L.B. Foster pany(US:FSTR)2025-03-07 18:30Financial Performance - For the year ended December 31, 2024, L.B. Foster Company recorded total net sales of $530.765 million, a decrease of 2.0% from $543.744 million in 2023[225]. - The gross profit for 2024 was $118.062 million, representing an increase of 5.0% compared to $112.044 million in 2023[225]. - Net income attributable to L.B. Foster Company for 2024 was $42.946 million, significantly up from $1.464 million in 2023, marking an increase of 2,831.5%[225]. - Basic earnings per common share rose to $4.01 in 2024, compared to $0.14 in 2023, reflecting a substantial increase[225]. - Total assets increased to $334.550 million in 2024, up from $312.401 million in 2023, indicating a growth of 7.1%[222]. - Current liabilities decreased to $88.296 million in 2024 from $94.501 million in 2023, a reduction of 6.6%[222]. - The company reported a total comprehensive income of $40.403 million for 2024, compared to $3.350 million in 2023, an increase of 1,103.5%[228]. - Long-term debt decreased to $46.773 million in 2024 from $55.171 million in 2023, a decline of 15.5%[222]. - Net income for the year ended December 31, 2024, was $42,843,000, a significant increase from $1,299,000 in 2023, representing a growth of approximately 3,295%[232]. - The company reported a foreign currency transaction gain of $154 million for the year ended December 31, 2024, compared to a loss 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 $326,869 million in 2024, compared to $312,160 million in 2023, reflecting a growth of 4.5%[280][283]. - Infrastructure Solutions segment net sales decreased to $203,896 million in 2024 from $231,584 million in 2023, a decline of 11.9%[280][283]. - The company recognized $145,254 million in total over time sales for 2024, accounting for 27.4% of total net sales, consistent with 2023[292]. - The Bridge Exit product line had sales of $3,700 million in 2024 and $6,146 million in 2023, with the Company incurring $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 $1,644,000 on November 17, 2023, enhancing its Infrastructure segment[240]. - The Company completed the sale of its Concrete Ties division in June 2023 and the Chemtec business in March 2023[19][29]. - The Company sold substantially all operating assets of the Chemtec business for cash proceeds of $5,344 million, resulting in a pre-tax loss of $2,065 million[275]. - The Company sold substantially all operating assets of the prestressed concrete railroad tie business for cash proceeds of $2,362 million, generating a pre-tax loss of $1,009 million[272]. Financial Position and Assets - The company recorded $52.7 million in revenue recognized over time using the input method for long-term contracts in 2024[216]. - Retained earnings increased to $167.579 million in 2024, up from $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 $2,454,000 in 2024 from $2,560,000 in 2023, a decline of approximately 4%[232]. - The company recorded a net cash used in investing activities of $(6,312,000) in 2024, compared to a net cash provided of $2,486,000 in 2023[232]. - The company’s segment assets increased to $334,550 million in 2024 from $312,401 million in 2023, a growth of 7.1%[287]. Debt and Liabilities - The company repaid $230,640,000 in debt during 2024, compared to $208,668,000 in 2023, indicating an increase in debt repayment of about 10%[232]. - Long-term debt decreased to $46,773 million in 2024 from $55,171 million in 2023, a decline of 15.5%[222]. - The allowance for credit losses increased from $809 million as of December 31, 2023, to $1,127 million as of December 31, 2024, marking a rise of 39.3%[306]. - Accounts receivable as of December 31, 2024, totaled $66,105 million, up from $54,293 million in 2023, indicating an increase of 21.8%[304]. - Inventory decreased from $73,111 million as of December 31, 2023, to $70,506 million as of December 31, 2024, a decline of 3.6%[307]. Stock and Compensation - Stock-based compensation expenses were $3,834,000 in 2024, down from $4,179,000 in 2023, a decrease of approximately 8%[232]. - The weighted average fair value of restricted stock grants awarded was $27.45 per share for 2024, up from $13.00 per share in 2023[346]. - The total amount of unrecognized tax benefits was $265 as of December 31, 2024, with accrued interest and penalties related to these benefits amounting to $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].