Pittsburgh headquartered provider of products and services for the rail and infrastructure markets LB Foster Company has reported that net sales for the first six months of 2022 were USD 230.3 million, a USD 40.3 million decrease, or 14.9%, compared to the prior year period. LB Foster’s President &Chief Executive Officer Mr John Kasel said “The results delivered in the second quarter reflect the positive momentum we're building through the execution of our strategic playbook. As expected, net sales in the quarter grew nearly 33% sequentially and were only slightly below last year, adjusted for the Piling divestiture, despite the significant operating challenges in today's industrial markets. We are particularly pleased by our robust order rates.”Steel Products and Measurement segment net sales declined by USDD 36.7 million, or 44.3%, due to the Piling divestiture in September 2021 with USD 42.9 million in sales in last year's six months. The USD 9.5 million, or 6.1%, decrease in the Rail segment was attributable to the Rail Products business unit. The Precast segment had a USD 5.9 million, or 17.9%, increase in sales associated with its southern and northeastern US regions. The Steel Products and Measurement segment sales grew by 15.6% excluding the Piling division. Excluding the divested Piling division, net sales1 increased 1.1% from the prior year.Net income for the first six months of 2022 was USD 0.4 million, compared to USD 1.6 million in the prior year period. Adjusted EBITDA1 for the first six months of 2022 was USD 7.4 million, a 33.3% decrease compared to the prior year period. Excluding the Piling business, Adjusted EBITDA decreased 23.8% from the prior year-to-date period.
Pittsburgh headquartered provider of products and services for the rail and infrastructure markets LB Foster Company has reported that net sales for the first six months of 2022 were USD 230.3 million, a USD 40.3 million decrease, or 14.9%, compared to the prior year period. LB Foster’s President &Chief Executive Officer Mr John Kasel said “The results delivered in the second quarter reflect the positive momentum we're building through the execution of our strategic playbook. As expected, net sales in the quarter grew nearly 33% sequentially and were only slightly below last year, adjusted for the Piling divestiture, despite the significant operating challenges in today's industrial markets. We are particularly pleased by our robust order rates.”Steel Products and Measurement segment net sales declined by USDD 36.7 million, or 44.3%, due to the Piling divestiture in September 2021 with USD 42.9 million in sales in last year's six months. The USD 9.5 million, or 6.1%, decrease in the Rail segment was attributable to the Rail Products business unit. The Precast segment had a USD 5.9 million, or 17.9%, increase in sales associated with its southern and northeastern US regions. The Steel Products and Measurement segment sales grew by 15.6% excluding the Piling division. Excluding the divested Piling division, net sales1 increased 1.1% from the prior year.Net income for the first six months of 2022 was USD 0.4 million, compared to USD 1.6 million in the prior year period. Adjusted EBITDA1 for the first six months of 2022 was USD 7.4 million, a 33.3% decrease compared to the prior year period. Excluding the Piling business, Adjusted EBITDA decreased 23.8% from the prior year-to-date period.
