L.B. Foster Q2 sales up 12.6%, gross margin up 410 bps; raises 2023 EBITDA guidance to $28–32M

FOSTER L B CO

2023-Q2 EPS reported $0.12 revenue$263,522,000

Q2 net sales $148.0M (+12.6% YoY); gross profit $32.3M (+38.5%); gross margin 21.8% (+410 bps).
Net income $3.5M, up $1.5M YoY; adjusted EBITDA $10.6M (7.2% of sales), up 72.9%.
New orders $183.7M (+29.9% YoY); record backlog $290.1M (+15.6% YoY).
Completed sale of prestressed concrete railroad tie business; net debt $85.6M; repurchased ~0.5% of shares.
2023 adjusted EBITDA guidance raised to $28–32M (from $27–31M); net sales guidance unchanged at $520–550M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FOSTER L B CO reported the second quarter ended June 30, 2023 results: revenue $148.0 million, net income $3.5 million. Guidance raised.

Period: the second quarter ended June 30, 2023
Revenue: $148.0 million
Net income: $3.5 million
Guidance: raised
Result: reported results

Exact text from the filing

--- News Release Increasing Momentum Evident in L.B. Foster's Second Quarter Operating Results; Company Increases 2023 Profitability Guidance • Second quarter net sales of $148.0 million up 12.6% year over year (13.3% organic); gross profit of $32.3 million up 38.5% year over year, with gross margins improving 410 bps to 21.8%. • Completed sale of prestressed

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Source: SEC EDGAR

accession 0000352825-23-000092

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