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L.B. Foster pany(FSTR) - 2024 Q4 - Annual Results
FSTRL.B. Foster pany(FSTR)2025-03-04 13:01

Financial Performance - L.B. Foster Company reported a 14.2% increase in rail segment sales, reaching 79.2millioninQ42024,withgrossmarginsimprovingby300basispointsto22.279.2 million in Q4 2024, with gross margins improving by 300 basis points to 22.2%[2][10] - Infrastructure segment sales decreased by 25.2% to 49.0 million in Q4 2024, with gross margins declining by 90 basis points to 22.6%[2][11] - The company achieved adjusted EBITDA of 7.2millioninQ42024,anincreaseof18.77.2 million in Q4 2024, an increase of 18.7% compared to the prior year[2][4] - Free cash flow for the full year 2024 was 22.6 million, with total debt declining by 21.6millionto21.6 million to 46.9 million[2][4] - Net sales for the year ended December 31, 2024, were 530.8million,adecreaseof530.8 million, a decrease of 13.0 million, or 2.4%, from the prior year[18] - Gross profit for the year ended December 31, 2024, was 118.1million,anincreaseof118.1 million, an increase of 6.0 million, or 5.4%, with gross profit margins expanding by 160 basis points to 22.2%[18] - Operating income for the year ended December 31, 2024, was 20.5million,anincreaseof20.5 million, an increase of 11.4 million over the prior year[18] - Net income attributable to the Company for the year ended December 31, 2024, was 42.9million,or42.9 million, or 3.89 per diluted share, favorable by 41.5millionovertheprioryear[18]AdjustedEBITDAfortheyearendedDecember31,2024,was41.5 million over the prior year[18] - Adjusted EBITDA for the year ended December 31, 2024, was 33.6 million, a 1.8millionincrease,or5.71.8 million increase, or 5.7%, over the prior year[18] - Total net sales for Q4 2024 were 128.183 million, a decrease of 5.0% compared to 134.877millioninQ42023[36]Grossprofitforthefourthquarterof2024was134.877 million in Q4 2023[36] - Gross profit for the fourth quarter of 2024 was 11.1 million, a decrease of 4.3million,or28.14.3 million, or 28.1%, from the prior year quarter[14] - Operating income for the year ended December 31, 2024, was 20.513 million, significantly higher than 9.107millionin2023[28]AdjustedEBITDAforQ42024was9.107 million in 2023[28] - Adjusted EBITDA for Q4 2024 was 7.238 million, up from 6.099millioninQ42023,reflectingagrowthof18.76.099 million in Q4 2023, reflecting a growth of 18.7%[36] Orders and Backlog - The backlog as of Q4 2024 was 185.9 million, a decrease of 13.0% from the prior year, primarily due to lower demand in rail products[2][9] - New orders totaled 107.2millioninQ42024,reflectinga1.6107.2 million in Q4 2024, reflecting a 1.6% increase year-over-year, driven by the Infrastructure Solutions segment[2][9] - New orders for the year ended December 31, 2024, totaled 506.5 million, a decrease of 22.5million,or4.322.5 million, or 4.3%, from the prior year[18] - Backlog as of December 31, 2024, was 185.9 million, a decrease of 27.9millionfromtheprioryear[18]NewordersforRail,Technologies,andServicesincreasedto27.9 million from the prior year[18] - New orders for Rail, Technologies, and Services increased to 308.394 million in 2024, a rise of 2.9% from 299.584millionin2023[37]ExpensesandDebtSellingandadministrativeexpensesdecreasedby10.4299.584 million in 2023[37] Expenses and Debt - Selling and administrative expenses decreased by 10.4% to 24.4 million in Q4 2024, contributing to improved profitability[2][6] - Selling and administrative expenses for the year ended December 31, 2024, were 96.4million,adecreaseof96.4 million, a decrease of 1.2 million, or 1.3%, from the prior year[18] - The gross leverage ratio improved to 1.2x as of December 31, 2024, down from 1.7x a year earlier[2][7] - The company reported a net debt of 44.486millionasofDecember31,2024,downfrom44.486 million as of December 31, 2024, down from 65.409 million in 2023[36] - Total stockholders' equity increased to 179.014millionin2024,comparedto179.014 million in 2024, compared to 142.835 million in 2023[30] Future Outlook - L.B. Foster Company authorized a new 3-year 40millionstockrepurchaseprogram,replacingtheprevious40 million stock repurchase program, replacing the previous 15 million program[2][5] - The company expects 2025 net sales to range from 540millionto540 million to 580 million, with adjusted EBITDA projected between 42millionand42 million and 48 million[2][3] Organic Sales - Organic sales declined by 3.8% in Q4 2024, with a reported decrease of $5.109 million compared to the previous year[36]