L.B. Foster pany(US:FSTR)2022-08-14 03:16Financial Performance - Q2 2022 sales were $131.5 million, a decrease of $23 million or 14.9% year-over-year[19, 51] - Adjusted EBITDA for Q2 2022 was $6.1 million, down $2.2 million or 26.5% year-over-year[19, 51] - Gross profit margin improved by 80 bps to 17.7% in Q2 2022[19] - Net debt totaled $42.4 million as of June 30, 2022, up $9.3 million year-over-year[31] - The adjusted net leverage ratio was 2.8x as of June 30, 2022[31, 71] Orders and Backlog - New orders for Q2 2022 were $141.4 million, an increase of $2.9 million or 2.1% year-over-year[19, 56] - Excluding the Piling Products business, Q2 orders increased by $28 million or 24.7% year-over-year[19] - Backlog as of June 30, 2022, was $250.8 million, a decrease of $2.4 million or 0.9% year-over-year[19, 36] - Excluding the Piling Products business, backlog increased by $31.3 million or 14.3% year-over-year[19] Strategic Initiatives - Completed the acquisition of Skratch Enterprises Ltd and Intelligent Video Ltd, with combined annual revenue of approximately $8 million and EBITDA of approximately $1.8 million[15] - Completed the sale of the Canadian-based track components business, with annual revenue of approximately $14 million and EBITDA of approximately $1.5 million[16]