L.B. Foster pany(FSTR)2025-03-07 18:30Financial Performance - For the year ended December 31, 2024, L.B. Foster Company recorded total net sales of 543.744 million in 2023[225]. - The gross profit for 2024 was 112.044 million in 2023[225]. - Net income attributable to L.B. Foster Company for 2024 was 1.464 million in 2023, marking an increase of 2,831.5%[225]. - Basic earnings per common share rose to 0.14 in 2023, reflecting a substantial increase[225]. - Total assets increased to 312.401 million in 2023, indicating a growth of 7.1%[222]. - Current liabilities decreased to 94.501 million in 2023, a reduction of 6.6%[222]. - The company reported a total comprehensive income of 3.350 million in 2023, an increase of 1,103.5%[228]. - Long-term debt decreased to 55.171 million in 2023, a decline of 15.5%[222]. - Net income for the year ended December 31, 2024, was 1,299,000 in 2023, representing a growth of approximately 3,295%[232]. - The company reported a foreign currency transaction gain of 77 million in 2023[263]. Sales and Revenue - Rail segment accounted for 62% of total net sales in 2024, up from 57% in 2023, while Infrastructure Solutions decreased to 38% from 43%[14]. - The Rail segment generated net sales of 312,160 million in 2023, reflecting a growth of 4.5%[280][283]. - Infrastructure Solutions segment net sales decreased to 231,584 million in 2023, a decline of 11.9%[280][283]. - The company recognized 3,700 million in 2024 and 1,403 million in exit costs during 2023[276]. Employee and Workforce - The Company employs a global sales force of approximately 79 people, with 16 located outside the US[30]. - The Company had a total of 1,057 employees as of December 31, 2024, with 819 located in the US, 42 in Canada, 189 in Europe, and 7 in other locations[47]. - The Company has a collective bargaining agreement covering 8 employees, which is currently being negotiated and is set to expire in March 2025[48]. - The Company focuses on attracting and retaining employees that embody its values summarized in the SPIRIT model, which includes Safety, People, Integrity, Respect, Innovation, and Teamwork[37]. - The Company has a defined benefit plan or defined contribution plan covering all hourly and salaried employees[48]. Sustainability and Environmental Initiatives - The Company emphasizes a culture of environmental, health, safety, and sustainability excellence, aiming to exceed applicable regulations and improve its EHSS performance[41]. - The Company issued its inaugural sustainability report in 2024, aligning sustainability with operations and addressing its environmental footprint[40]. - The Company has nine locations in North America and Europe with Environmental Management Systems independently assessed for compliance with ISO 14001:2015 and ISO 45001:2018[41]. - The Company aims to create advanced solutions around sustainability while maximizing opportunities for environmental and social benefits[41]. - The Company is committed to good corporate citizenship and has adopted safety and environmental policies to support long-term sustainability excellence[39]. Investments and Acquisitions - The company acquired the operating assets of Cougar Mountain Precast, LLC for 5,344 million, resulting in a pre-tax loss of 2,362 million, generating a pre-tax loss of 52.7 million in revenue recognized over time using the input method for long-term contracts in 2024[216]. - Retained earnings increased to 124.633 million in 2023, reflecting a growth of 34.4%[222]. - Total cash and cash equivalents at the end of the period decreased to 2,560,000 in 2023, a decline of approximately 4%[232]. - The company recorded a net cash used in investing activities of 2,486,000 in 2023[232]. - The company’s segment assets increased to 312,401 million in 2023, a growth of 7.1%[287]. Debt and Liabilities - The company repaid 208,668,000 in 2023, indicating an increase in debt repayment of about 10%[232]. - Long-term debt decreased to 55,171 million in 2023, a decline of 15.5%[222]. - The allowance for credit losses increased from 1,127 million as of December 31, 2024, marking a rise of 39.3%[306]. - Accounts receivable as of December 31, 2024, totaled 54,293 million in 2023, indicating an increase of 21.8%[304]. - Inventory decreased from 70,506 million as of December 31, 2024, a decline of 3.6%[307]. Stock and Compensation - Stock-based compensation expenses were 4,179,000 in 2023, a decrease of approximately 8%[232]. - The weighted average fair value of restricted stock grants awarded was 13.00 per share in 2023[346]. - The total amount of unrecognized tax benefits was 294[338]. - The Company issued 22,458 restricted shares to non-employee directors in 2024, with a compensation expense of approximately $589[345]. - The performance stock units are tied to a three-year program, with adjustments based on the company's expected performance target attainment[348].