L.B. Foster Q2 net sales down 4.9% to $140.8M, net income down 19.4%, updates 2024 guidance, modifies buyback program

FOSTER L B CO

2024-Q2 EPS reported $0.66 revenue$265,116,000

Q2 net sales $140.8M, down 4.9% YoY; gross profit $30.5M, down 5.4%; net income $2.8M, down 19.4%; adjusted EBITDA $8.1M, down 23.8%
Full year 2024 net sales guidance revised to $525M-$550M; adjusted EBITDA guidance $34M-$37M, representing ~12% growth at midpoint
Enterprise restructuring impacting ~40 salaried employees (7% of salaried workforce); expected annual savings $4.5M, $2.0M in 2024; charges $1.5M in H2 2024
Board modified stock repurchase program: expiration moved to Feb 2025 (from Feb 2026), removed $5M trailing 12-month restriction; $11M remaining of $15M authorization
Backlog $249.8M, down $40.3M from prior year record high; new orders $171.0M, up 29.2% sequentially

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