On this page of StockholderLetter.com we present the latest annual shareholder letter from FOSTER L B CO — ticker symbol FSTR. Reading current and past FSTR letters to shareholders can bring important insights into the investment thesis.
Building America s infrastructure for over 120 years 2024 ANNUAL REPORT lbfoster.com
FINANCIAL HIGHLIGHTS 2024 OVERVIEW We are an innovative global business with visionary strategies, specializing in high-growth solutions for the Rail and Infrastructure markets. Adjusted Sales Adjusted Gross Profit (1) $530.8m Revenue (1) ($ in millions) $546 $550 21.2% 22.2% $118 $501 Gross Profit Margin 20% $450 18% $400 $115 18.8% $100 16.8% 16% $95 $94 $90 14% 12% 2022 2023 2024 $185.9m Backlog(1) $20.5m $85 $86 10% 2021 $120 $116 Goross Profit ($ in millions) 22% $514 $500 $125 24% $531 $80 2021 2022 2023 2024 3TIVEXMRK 4VS X (1) Adjusted EBITDA $34 $33.6m 8.0% $32 $30 6.3% 6.0% 5.8% 5.7% $24 $25 4.8% $20 $15 $19 4.0% Adjusted EBITDA margin Adjusted EBITDA ($ in millions) $35 Adjusted EBITDA(1) $506.5m 3.6% New Orders(1) 2.0% $10 2021 2022 2023 2024 (1) See Non-GAAP Disclosures on page 8 for a further description and additional information regarding adjusted EBITDA, new orders, backlog, and sales and gross profit adjusted for non-routine items, and related reconciliations to comparable GAAP financial measures. 2 Bill Thalman Executive VP & CFO
PRESIDENT S LETTER In our third year of transformation, L.B. Foster Company continued to make progress toward our strategic goal of emerging as a technologyfocused, high-growth solutions provider. By staying committed to our growth playbook that was implemented in 2021, we have continued our momentum to enhance shareholder value. The results achieved by our team in 2024 demonstrate that the execution of our strategies is translating into a structural improvement in profitability, free cash flow, and economic profit generation. in the United States to support long-term domestic growth, as our rail products and services are essential for rail infrastructure improvement in North America. The additional funding for rail safety initiatives, such as the Consolidated Rail Infrastructure and Safety Improvements (CRISI) grants, supports longterm growth for our Rail, Friction Management, and Total Track Monitoring offerings. We are looking forward to the positive results from this initiative and other government-funded, large-scale investments that support our end customers demand. Our Infrastructure segment deploys advanced solutions that positively impact the built environment and support North American civil infrastructure. The Company s precast concrete buildings business experienced its best year to date, with over $80 million in sales. We expect to see an increased demand for our precast concrete products and services in the coming years as this segment continues to serve civil, This past year we saw substantial improvement in the development and residential, and commercial markets that remain steady and robust. earnings outlook of our business portfolio. We continued to invest in solutions designed to drive growth, earnings potential, and returns on We continue to emphasize our licensed precast concrete product line, invested capital. Our solutions should benefit from improving demand Envirocast Wall System, as we are well-positioned to enter new markets from infrastructure spending and our customers emphasis on safety in the Southeastern US. In Florida, we are excited to bring the Envirocast and fuel efficiency. The momentum building in our business and the product to a vibrant civil, residential, and commercial real estate market in opportunity to maximize returns for shareholders is invigorated by our the central part of the state, where we feel confident that our solution can rich history of innovation and customer service. Entering 2025, we have e provide benefits to builders and homeowners. a strong platform for development as a result of the changes we ve implemented over the past few years in our Rail and Infrastructure (Cont. next page) segments. In our Rail segment, we continue to focus on technology enhancements, s, rail safety, and expanding our products to new geographies. Our technological developments are designed to drive improved margins and increase freight car velocity, fuel efficiency, and productivity for ourr customers. We have a strategic emphasis on the transportation spend John Kasel President & CEO 3
PRESIDENT S LETTER (Cont. from page 3.) Our expanding geographic reach in this industry I would also like to welcome and introduce Alexander B. Jones, who joined gives us access to high-growth regions of the United States as well as a the Board of Directors in May 2024. We appreciate the perspective and the competitive advantage due to location. value he brings to our organization. As always, thank you to our Board for their counsel and endeavors throughout 2024. As a nation, we have experienced hardships following recent natural disasters. We are confident that our products and solutions can assist Our employees make our Company special and are the fabric of our in rebuilding new and critical infrastructure across the country. We are culture. They have been committed and ambitious in serving our positioned to thrive in the infrastructure business with a focus on precast customers with innovative solutions to infrastructure challenges for expansion into adjacent markets and applications. 122 years. I would like to thank them for their tenacity and desire to demonstrate our mission and ability to enable safety, improve information In 2024, we experienced the best safety year the Company has ever flow, keep things moving, monitor conditions, and enhance environments. seen. We are devoted to nurturing our culture of care by taking proactive measures that emphasize the safety and well-being of our employees and Finally, I extend my gratitude to you, our shareholders, for your communities. Our employees understand the responsibility of making encouragement and support. As we continue to make strides as a choices that will safely and positively impact themselves and others Company, I look forward to continuing to highlight our Company s by focusing on safety as a core value. In this environment, together we contributions both to you and to the industries we serve. achieve more and drive positive change. It s an honor to offer my congratulations to Jamie O Neill who was promoted to Senior Vice President, Human Resources and to Sara Rolli who was promoted to Senior Vice President, Operational Administration. They have each had successful and influential careers at L.B. Foster, and I am pleased to see them advance professionally. We are excited to welcome them to the Executive Team and look forward to their contributions. L.B. Foster Executive Leadership Team (L-R): Jamie F. O Neill, SVP, Human Resources, Patrick J. Guinee, EVP, General Counsel, and Secretary, William M. Thalman, EVP & CFO, Gregory W. Lippard, SVP, Rail, John F. Kasel, President & CEO, Robert A. Ness, SVP, Infrastructure, Brian H. Friedman, SVP, CGO, Brian H. Kelly, EVP, Senior Advisor to the CEO, and Sara F. Rolli, SVP, Operational Administration. 4
AREAS OF INFLUENCE Satisfying the needs of our customers is a priority and our areas of influence demonstrate how we go above and beyond to solve their infrastructure challenges. Our innovative, technology-focused solutions provide value through enabling safety, improving information flow, keeping things moving, monitoring conditions, and enhancing environments. We enable safety Through cutting-edge technology and innovative solutions, L.B. Foster plays a pivotal role in enhancing railroad safety, enabling secure and efficient rail operations for the well-being of both passengers and cargo. We improve information flow At L.B. Foster, we transform data into innovative solutions that improve operational efficiency, enhance customer experiences, and address specific needs. We keep things moving Our advanced solutions in rail products and bridge construction help optimize performance and ensure smooth operations. Through cuttingedge technology, we keep the wheels of a dynamic, interconnected world in motion. We monitor conditions We develop dynamic solutions that use advanced sensing, monitoring, and analytics technologies to provide real-time insights into critical performance metrics like temperature, vibration, and obstacle detection. We enhance environments We innovate to create advanced, sustainable solutions that improve efficiency and durability while positively impacting the environment. Our precast products and building solutions transform spaces, enhancing operational efficiency, performance in construction, and building projects. 5
 • shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/14/2023 FSTR Stockholder Letter
 • stockholder letter icon 4/12/2024 FSTR Stockholder Letter
 • stockholder letter icon More "Metals Fabrication & Products" Category Stockholder Letters
 • Benford's Law Stocks icon FSTR Benford's Law Stock Score = 94


FSTR Shareholder/Stockholder Letter Transcript:

Building America   s infrastructure
for over 120 years
2024
ANNUAL REPORT
lbfoster.com

FINANCIAL
HIGHLIGHTS
2024 OVERVIEW
We are an innovative global business with visionary strategies,
specializing in high-growth solutions for the Rail and
Infrastructure markets.
Adjusted Sales
Adjusted Gross Profit
(1)
$530.8m
Revenue
(1)
($ in millions)
$546
$550
21.2%
22.2%
$118
$501
Gross Profit Margin
20%
$450
18%
$400
$115
18.8%
$100
16.8%
16%
$95
$94
$90
14%
12%
2022
2023
2024
$185.9m
Backlog(1)
$20.5m
$85
$86
10%
2021
$120
$116
Goross Profit ($ in millions)
22%
$514
$500
$125
24%
$531
$80
2021
2022
2023
2024
3TIVEXMRK 4VS  X
(1)
Adjusted EBITDA
$34
$33.6m
8.0%
$32
$30
6.3%
6.0%
5.8%
5.7%
$24
$25
4.8%
$20
$15
$19
4.0%
Adjusted EBITDA margin
Adjusted EBITDA ($ in millions)
$35
Adjusted EBITDA(1)
$506.5m
3.6%
New Orders(1)
2.0%
$10
2021
2022
2023
2024
(1)
See    Non-GAAP Disclosures    on page 8 for a further
description and additional information regarding adjusted
EBITDA, new orders, backlog, and sales and gross profit
adjusted for non-routine items, and related reconciliations
to comparable GAAP financial measures.
2
Bill Thalman
Executive VP & CFO

PRESIDENT   S
LETTER
In our third year of transformation, L.B. Foster
Company continued to make progress toward
our strategic goal of emerging as a technologyfocused, high-growth solutions provider. By
staying committed to our growth playbook that
was implemented in 2021, we have continued
our momentum to enhance shareholder value.
The results achieved by our team in 2024
demonstrate that the execution of our strategies
is translating into a structural improvement in
profitability, free cash flow, and economic profit
generation.
in the United States to support long-term domestic growth, as our rail
products and services are essential for rail infrastructure improvement in
North America.
The additional funding for rail safety initiatives, such as the Consolidated
Rail Infrastructure and Safety Improvements (CRISI) grants, supports longterm growth for our Rail, Friction Management, and Total Track Monitoring
offerings. We are looking forward to the positive results from this initiative
and other government-funded, large-scale investments that support our
end customers    demand.
Our Infrastructure segment deploys advanced solutions that positively
impact the built environment and support North American civil
infrastructure. The Company   s precast concrete buildings business
experienced its best year to date, with over $80 million in sales. We
expect to see an increased demand for our precast concrete products
and services in the coming years as this segment continues to serve civil,
This past year we saw substantial improvement in the development and
residential, and commercial markets that remain steady and robust.
earnings outlook of our business portfolio. We continued to invest in
solutions designed to drive growth, earnings potential, and returns on
We continue to emphasize our licensed precast concrete product line,
invested capital. Our solutions should benefit from improving demand
Envirocast   Wall System, as we are well-positioned to enter new markets
from infrastructure spending and our customers    emphasis on safety
in the Southeastern US. In Florida, we are excited to bring the Envirocast  
and fuel efficiency. The momentum building in our business and the
product to a vibrant civil, residential, and commercial real estate market in
opportunity to maximize returns for shareholders is invigorated by our
the central part of the state, where we feel confident that our solution can
rich history of innovation and customer service. Entering 2025, we have
e
provide benefits to builders and homeowners.
a strong platform for development as a result of the changes we   ve
implemented over the past few years in our Rail and Infrastructure
(Cont. next page)
segments.
In our Rail segment, we continue to focus on technology enhancements,
s,
rail safety, and expanding our products to new geographies. Our
technological developments are designed to drive improved margins
and increase freight car velocity, fuel efficiency, and productivity for ourr
customers. We have a strategic emphasis on the transportation spend
John Kasel
President & CEO
3

PRESIDENT   S
LETTER
(Cont. from page 3.) Our expanding geographic reach in this industry
I would also like to welcome and introduce Alexander B. Jones, who joined
gives us access to high-growth regions of the United States as well as a
the Board of Directors in May 2024. We appreciate the perspective and the
competitive advantage due to location.
value he brings to our organization. As always, thank you to our Board for
their counsel and endeavors throughout 2024.
As a nation, we have experienced hardships following recent natural
disasters. We are confident that our products and solutions can assist
Our employees make our Company special and are the fabric of our
in rebuilding new and critical infrastructure across the country. We are
culture. They have been committed and ambitious in serving our
positioned to thrive in the infrastructure business with a focus on precast
customers with innovative solutions to infrastructure challenges for
expansion into adjacent markets and applications.
122 years. I would like to thank them for their tenacity and desire to
demonstrate our mission and ability to enable safety, improve information
In 2024, we experienced the best safety year the Company has ever
flow, keep things moving, monitor conditions, and enhance environments.
seen. We are devoted to nurturing our culture of care by taking proactive
measures that emphasize the safety and well-being of our employees and
Finally, I extend my gratitude to you, our shareholders, for your
communities. Our employees understand the responsibility of making
encouragement and support. As we continue to make strides as a
choices that will safely and positively impact themselves and others
Company, I look forward to continuing to highlight our Company   s
by focusing on safety as a core value. In this environment, together we
contributions both to you and to the industries we serve.
achieve more and drive positive change.
It   s an honor to offer my congratulations to Jamie O   Neill who was
promoted to Senior Vice President, Human Resources and to Sara Rolli
who was promoted to Senior Vice President, Operational Administration.
They have each had successful and influential careers at L.B. Foster,
and I am pleased to see them advance professionally. We are excited
to welcome them to the Executive Team and look forward to their
contributions.
L.B. Foster Executive Leadership Team (L-R): Jamie F. O   Neill, SVP, Human Resources, Patrick J.
Guinee, EVP, General Counsel, and Secretary, William M. Thalman, EVP & CFO, Gregory W. Lippard,
SVP, Rail, John F. Kasel, President & CEO, Robert A. Ness, SVP, Infrastructure, Brian H. Friedman, SVP,
CGO, Brian H. Kelly, EVP, Senior Advisor to the CEO, and Sara F. Rolli, SVP, Operational Administration.
4

AREAS OF
INFLUENCE
Satisfying the needs of our customers is a priority and our areas of influence demonstrate
how we go above and beyond to solve their infrastructure challenges. Our innovative,
technology-focused solutions provide value through enabling safety, improving information
flow, keeping things moving, monitoring conditions, and enhancing environments.
We enable safety
Through cutting-edge technology and innovative solutions, L.B. Foster plays
a pivotal role in enhancing railroad safety, enabling secure and efficient rail
operations for the well-being of both passengers and cargo.
We improve information flow
At L.B. Foster, we transform data into innovative solutions that
improve operational efficiency, enhance customer experiences, and
address specific needs.
We keep things moving
Our advanced solutions in rail products and bridge construction help
optimize performance and ensure smooth operations. Through cuttingedge technology, we keep the wheels of a dynamic, interconnected world in
motion.
We monitor conditions
We develop dynamic solutions that use advanced sensing,
monitoring, and analytics technologies to provide real-time insights
into critical performance metrics like temperature, vibration, and
obstacle detection.
We enhance environments
We innovate to create advanced, sustainable solutions that improve
efficiency and durability while positively impacting the environment. Our
precast products and building solutions transform spaces, enhancing
operational efficiency, performance in construction, and building projects.
5



shareholder letter icon 4/11/2025 Letter Continued (Full PDF)
 

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