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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