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reported stronger-than-expected results for the fourth quarter.
The Pittsburgh, Pennsylvania-based company posted quarterly income from continuing operations of $6.0 million, or $0.58 per diluted share, versus $7.3 million, or $0.71 per diluted share, in the year-ago quarter. Adjusted EPS gained 19.7% to $0.85 per diluted share in the quarter.
Its sales climbed 3.0% to $161.1 million. However, analysts were expecting earnings of $0.65 per share on revenue of $155.85 million.
Rail sales gained 6.6%, while construction sales slipped 3.5% in the quarter. Tubular sales climbed 13.3% in the fourth quarter.
Fourth quarter bookings slipped 18.1% to $115.0 million.
Gross profit margin came in unchanged from the year-ago quarter to 19.6%.
Robert P. Bauer, L.B. Foster Company's President and Chief Executive Officer, said, "The fourth quarter turned out to be a great finish to a year filled with milestones. The performance of the underlying business was very good. Excluding Concrete Tie warranty charges, we finished the quarter with income from continuing operations up by 21.5% over the prior year driven by gross profit margins improving 300 basis points."
LB Foster shares closed at $49.31 yesterday.
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