L.B. Foster beats 2023 guidance; net sales $543.7M (+9.3%), adj EBITDA $31.8M; guides 2024 sales $525-560M

FOSTER L B CO

Full year 2023 net sales $543.7M (+9.3% YoY, +11.7% organic), above guidance; gross margin expanded 270 bps to 20.7%.
Full year adjusted EBITDA $31.8M, above guidance; net income $1.3M vs loss of $45.6M in 2022; operating cash flow $37.4M.
Net debt reduced to $52.7M, leverage improved to 1.7x from 2.8x; $2.3M in stock repurchases (1.2% of outstanding).
Q4 net sales $134.9M (organic +7.7%); Q4 adjusted EBITDA $6.1M down 18.4% due to higher incentive costs and UK headwinds.
2024 guidance: net sales $525-560M, adj EBITDA $34-39M, free cash flow $12-18M; reiterated 2025 goals of ~$600M sales and $50M EBITDA.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

FOSTER L B CO reported financial results for fourth quarter ended December 31, 2023.

Period: fourth quarter ended December 31, 2023
Result: reported results

Exact text from the filing

L.B. Foster Company (“Company”) issued a press release announcing the Company’s results of operations for the fourth quarter ended December 31, 2023.

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FOSTER L B CO filing history →

Source: SEC EDGAR

accession 0000352825-24-000071

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