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L.B. Foster's Earnings Surpass Estimates, Revenues Miss in Q3
Zacks
L.B. Foster Company FSTR logged third-quarter 2024 earnings of $3.27 per share, up from the year-ago quarter's earnings of 5 cents per share. Barring one-time items, adjusted earnings were 54 cents per share for the quarter, topping the Zacks Consensus Estimate of 49 cents.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
The company recorded revenues of $137.5 million for the quarter, down around 5% year over year. It missed the Zacks Consensus Estimate of $144.6 million. Sales in the year-ago quarter included an unfavorable impact from the exit of the bridge grid deck product line related to long-term contract changes within the Steel Products business unit. Sustained commercial weakness in the domestic rail market unfavorably affected sales and margins in FSTR’s Rail Products business.
New orders were $96 million in the reported quarter, down around 4% year over year.
L.B. Foster Company Price, Consensus and EPS Surprise
L.B. Foster Company price-consensus-eps-surprise-chart | L.B. Foster Company Quote
FSTR’s Segment Highlights
Sales from the Rail, Technologies, and Services segment fell 8.5% year over year in the reported quarter to $79.5 million as a decline in Rail Products more than offset gains in Global Friction Management and Technology Services and Solutions.
Infrastructure Solutions segment sales were $58 million, down roughly 1% year over year. Sales in the year-ago quarter were impacted by the exit of the bridge grid deck product line.
L.B. Foster’s Financials
L.B. Foster ended the quarter with cash and cash equivalents of around $3.1 million, down around 22% sequentially. Long-term debt was roughly $68.4 million, down roughly 21% from the prior quarter.
Cash provided by operating activities was $24.7 million for the quarter.
FSTR’s Outlook
FSTR sees adjusted EBITDA in the range of $34.5-$36.5 million for 2024. It expects 2024 net sales in the band of $530-$540 million.
FSTR Stock’s Price Performance
L.B. Foster’s shares have rallied 17.4% in the past year compared with the industry’s 5.8% decline.
FSTR’s Zacks Rank & Other Basic Materials Releases
FSTR currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DuPont de Nemours, Inc. DD logged adjusted earnings of $1.18 per share in the third quarter, topping the Zacks Consensus Estimate of $1.04. DD raised its full-year 2024 projections for operating EBITDA and adjusted earnings per share.
The Chemours Company CC recorded adjusted earnings of 40 cents for the third quarter, topping the Zacks Consensus Estimate of 32 cents. CC expects consolidated net sales to decline in the mid to high-single digits sequentially in the fourth quarter. Consolidated adjusted EBITDA is forecast to be down in the high teens to low 20% range compared with third-quarter 2024 results.
PPG Industries, Inc. PPG logged third-quarter adjusted earnings per share of $2.13, missing the Zacks Consensus Estimate of $2.15. PPG anticipates flat organic sales and adjusted earnings per share at the bottom end of the $8.15 to $8.30 range for full-year 2024.
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