L.B. Foster Company reported its second quarter 2017 financial results, with sales of $144.9 million, up by 6.5 percent, or $8.9 million, compared to the second quarter of 2016. For the quarter, the Rail segment saw sales increase by 2.7 percent.
Net income for the 2017 second quarter was $3 million, or $0.29 per diluted share, compared to a net loss of $92 million, or $8.96 per diluted share, last year.
“The Company's second quarter results reflect the actions we have taken to improve profitability along with improving market conditions,” said Bob Bauer, L.B. Foster president and CEO. “Net sales of $144.9 million and an ending backlog of $176.0 million for the second quarter are the result of strong first-half new orders driven by recovering rail and energy markets as well as significant wins across a number of product divisions.”
"We made remarkable progress in strengthening our balance sheet as operating cash flow reached $19.2 million in the second quarter, and we reduced debt by $17.3 million bringing the total debt reduction for the first-half to $21.6 million,” added Bauer. “Operating cash flow of $29.9 million for the first half of the year is a substantial improvement over prior year and provides a great start to achieving 2017 free cash flow goals."