L.B. Foster Q2 Profit Down

(RTTNews) - L.B. Foster Co. (FSTR), a manufacturer, fabricator, and distributor of products and services for rail, construction, energy and utility markets, reported that its second-quarter net income dropped to $6.862 million from $7.295 million in the year ago quarter. Earnings per share was $0.67, lower than the prior year's $0.71.

The latest-quarter results included a $4.6 million pretax warranty charge ($0.27 per share) related to concrete railroad ties.

Second quarter income from continuing operations was $6.8 million, or $0.66 per share, compared to $7.3 million or $0.71 per share, last year. Excluding the previously mentioned $4.6 million warranty charge, income from continuing operations would have increased 32.8% over prior year to $9.6 million, or $0.93 per share. This adjusted increase over the prior year second quarter was due to improved profitability in its Rail and Construction segments.

Second quarter net sales were $166.8 million up 11.3% from the prior year quarter due to an 18.3% increase in Rail segment sales and a 14.3% increase in Tubular segment sales.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share and revenues of $168.60 million for the quarter. Analysts' estimates typically exclude special items.