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L.B. Foster Company (FSTR-1.87%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net sales of $530,765,000, a decrease of 2.4% from the previous year due to divestitures and product line exits. The company's gross profit margin improved by 160 basis points to 22.2%.
Net income for the year was $42,843,000, a significant increase from $1,299,000 in the previous year, attributed to a favorable tax valuation allowance adjustment and improved operating income.
The Rail segment reported sales of $326,869,000, an increase of 4.7% from the previous year, driven by higher organic sales and recovery in the UK markets. The Infrastructure segment saw a 12.0% decrease in sales to $203,896,000, impacted by divestitures and a product line exit.
The company completed the termination of its US defined benefit plan during the fourth quarter of 2024, resulting in a charge of $1,722,000.
L.B. Foster's Board of Directors authorized a new stock repurchase program of up to $40,000,000 through February 29, 2028.
The filing also discusses the company's restructuring program aimed at reducing costs, which is expected to provide run-rate pre-tax savings of approximately $4,500,000.
The company identified a material weakness in its internal control over financial reporting related to non-recurring complex transactions, which it is working to remediate.
L.B. Foster continues to focus on its strategic transformation, including portfolio changes and investments in growth platforms.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the L.B. Foster Company annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.