Q2 2024 L B Foster Co Earnings Call Transcript
Key Points
- Sales increased by 6% due to the net impact of M&A activities.
- Adjusted gross margins improved by 40 to 60 basis points.
- Trailing 12 months adjusted EBITDA is up 64%, translating to a 37.9% adjusted EBITDA leverage on net sales growth.
- Restructuring in the UK is expected to generate annual run rate savings of $4.5 million.
- Strong performance in the precast concrete segment, particularly benefiting from the Great American Outdoors Act.
- Net sales for the quarter were down 4.9% in total, driven primarily by weakness in the rail segment.
- Gross profit was down $1.7 million with margins nearly flat at 21.7%.
- Selling, general, and administrative costs increased by $0.4 million due to corporate legal provisions and professional service costs.
- Net income for the quarter was down 19.4% compared to the prior year quarter.
- Adjusted EBITDA for the quarter was down 23.8% due to lower gross profit and higher professional service costs.
Hello, and thank you for standing by. Welcome to L.B. Foster second quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the call over to Stephanie Schmidt of Investor Relations. You may begin.
Thank you, operator, and good morning, everyone, and welcome to L.B. Foster's second quarter of 2024 earnings call. My name is Stephanie Schmidt, the company's Investor Relations Manager. Our President and CEO, John Kasel; and our Chief Financial Officer, Bill Thalman, will be presenting our second quarter operating results, market outlook and business developments this morning.
We'll start the call with John providing his perspective on the company's second quarter performance, Bill will then review the company's second quarter financial results. John will provide perspective on market developments and company outlook and his closing comments. We'll then open the session up for questions.
Today's slide presentation, along with our earnings release and financial
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