2/25/2011 1:08:00 AM
NEWS BRIEFS
L.B. Foster Profit Jumped in Final Months of 2010
Rail fastener manufacturer L.B. Foster Co. reported fourth quarter 2010 net sales increased 40.7% to $148.0 million, while net income jumped 59.5% to $6.2 million.
Included in the fourth quarter 2010 results was a $1.4 million gain on shares of Portec Rail Products, which L.B. Foster acquired on December 15, 2010.
“As most of our business units ramped up activity levels to accommodate higher sales, they were also very successful in achieving significant inventory reductions,” stated CEO Stan Hasselbusch.
Full-year sales grew 17.6% to $475.1 million, while net income gained 30% to $20.5 million.
“As we move through the first quarter of 2011, we continue to see a highly competitive environment and continued delays regarding a new transportation bill but we are optimistic that the economy is improving,” Hasselbusch added.
Founded in 1902, Pittsburgh-based L.B. Foster distributes steel railroad track and manufactures concrete railroad insulated bonded joints, fasteners and rail for the transit industry. The company maintains 17 sales offices, 16 plants or warehouses nationwide and a sales force of more than 70. ©2011 GlobalFastenerNews.com
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