11/2/2011 8:43:00 AM
NEWS BRIEFS
Revenue and Profit Rise at LB Foster
Third quarter net income was $9.7 million or $0.95 per diluted share compared to $6.5 million or $0.63 per diluted share last year.
Third quarter sales increased by $37.1 million or 29.6% due to the inclusion of Portec Rail Products Inc. sales, as well as an 8.5% sales increase in the legacy L.B. Foster business.
Gross Profit margin was 18.9%, 290 basis points higher than the prior year, primarily as a result of:
Third quarter net income was $9.7 million or $0.95 per diluted share compared to $6.5 million or $0.63 per diluted share last year.
Third quarter sales increased by $37.1 million or 29.6% due to the inclusion of Portec Rail Products Inc. sales, as well as an 8.5% sales increase in the legacy L.B. Foster business.
Gross profit margin was 18.9%, 290 basis points higher than the prior year.
Adjusted EBITDA was $17.4 million compared to $12.4 million in the prior year quarter.
Net sales for the first nine months of 2011 increased by $126.4 million or 38.7%, due to the inclusion of Portec Rail Product sales in 2011 and a 14.7% sales increase in the comparable L.B. Foster business.
Gross profit margin was 16.4%, 40 basis points higher than the prior year period due to the inclusion of the results of Portec Rail Products.
Net income for the first nine months of 2011 was $16.8 million or $1.62 per diluted share compared to net income of $14.3 million or $1.38 per diluted share in 2010.
Adjusted EBITDA for the first nine months of 2011 was $36.2 million compared to $29.2 million in the prior year. ©2011 GlobalFastenerNews.com
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