 145,345 | 130,015 | 408,867 | 360,324 | ||||||||||||
Cost of goods sold | 103,061 | 93,737 | 282,195 | 258,913 | ||||||||||||
Cost of services sold | 14,060 | 13,181 | 42,905 | 38,574 | ||||||||||||
Total cost of sales | 117,121 | 106,918 | 325,100 | 297,487 | ||||||||||||
Gross profit | 28,224 | 23,097 | 83,767 | 62,837 | ||||||||||||
Selling and administrative expenses | 24,160 | 22,618 | 70,111 | 59,310 | ||||||||||||
Amortization expense | 1,379 | 1,599 | 4,119 | 4,454 | ||||||||||||
Operating profit (loss) | 2,685 | (1,120 | ) | 9,537 | (927 | ) | ||||||||||
Interest expense - net | 1,442 | 993 | 4,404 | 1,747 | ||||||||||||
Other expense (income) - net | 917 | 168 | 3,463 | (1,096 | ) | |||||||||||
Income (loss) before income taxes | 326 | (2,281 | ) | 1,670 | (1,578 | ) | ||||||||||
Income tax (benefit) expense | (121 | ) | (176 | ) | (99 | ) | 137 | |||||||||
Net income (loss) | 447 | (2,105 | ) | 1,769 | (1,715 | ) | ||||||||||
Net loss attributable to noncontrolling interest | (68 | ) | (28 | ) | (125 | ) | (82 | ) | ||||||||
Net income (loss) attributable to L.B. Foster Company | $ | 515 | $ | (2,077 | ) | $ | 1,894 | $ | (1,633 | ) | ||||||
Basic earnings (loss) per common share | $ | 0.05 | $ | (0.20 | ) | $ | 0.18 | $ | (0.16 | ) | ||||||
Diluted earnings (loss) per common share | $ | 0.05 | $ | (0.20 | ) | $ | 0.17 | $ | (0.16 | ) | ||||||
Average number of common shares outstanding - Basic | 10,813 | 10,731 | 10,804 | 10,710 | ||||||||||||
Average number of common shares outstanding - Diluted | 10,973 | 10,731 | 10,895 | 10,710 | ||||||||||||
L.B. FOSTER COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(In thousands)
September 30,2023 | December 31,2022 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 2,969 | $ | 2,882 | ||||
Accounts receivable - net | 64,638 | 82,455 | ||||||
Contract assets - net | 30,503 | 33,613 | ||||||
Inventories - net | 82,020 | 75,721 | ||||||
Other current assets | 9,712 | 11,061 | ||||||
Total current assets | 189,842 | 205,732 | ||||||
Property, plant, and equipment - net | 75,867 | 85,344 | ||||||
Operating lease right-of-use assets - net | 15,440 | 17,291 | ||||||
Other assets: | ||||||||
Goodwill | 30,856 | 30,733 | ||||||
Other intangibles - net | 20,006 | 23,831 | ||||||
Deferred tax assets | — | 24 | ||||||
Other assets | 2,580 | 2,355 | ||||||
TOTAL ASSETS | $ | 334,591 | $ | 365,310 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 44,900 | $ | 48,782 | ||||
Deferred revenue | 16,003 | 19,452 | ||||||
Accrued payroll and employee benefits | 12,358 | 10,558 | ||||||
Current portion of accrued settlement | 8,000 | 8,000 | ||||||
Current maturities of long-term debt | 97 | 127 | ||||||
Other accrued liabilities | 14,679 | 16,192 | ||||||
Total current liabilities | 96,037 | 103,111 | ||||||
Long-term debt | 71,592 | 91,752 | ||||||
Deferred tax liabilities | 1,131 | 3,109 | ||||||
Long-term portion of accrued settlement | 4,000 | 8,000 | ||||||
Long-term operating lease liabilities | 12,312 | 14,163 | ||||||
Other long-term liabilities | 7,391 | 7,577 | ||||||
Stockholders' equity: | ||||||||
Common stock | 111 | 111 | ||||||
Paid-in capital | 41,832 | 41,303 | ||||||
Retained earnings | 125,063 | 123,169 | ||||||
Treasury stock | (5,062 | ) | (6,240 | ) | ||||
Accumulated other comprehensive loss | (20,123 | ) | (21,165 | ) | ||||
Total L.B. Foster Company stockholders’ equity | 141,821 | 137,178 | ||||||
Noncontrolling interest | 307 | 420 | ||||||
Total stockholders’ equity | 142,128 | 137,598 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 334,591 | $ | 365,310 | ||||
Non-GAAP Disclosures(Unaudited)
This earnings release discloses earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted EBITDA, net debt, and adjustments to consolidated and segment results for portfolio actions and non-routine items, which are non-GAAP financial measures. The Company believes that EBITDA is useful to investors as a supplemental way to evaluate the ongoing operations of the Company’s business since EBITDA may enhance investors’ ability to compare historical periods as it adjusts for the impact of financing methods, tax law and strategy changes, and depreciation and amortization. In addition, EBITDA is a financial measure that management and the Company’s Board of Directors use in their financial and operational decision-making and in the determination of certain compensation programs. Adjusted EBITDA adjusts for certain charges to EBITDA from continuing operations that the Company believes are unusual, non-recurring, unpredictable, or non-cash.
In the three and nine months ended September 30, 2023, the Company made adjustments to exclude expenses from the exit of the bridge grid deck product line, bad debt provision for customer bankruptcy, the loss on divestitures, and VanHooseCo contingent consideration. In the three and nine months ended September 30, 2022, the Company made adjustments to exclude the loss (gain) on divestitures, acquisition and divestiture costs, Crossrail commercial settlement impact, contingent consideration and inventory adjustments to fair value amortization associated with the VanHooseCo acquisition. The Company believes the results adjusted to exclude these items are useful to investors as these items are non-routine in nature.
The Company views net debt, which is total debt less cash and cash equivalents, as an important metric of the operational and financial health of the organization and believes it is useful to investors as indicators of its ability to incur additional debt and to service its existing debt.
The Company excluded the impact of portfolio changes and certain non-routine costs during the three and nine months ended September 30, 2023 and three and nine months ended September 30, 2022 as adjusting for these items provides visibility to the performance of its base business that is useful to investors.
Non-GAAP financial measures are not a substitute for GAAP financial results and should only be considered in conjunction with the Company’s financial information that is presented in accordance with GAAP. Quantitative reconciliations of EBITDA, adjusted EBITDA, net debt, and adjustments to segment results to exclude portfolio actions and one-time adjustments made (in thousands, except for percentages and ratios):
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Adjusted EBITDA Reconciliation | ||||||||||||||||
Net income (loss), as reported | $ | 447 | $ | (2,105 | ) | $ | 1,769 | $ | (1,715 | ) | ||||||
Interest expense - net | 1,442 | 993 | 4,404 | 1,747 | ||||||||||||
Income tax (benefit) expense | (121 | ) | (176 | ) | (99 | ) | 137 | |||||||||
Depreciation expense | 2,460 | 2,269 | 7,449 | 6,083 | ||||||||||||
Amortization expense | 1,379 | 1,599 | 4,119 | 4,454 | ||||||||||||
Total EBITDA | $ | 5,607 | $ | 2,580 | $ | 17,642 | $ | 10,706 | ||||||||
Loss (gain) on divestitures | — | 447 | 3,074 | (42 | ) | |||||||||||
Acquisition and divestiture costs | — | 1,258 | — | 1,814 | ||||||||||||
Commercial contract settlement | — | 3,956 | — | 3,956 | ||||||||||||
Insurance proceeds | — | — | — | (790 | ) | |||||||||||
VanHooseCo inventory adjustment to fair value amortization | — | 851 | — | 851 | ||||||||||||
VanHooseCo contingent consideration | — | 185 | (26 | ) | 185 | |||||||||||
Bridge grid deck exit impact | 4,120 | — | 4,120 | — | ||||||||||||
Bad debt provision | 866 | — | 866 | — | ||||||||||||
Adjusted EBITDA | $ | 10,593 | $ | 9,277 | $ | 25,676 | $ | 16,680 | ||||||||
September 30,2023 | June 30,2023 | September 30,2022 | ||||||||||
Net Debt Reconciliation | ||||||||||||
Total debt | $ | 71,689 | $ | 89,505 | $ | 98,919 | ||||||
Less: cash and cash equivalents | (2,969 | ) | (3,880 | ) | (4,943 | ) | ||||||
Net debt | $ | 68,720 | $ | 85,625 | $ | 93,976 | ||||||
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Adjusted Results for Non-routine Items | ||||||||||||||||
Net sales, as reported | $ | 145,345 | $ | 130,015 | $ | 408,867 | $ | 360,324 | ||||||||
Bridge grid deck exit impact | 1,977 | — | 1,977 | — | ||||||||||||
Crossrail settlement adjustment | — | 3,956 | — | 3,956 | ||||||||||||
Net sales, as adjusted | $ | 147,322 | $ | 133,971 | $ | 410,844 | $ | 364,280 | ||||||||
Gross profit, as reported | $ | 28,224 | $ | 23,097 | $ | 83,767 | $ | 62,837 | ||||||||
Bridge grid deck exit impact | 3,051 | — | 3,051 | — | ||||||||||||
Crossrail settlement adjustment | — | 3,956 | — | 3,956 | ||||||||||||
VanHooseCo inventory adjustment to fair value amortization | — | 851 | — | 851 | ||||||||||||
Gross profit, as adjusted | $ | 31,275 | $ | 27,904 | $ | 86,818 | $ | 67,644 | ||||||||
Gross profit margin, as reported | 19.4 | % | 17.8 | % | 20.5 | % | 17.4 | % | ||||||||
Gross profit margin, as adjusted | 21.2 | % | 20.8 | % | 21.1 | % | 18.6 | % | ||||||||
Change in Adjusted Organic Sales | Three Months Ended September 30, | PercentChange | Nine Months Ended September 30, | PercentChange | ||||||||||||
2023 net sales, as adjusted | $ | 147,322 | $ | 410,844 | ||||||||||||
2022 net sales, as adjusted | 133,971 | 364,280 | ||||||||||||||
Change in adjusted sales | 13,351 | 10.0 | % | 46,564 | 12.8 | % | ||||||||||
Net sales decrease (increase) from acquisitions and divestitures | 3,503 | 2.6 | % | (747 | ) | (0.2 | )% | |||||||||
Change in adjusted organic sales | $ | 16,854 | 12.6 | % | $ | 45,817 | 12.6 | % | ||||||||
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Adjusted Segment Results for Non-routine Items | ||||||||||||||||
Rail, Technologies, and Services net sales, as reported | $ | 86,866 | $ | 77,350 | $ | 242,866 | $ | 222,857 | ||||||||
Crossrail settlement adjustment | — | 3,956 | — | 3,956 | ||||||||||||
Rail, Technologies, and Services net sales, as adjusted | $ | 86,866 | $ | 81,306 | $ | 242,866 | $ | 226,813 | ||||||||
Rail, Technologies, and Services gross profit, as reported | $ | 17,229 | $ | 13,376 | $ | 51,360 | $ | 41,564 | ||||||||
Crossrail settlement adjustment | — | 3,956 | — | 3,956 | ||||||||||||
Rail, Technologies, and Services gross profit, as adjusted | $ | 17,229 | $ | 17,332 | $ | 51,360 | $ | 45,520 | ||||||||
Rail, Technologies, and Services gross profit margin, as reported | 19.8 | % | 17.3 | % | 21.1 | % | 18.7 | % | ||||||||
Rail, Technologies, and Services gross profit margin, as adjusted | 19.8 | % | 21.3 | % | 21.1 | % | 20.1 | % | ||||||||
Change in Rail, Technology, and Services Adjusted Organic Sales | Three Months Ended September 30, | PercentChange | Nine Months Ended September 30, | PercentChange | ||||||||||||
2023 net sales, as reported | $ | 86,866 | $ | 242,866 | ||||||||||||
2022 net sales, as adjusted | 81,306 | 226,813 | ||||||||||||||
Change in adjusted sales | 5,560 | 6.8 | % | 16,053 | 7.1 | % | ||||||||||
Net sales decrease from acquisitions and divestitures | 2,028 | 2.5 | % | 9,132 | 4.0 | % | ||||||||||
Change in adjusted organic sales | $ | 7,588 | 9.3 | % | $ | 25,185 | 11.1 | % | ||||||||
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Adjusted Segment Gross Profit for Non-routine Items | ||||||||||||||||
Precast Concrete Products sales, as reported | $ | 38,642 | $ | 28,856 | $ | 96,795 | $ | 67,477 | ||||||||
Precast Concrete Products gross profit, as reported | $ | 9,266 | $ | 5,647 | $ | 22,463 | $ | 11,439 | ||||||||
VanHooseCo inventory adjustment to fair value amortization | — | 851 | — | 851 | ||||||||||||
Precast Concrete Products gross profit, as adjusted | $ | 9,266 | $ | 6,498 | $ | 22,463 | $ | 12,290 | ||||||||
Precast Concrete Products gross profit margin, as reported | 24.0 | % | 19.6 | % | 23.2 | % | 17.0 | % | ||||||||
Precast Concrete Products gross profit margin, as adjusted | 24.0 | % | 22.5 | % | 23.2 | % | 18.2 | % | ||||||||
Change in Precast Concrete Products Organic Sales | Three Months Ended September 30, | PercentChange | Nine Months Ended September 30, | PercentChange | ||||||||||||
2023 net sales, as reported | $ | 38,642 | $ | 96,795 | ||||||||||||
2022 net sales, as reported | 28,856 | 67,477 | ||||||||||||||
Change in sales | 9,786 | 33.9 | % | 29,318 | 43.4 | % | ||||||||||
Net sales increase from acquisition | (2,800 | ) | (9.7 | )% | (18,330 | ) | (27.2 | )% | ||||||||
Change in organic sales | $ | 6,986 | 24.2 | % | $ | 10,988 | 16.3 | % | ||||||||
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Adjusted Segment Results for Non-routine Items | ||||||||||||||||
Steel Products and Measurement net sales, as reported | $ | 19,837 | $ | 23,809 | $ | 69,206 | $ | 69,990 | ||||||||
Bridge grid deck exit impact | 1,977 | — | 1,977 | — | ||||||||||||
Steel Products and Measurement net sales, as adjusted | $ | 21,814 | $ | 23,809 | $ | 71,183 | $ | 69,990 | ||||||||
Steel Products and Measurement gross profit, as reported | $ | 1,729 | $ | 4,074 | $ | 9,944 | $ | 9,834 | ||||||||
Bridge grid deck exit impact | 3,051 | — | 3,051 | — | ||||||||||||
Steel Products and Measurement gross profit, as adjusted | $ | 4,780 | $ | 4,074 | $ | 12,995 | $ | 9,834 | ||||||||
Steel Products and Measurement gross profit margin, as reported | 8.7 | % | 17.1 | % | 14.4 | % | 14.1 | % | ||||||||
Steel Products and Measurement gross profit margin, as adjusted | 21.9 | % | 17.1 | % | 18.3 | % | 14.1 | % | ||||||||
Change in Steel Products and Measurement Adjusted Organic Sales | Three Months Ended September 30, | PercentChange | Nine Months Ended September 30, | PercentChange | ||||||||||||
2023 net sales, as adjusted | $ | 21,814 | $ | 71,183 | ||||||||||||
2022 net sales, as reported | 23,809 | 69,990 | ||||||||||||||
Change in adjusted sales | (1,995 | ) | (8.4 | )% | 1,193 | 1.7 | % | |||||||||
Net sales decrease from divestiture | 4,275 | 18.0 | % | 8,451 | 12.1 | % | ||||||||||
Change in adjusted organic sales | $ | 2,280 | 9.6 | % | $ | 9,644 | 13.8 | % | ||||||||
Change in Steel Products and Measurement Adjusted Organic Gross Profit | Three Months Ended September 30, | PercentChange | Nine Months Ended September 30, | PercentChange | ||||||||||||
2023 gross profit, as adjusted | $ | 4,780 | $ | 12,995 | ||||||||||||
2022 gross profit, as reported | 4,074 | 9,834 | ||||||||||||||
Change in adjusted gross profit | 706 | 17.3 | % | 3,161 | 32.1 | % | ||||||||||
Net gross profit decrease from divestiture | 348 | 8.5 | % | 560 | 5.7 | % | ||||||||||
Change in adjusted organic gross profit | $ | 1,054 | 25.9 | % | $ | 3,721 | 37.8 | % | ||||||||
1 Year L B Foster Chart |
1 Month L B Foster Chart |
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