CHICAGO L.B. Foster Co.
enjoyed a strong finish to 2012.
The manufacturer and distributor
of products to the rail, construction, energy and utility
markets posted fourth-quarter net income of more than $6.7
million, a 9.2-percent improvement from $6.1 million in the
same period a year earlier, on sales that increased 5.2 percent
to more than $140.7 million.
quarter turned out to be a strong finish for the year,"
president and chief executive officer Robert P. Bauer said in a
L.B. Fosters rail segment
revenues rose 23.2 percent thanks to increased sales of rail
distribution and transit products, and its tubular segment
sales jumped 48.6 percent, but construction segment revenues
fell 27.8 percent due to lower sales by the piling product line
and, to a lesser extent, the fabricated bridge business.
For the full year, L.B.
Fosters net income tumbled 29.3 percent to $16.2 million
from $22.9 million in 2011, pulled down by charges related to
warranty issues in the rail business, although sales rose 2.3
percent to $588.5 million.
The Pittsburgh-based company
ended the year with a $210.9-million backlog, up 50.3 percent
from a year earlier, although fourth-quarter bookings declined
The company expects the
construction business will turn positive this year. "Following
a number of difficult quarters, order trends indicate that an
upturn is likely despite continued pressures on government
budgets," Bauer said.
L.B. Foster will boost spending on capital projects for
capacity and new product programs as well as add resources for
new products and address underserved markets.