Warranty costs push L.B. Foster $2.1M in red

Aug 08, 2012 | 04:47 PM | Corinna Petry

Tags  L.B. Foster, rail, construction, tubular equipment, earnings, Robert Bauer, Union Pacific Railroad, corinna petry

CHICAGO — L.B. Foster Co. posted a net loss of nearly $2.1 million in the second quarter in contrast to net income of $6.4 million in the same period last year.

The Pittsburgh-based manufacturer, fabricator and distributor of products and services for rail, construction, energy and utility applications recorded a $19-million pre-tax charge related to a product warranty claim it has been investigating since July 2011. The charge is Foster’s best estimate of the costs to settle a claim over concrete railroad ties made at the Grand Island, Neb., plant, which it shut down in....

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