L.B. Foster (FSTR) Reports Q3 Loss of $0.04
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L.B. Foster (NASDAQ: FSTR) reported Q3 EPS of ($0.04), versus $0.63 reported last year. Revenue for the quarter came in at $114.6 million, versus $176.06 million reported last year.
Bob Bauer, President and Chief Executive Officer, commented, “Our third quarter results reflect the continued weakness in the freight rail and energy markets that make up the majority of our served markets. In addition, lower steel prices continue to have an unfavorable impact on our distribution businesses, which have been losing revenue from declining prices and market weakness. We continue to position our business under the assumption that current market conditions persist, and we remain focused on executing our comprehensive cost management and efficiency initiatives. We have made great progress in aligning our costs with current and expected volumes. Since the first quarter of 2016, we have increased our target for expense reductions and have taken action on over $12.0 million of annual expense reductions.” Mr. Bauer added, “We remain very focused on free cash flow generation. We have significantly reduced our capital spending throughout the year and are targeting spending rates at less than half of 2015 levels. In addition, the Board of Directors has agreed to suspend our dividend in order to redirect cash toward debt reduction.” Mr. Bauer concluded by saying, “Among the more positive developments, activity in the upstream energy market is clearly improving. As more rigs are put to work and the inventory of drilled but uncompleted wells declines, we are experiencing increased activity in our test and inspection services division. The market outlook for our precast concrete products and our European rail division also continue to look favorable.”
For earnings history and earnings-related data on L.B. Foster (FSTR) click here.
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