FSTR - Earnings call transcript Q3 2021

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Operator

Good day, ladies and gentlemen, and welcome to L.B. Foster's Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. to conference like Listwak. to now would hand over the Stephanie I you. Thank Please go ahead.

Stephanie Listwak

Good welcome is everyone third you, morning, Thank operator. and company's Relations XXXX call. the quarter earnings to My Listwak, name Stephanie Investor Manager. of Foster's L.B.

We'll John, perspective and development comprehensive updating John provide then then Thalman, presenting financial his reassessment. Kempton, the strategy Controller company's developments. matters on providing this quarter start quarter quarter the morning. will completed and third Financial will market results, is performance you and be Chief an us company's Corporate Kasel; overview Jim President and Officer, review Bill our also this business third John third with the of company's Our on outlook our operating the significant results. CEO, Bill will and recently morning. joining call market business company's the

questions remarks. on our We and website up Relations open conclusion posted on accessed and for session this with lbfoster.com. at page along Investor the presentation, our morning John's will can the earnings disclosures slide were be at of our financial then release Today's

slides Our presentation. earnings follow comments the in this will morning the

undertake to required to or revise as we obligation laws. publicly results no information are our represent These including forward-looking are current presentation in view reflect our statements our these revisions and light of statements forward-looking of Some securities we the related to statements of as date markets the any of of this making today businesses by XX. except and and comments release COVID opinions new only

earnings and the to our disclosures presentation. assumptions more For in statements forward-looking relating and please uncertainties detailed see release our risks,

company's to disclosures non-GAAP presentation provided and earnings metrics. encourage reconciliation read our carefully release earnings will also tables financial and you as these metrics within We consider our discuss within today's and you

in EPS, underlying EBITDA, understand net to of net income, purpose the you to diluted adjusted in company, adjusted the helping included adjusted the ratio presentation reconciliation net adjusted presentation. be leverage will the as referring table performance during appendix the the debt reflected earnings of and For we the today,

of the announced our Inspection in equity Additionally, sale IOS we Test division. September of Services and XXXX,

to this services as XXXX, nature asset request the as operations. we have As metrics, a will announced the within presented an change. discontinued our including divestiture, in the business we and Due the Piling we have sale, Products within sale prior comparison. reflect slides presentation of in of in intricated we on division have release statements the division. presented from the the and and The continuing our even inspection periods still of sale this certain Products Piling operation purposes adjusted test results operations of our financial but our September result comments a have for recast of be focused to to continuing presentation Further earnings

So with that turn over call to me John. let the

John Kasel

that presentation at for company overview Stephanie, today's hello, on X thank of highlight L.B. materials a presentation on Thanks, is everyone you the joining Page our focused our I today. and company the will start us and infrastructure. with core. Foster and building

over will were market of solutions for the that hear initiatives we recently that years. are company let products and driving helped our accomplish our that the me we scheduled the manufactured updates some a next third of provider to in few also which builds cover able experiencing. and we on several virtual groundwork You'll lay as X, about engineered the the infrastructure. provide the currently a strategy mid-December. on for perspective is Investor our this services of review more completed supports we But Day, quarter, takeaways I you and aspects has are Page conditions I growth to Starting in with believe discuss the key global from

comprehensive we business to able external leaders consultant. experts using this inside and and led establish the shareholder six industry and I In that an the term. the complete all, outside the process our strategy long months a reassessment. will to company strategy from increase we leveraging First, returns vision over insights were believe we spent

growing to One of we This with received remainder results during ago. the significant our the approximately in strategic QX million business, received just competitive of capital the position to transaction. with million and XXXX. markets. stronger outcomes recorded transaction to a our Piling and This on more which that of up approximately completed a attractive of gain our be in we anticipated $XX and was $X freed quarter $XX amount month Products of divest to transaction intend have We over redeploy proceeds businesses million

all associated will also expect additional we pre-closing retained we pre-closing While this provide division, liabilities upside we which with receivables, to the retained transaction. cash

to revision which us capacity, our some ability provides credit or the execute as covenants the commenting positions pressure agreement, and this have was and Our and of with wages. costs. in revised our on space, bolt-on as well rail part more This completed to the August inflation, they impacting cast on perspective, a provides completed come company the proceeds the opportunities, raw ability pre the agreement more continued additional maturity credit challenges for years, from of costs execute second to encourage growth with plus the material piloting we strategy putting in may step available. with quarter. market investment for low as we organic to coupled extends From in facility, acquisitions interest divestiture, The in we position two

to certain actions the It offset more. inflationary in impact difficult mitigate driving pricing margins to taken was take and to all erosion have parts the business. expect the We some of effect in

chain many like related lingering companies, well addition, as effects. are industrial edge supply we In cold as experiencing disruptions,

including experiencing materials our supply Specifically, chain headwinds, is raw and inbound components. rails and

rail and for levels impact outlook for mitigate continue some to the in North however, Today, act optimistic we to our can. where challenges sales the through segment, effects In our margins these America transit our rail navigate remains adversely freight the of offer. to ridership of continue term. press products on We the our longer and we

We business measurement infrastructure coatings despite to remain serves energy as to and persist. midstream market line, continues investment that energy weak, primarily a which rising the energy prices, the and expect of in lack

We are projects new to being as this structure meaningful energy this in unit midstream cost appropriate. current planned. business expect future business not Setting the and for aside the projecting of are infrastructure to any foreseeable adjust recovery seeing levels continue the we market, from

more bills by divestiture QX of in for to projects new Investments million cover our increased ROBOS uplift. in markets, the support States associated Excluding the and on compared recent investing additional additional as continue activities in with financials results provide almost shortly, want our Bill the $XX with with of page piling improvements the providing serve on general but potential bill infrastructure United five. for for XXXX. infrastructure transportation the business, progressing. will touch see to I you'll to you in spending depending a US detail operational orders quarter, are federal briefly

London growth our a XX% a number to XX.X% over Our included in with after QX quarter up Crossrail due rail from during project positive on them, last field core segment the to particularly UK year sales, descriptions. the of revenues products and Among continued developments. increases where increase in of by of services, colder delays ramp many months rail in service the increased approximately work

of precast a to product In increased of addition, the our to energy gross in midstream Infrastructure continued drag concrete our of steel be offset fabricated over impact Solutions compared also to business measurement the although QX and the will and modestly to which strength prior grew segment year, help Consolidated XXXX Coatings profit lingering market. due business the units, results.

on I new other supply in our inflation Rail touched orders. pressures chain earlier, activity I $XX quarter quarter. in the the margins impacted had am with Additionally, a during quarter. strong pleased businesses new the order particularly and million in with

was cash XX% up the million, last pre $X concreting of year. the QX piling up with Excluding Solutions activities, segment orders over by over Infrastructure

at healthy finishing million. continues Our very $XXX backlog a be to robust,

backlog that levels, business is piling over September backlog XX, with XX% precast near-record would over an Excluding compared of XX, to business, September represent related to our $XX million XXXX. sitting at up XXXX. concrete note also the the this increase I

to reduce our Bill Our to be were some utilizing With more $XX net will continues that I'd very then and financials over in strong, the call balance sheet divestiture, Bill? to at debt the able we of the as overview, cover to like million the proceeds turn pounding details. quarter. from to the an of end

Bill Thalman

number begin on morning, good and the results John, quarter Thanks everyone. X. my third review slide covering I'll

amounts noted. the and quarter at treated a operation. otherwise results end being reminder, Accordingly, piling discontinued was business include the As divested as unless the our is not the piling a business of presented

$XXX.X over We were or As on in the year, up cover John QX which sales mentioned detail modest the margin gross in realized down a million, was I'll profit profit increase XX.X% $XX.X third XXX while million improved of sales, points basis gross from year. last quarter last X.X% more shortly.

strategic expenses administrative as costs year increased by with basis points a $X quarter. administrative million the well percentage increased XXX Selling transformation XX.X%, and XX.X% million, $XX.X selling as to sales from as our primarily by increased quarter Third associated costs to expenses personnel up or driven initiatives. of and prior

performance the diluted or $X.XX QX $X.XX per the was compared per or share totaled slide $X.X administrative X. diluted income $X.XX year, segment decrease number in diluted per share operations the per net now Adjusted of of quarter our was income share, compared $X million last quarter I'll last million $XXX,XXX for $X.XX last in quarter to share, a Adjusted compared net Third by million primarily driven from or and expenses. selling from continuing $XX.X cover the third on year. for quarter, or year. diluted continuing increase EBITDA to $X.X reflected million $X operations million to

to European which greater and environment to $XX with capacity of with in by profit primarily a million and by levels, demand part modest project Third increase segment third uptick the driven quarter due segment $X.X steel business, energy quarter new excess investment. a infrastructure continues the attributable in increase in in line quarter in the revenues the face UK. during new volume an revenues Revenues to increase pre-cast our and operating sales deliveries in year-over-year in rail increased increased challenging rail concrete these have was decline coatings both the year-over-year, pipeline measurement offsetting the increases a infrastructure in easing in restrictions million and to million operations primarily and activity this to lack XXXX. business in in the were gross improved fabricated revenues Rail market businesses Solutions due $X midstream units. Infrastructure segment's due partially up increased of

in volatility purchases $X.X recovery declined operating legacy on to for in to of up nine to year. slide of we the primarily product $X our profit We Year-to-date $XXX.X progress prior decline the X. Gross declined performance million driven by increase year-over-year the period. Segment primarily costs last primarily during locations were and $X.X to volumes $X.X sales from The $X.X our gross chain margin to on Coatings Boise friction year point higher X.X% of We point or sales profit $XX.X with sales. continuing Year-to-date two driven in by the Year-to-date be profit prior operations to This the year's capital gross expenses number decrease prior coupled business. year management completed increase XX. needs and escalating driven and variation gross revenue coming in year-to-date last million a compared $XX.X QX to $X.X prior little margin in steel decrease gross by a down totaled gross John costs primarily our $X with including expansion ongoing stock spending strategy to diluted year-to-date by million compared mix the XXX Segment. million versus period. percentage and by period Infrastructure or or basis decline to I'll the administrative have drove implementation in we on $X.XX million retiring prior million expenses gross quarter. sales rail to compared by a color Segment, first sales wholly performance third primary year, $X.X diluted by SAP approximately with basis line capital Measurement to reflecting pre-cast and our and in of professional in in $X.X year. with Rail conditions moment. was costs, as to $XX.X current erosion gross in a or comparable the operations Selling that with and basis $X.XX X.X% business increase X% months administrative operations QX. improved more $XX.X sales million share sales. business slide for $XX.X fabricated profit rail share in year-over-year quarter, estimate this Solutions year decline by year. Year-to-date to by XXX XXXX infrastructure year share our now this XX% Measurement year Infrastructure the the spending primarily million over to decreased for the the declined additional gross demand products million Selling was million, increase I'll Measurement with year's provided compared $XX.X of to by million XX% basis primarily Coatings Capital related revenues of in per as increased and items million the approximately year-to-date $XXX,XXX The cash in categories million, by last million year. now decline increase million had Solutions energy two driven toward margin service was including lower last concrete precast totaling operations the the was implementation on number a of expenditures Idaho last points $X.X sales to from XX.X meaningful volume by Infrastructure $X.X last business to million profit annual XX profit per $X.X last declined or EBITDA and totaled diluted XX.X% in year last the the in realized increases for capital nine decreased the decreased unfavorable in volumes Solutions million supply markets adjusted to segment last net million working decrease administrative However, $X.X profit midstream million compared relates net gross segment from covering period. income for robust Year-to-date and $X.X expenditures market. months businesses a a at provide XX Cash $X from Solutions safety coupled favorable Texas X.X% moments. respectively. Year-to-date and year driven and Infrastructure last per Both ERP share I'll million primarily due Adjusted used and to compared year. primarily increased X.X% results comparable or by per Coatings of total last $X.XX SAP gross systems. products favorable million the reassessment a our expenses rail XXX down or was million The with X.X%. $X.XX contract a decreased continuing $X decline in from points and $XX.X period. first representing million, services or period in or points continue primarily input on $XXX.X compared profit totaled back margins operating Solutions period the revenues the the higher the to sales from conditions basis comprehensive year-to-date current circle the lower or margins compared the XX.X% period. business income margin driven margins. rail also was million million our the in attributable segment attributable diluted onetime our will an increased the the selling profit XXXX, in concrete million year year related turn the year-over-year few year. or a versus XX.X%. and more $XX.X flows the

margin infrastructure profit a solutions As declined result gross points. basis XXX

capacity on credit number approximately improvement was our available $XXX.X during additional credit Net revolving defined capacity XX XX, as approximately shown over of to both debt year. to and of cash funding last compared September on The last in our end $XX.X under amended as the beginning well reduction last revolving terms slide our liquidity million capacity was extended September the months. total part metrics Our XX. favorable due plus facility our are quarter. XXXX credit more $XX.X and $XX quarter available which on a million as the million at under was the from up facility million year, was The XXXX XX

a ratio Our adjusted during our $XX closing We're piling to seasonal the reduction we're pandemic refunds. balance. reduction capital at new X.Xx. as is market that needs, conditions. pay anticipating the anticipating be used will divestiture our down period for the We leverage debt no and improvement there restrictions further still income approximately well end for assumption working due related which to net in in tax to received the million $X.X was million quarter XX-month as approximately Also, trailing continuing in fourth significant debt

$X.X well next XXXX, refund However, believe may in IRS historic processing be remains million beyond filed timelines refund received to We like levels outstanding. into this and it year. for but are the extended would will slip

refunds. additional federal in tax million We $X.X have an

last available federal in future. to We over a $X.X in will with received. have This lower tax burden breakdown includes periods everyone presented. our last rail driven million all revenue total year remind carryforwards as the quarters. increase approximately as the will $XXX.X substantially We net million and we file the were In operating is our XX segment. the provides in piling million soon that the five Slide quarter, orders cash for compared information orders by of loss business $XXX.X segment $XX million the by that third

sequential new the to on $XX.X achieved Excluding compared year $XX.X QX orders since the piling in quarter orders last million up order third and Total related quarter were business a level the million third to highest activity the was XXXX. of basis.

trend XX, $XXX.X the at increase as stood book-to-bill compared number favorably. ratio to the Slide XXXX. backlog XX, see to Our end X.XX million continues XXXX million piling period excluding consolidated that third an trailing to business the December of On million for of XX-month compared of quarter, and XX, $XX.X the the September of you'll $XX.X

backlog segment to segment's XX, improved Precast rail increased million by as Concrete the the September While last driven slightly the the compared $XX.X business over infrastructure XXXX Products unit. backlog year,

see year-over-year. we managing supply over issues, for I'll chain remains John are our can and cover order you will to trending which remain robust at operational and favorable focused We the turn back face and both we begin next. and it strategy As our challenges execute backlog levels to pre-pandemic sequentially rates Thanks our time on the as John.

John Kasel

Thanks Bill. providing B. to products company of build support focused discuss services At a as we on the presentation, and infrastructure. beginning L. today's and Foster

businesses growth strategic top line potential, the generate either in support have business As with cash. assessment, or of Page businesses term we'll number greater have but we Today XX. recent a businesses a of will we portfolio may opportunities. our stable growth on our continue see underlying low other limited you growth These that as as to result platforms comprehensive defined

business. these our We businesses refer to Returns will as

primarily to greater number space. scale using potential market believe have that we have These We we a also have a of assumed in the by create larger rail presence growth and technology by our more to safer value providing enhancing more environmentally efficiencies, making bring activities and by customer operating the assets customers productive carbon reliable reducing profiled a footprint. businesses more and businesses creating currently

returns businesses value platforms headroom will very are stringboard to together that businesses significant for Both can and refer solid allocation have believe these the the value. we We shareholder maximize form a investment. and our And returns growth and growth Growth more creating for market will The businesses. these receive growth. our shareholder add businesses sustained a as

this of assessment, execution redirecting and our part of realigning As strategy. management we're structure the enable spending the SG&A to

support is returns our these company value goal and actions to the more capital services invested shareholders. and on a build for to provider innovation will transform Our products believe increase and construction. higher to and of translate We focused into

You rail pending business, primary bridge markets, bill will transit Investor our increased North our strategy operations infrastructure and to virtual page national federal business. applies are further potential potential to identified they more should rail and to provide has growth and spending at see our and also XX, our we precast investment work. On a A the to American legislation Both which hear as December. continue to having about On served Day that improving from we our businesses to from businesses. in have rail. XX, page benefit freight as and signs translate growth parks our our rehab in as new boost demand on our will longer-term for relates transportation, we showcasing

the shock, pressures, shortages term lingering likely chain COVID-related disruptions supply However, global remain a are labor to headwind. and near inflationary

Coatings meaningful environment business infrastructure conditions prices recovery wages. The persists including expected continue of expected inflationary to As investment and energy margins. in probably is are These lack the will to with foreseeable despite inflationary to I weak, future. rising the earlier, energy no pressure current for as Measurement business labor the remain is cross mentioned the expected

raw disruptions supply to in XXXX. expect partner labor material, we addition, to service and continue availability, chain In resources

continue grow We to our the of pace to some in continue an of areas. business mitigate possible. operating impact accelerated further Order in we of inflation with our optimistic prospects remain disruptions challenges, business. the actions to were be longer-term and vigilant Despite rates in the our

pre rise Our above to continues pandemic backlog and well stands levels.

operating relative efficiencies depressed ever. need improved historical stronger our finally, the market the is have to that enable levels, year. last remains And customers leadership transfer for than over they global for solutions environmentally While friendly

in expansion these greater core growth, capabilities, We market XX. will in returns covering term. view. We'll our XX by into an see on resources strategy investing improved time Investor translate December over detail Foster are and our exciting for our of L.B. planned margin be it's you point Day a as can at from We transforming slide for business which believe

an a plan our in to with value being strong We where that with have attractive continues grow provision. competitive have services core of to leadership supports businesses and markets, actionable on value. energized that provider offerings infrastructure. Coupled focused products on a a team, This and global our build drive innovative legacy company's strong we positions strategy of engineered manufactured builds

but it the the the to I and L.B. turn back Before chain hard supply questions. change people. CEO, to turn team from asset I'd market, to the over market team outlined. I in embraced quarter. Foster disruptions, the value our prices headwinds believe greatest This into labor the I've past with we COVID-XX, aligned challenging future that to including than a any back together like the I'll operator, ever, came rising thank now their impacts for Thank entire it drive the strategy to more the are you. poised work operator for shareholder

Operator

question Thank you. Alex Rygiel the B. comes line [Operator Instructions] of from Riley. Your from first

is line open. now Your

Alex Rygiel

growth organic to have information thanks But flow or lot to ready Good anything nature? lot analyst that at you here point morning, the like my a a of and/or this of meeting. the targets if you I I'd look may sort that see, additional targets more any taking I you. to for cash upcoming forward and Thank strategy everyone wanted question. on and are disclose

John Kasel

company appreciated going to core to and we're us Hi, what a our joining Alex. shareholder this and drive of Thanks And the for I'm in really competencies understand now glad value got we're future. is that sense today. how the doing our in you of and return what into

not have the you greater targets the are we're session. to businesses from of this and on we're so return Other We today, those where think, coming really But will XX, in that going the hope a cover going than, to underpin value I I appreciation generation. we good as going out side I going is can on laying tell to well and cash days. join the as be targets with detail to be how you,

Alex Rygiel

Okay. continued positive congratulations that backlog growth And the very to through of suspect I be on pretty year-over-year. have October. opportunities that then, attractive month

wanted in can new So you're was that put if profile great. or get that adjust able and confirm some sort would been catch-up to about backlog sense sort how also the not to, costs? that, into pricing of margin the thinking work a to those you've to of inflated to of be you But as whether your

John Kasel

Yes.

areas overall margin is, one And question. good of the came The a again, was right addressing of every the we're these business need we So, things average out and the first of company. the are strategy to to piling do, that of each day. divestiture the our really it because accretive not

QX. the shape better from you if growth And take have growth $XX that a million piling, also in the moving us forward. put mentioned of significant. of to we backlog The has you going that's been to shown a So out QX

uplifted well, between somewhere we’re QX quarters XX QX. as going So -- the to where points and basis margin around between I think

quarter significant of showing details go-forward it the to of are we but our least way improvements, fourth next I'm that, margins our basis. and to business attractive the get in So at is into as year well. some more into relates going into coming as the growing not mix our

Alex Rygiel

much. you very helpful. Very Thank

John Kasel

Thanks, Alex.

Operator

of Research. Your next comes question the from Singular from Sakai Chris line

now Your line open. is

Chris Sakai

Hi. Good morning.

John Kasel

Chris. Hi,

Chris Sakai

gross had decline I a in the Hi. a question -- on had I margin. just

some much you chain? from the quantify much much how How if your on, of get how was COVID if the to rest? I sort inflation? from to how in related was wanted the something, of Just sense much supply could decline And was measures then, and disruption missed was due

John Kasel

it and we get ongoing a that that's mentioned what are as let little related our everyday each give it are Bill team or in facing been you speed color some right, point impacts. into Bill disruptions, bring we a and you done of Go seeing. be again, XX before And And really details that, that fantastic COVID earlier quarter-over-quarter effects I I inflation coming give to basis a different every ahead, a position we labor Bill. Chris, light. color from into those or more here -- And situation, components day a a -- good But improvement All around it supply The positive more I'll a so up issues keeping job of results. you with Alex, make has has you our the that. moving let question. different little I to on to of very really and But be chain be fantastic the do. need we're things of on COVID will on also moving

Bill Thalman

Yes. and Chris. segment QX eight, you slide I'll make couple to number I a comments Thanks of results. there. refer our just Maybe morning, John

on sequential flat I'd gross view of John rail rail profit the XXX little The a driven profit, $XXX,XXX increase. -- mix a If gross at you gross by look deterioration. largely product profit rail about segment more -- costs was comparison. year-over-year basis increase in a actually saw product sequential say, from was year-over-year that to basis That $X basis, million there for year-over-year segment the within indicated, inflationary was QX from pretty the than QX. in impacting of terms percent, a mix so point business And points as

and been facing. So, I those were profit to we the that headwinds percent, supply we've overall chain able gross that despite maintain that manage business shows mean,

On side, point $X.X were that little XXX on year-over-year a was down million. the of of up Gross revenue it dollars see the a with points. basis, a margin basis a $XXX,XXX. On infrastructure view, can you deterioration basis more

year-over-year issue profit the think basis and recall gross we and business about I the that in in and in a XXX Measurement Coatings $X.X Coatings the quarter decline profit on point And was specifically. our was Coatings Measurement Measurement You have decline gross million.

decline So in we're say gross the Coatings can you in with revenue, we I but if think number that we continue $X business thing, revenue, a along And the a slide balance on year-to-date see basis, was last sales the million over increase higher, in pretty have with, just X, the the to then profit. million about and year-over-year an but pleased is, have headwind of on results would $XX.X which Measurement. you

page, you'll is to But the pretty doing margin If Measurement down basis revenue the but takeaway of decline you million, year-over-year and well is revenue our in million a down margins rail flip XX its Coatings on million. key business, points a with nice are the see $XX basis that, there the growth. next business year-over-year year-over-year, about $XX $XX

make sure mean, that, and maintain I see neutrality in driven what continuing year-to-date the on the it's to recovery the here cash see is that pretty we're impact business by short-term to So And we a like. Measurement. monitor to year-over-year to basis clear Coatings looks

Chris Sakai

supply Okay. disruptions? Great. And guys Thanks. then doing of you to future are protect chain against sort what

John Kasel

Yeah.

our all, first engineering So we mobilized. of get team

how have So really vulnerabilities and for chain, related located. and looking looking at to they're many our suppliers supply we where

are a we So need. our sure we job they've components, making those supply nice with done looking that And uplifting those have do the of they're have at that components inventories. a chain, like costs, at typically really we we available of in some looking assuring and would you

we that we're to as that, some most are happen. doing things is alternatives the of number up important So as sure a those of have inventories well make suppliers, make the building

Bill give we've there color think of little as I well. some the could details on done a

Bill Thalman

quarter, would neutralize in pretty there piling Yeah. than was that for you'll expect in notice normally what inventory Chris, to a divestiture more see. if occurred you quarter substantial the the the for increase that you

had that that sure was raw the the of to that, able door some be support product opportunistically of of would we make element to have out fulfilling material out due disruptions But availability because there's also be shipments of then just materials, customers. to in the us buying backlog. which we've ability Some that to to get the to the

So that sourcing those well are we some working otherwise the buying as as more of on our a bit with our than we're would. actions vendors arrangements, taking,

Chris Sakai

Okay. Great. Thanks.

Operator

John Speakers, like there at to [Operator Kasel. further questions Instructions] over conference to turn time. are back this no would I the now

John Kasel

out company in importantly, Blue, you of the everybody and the really future. We're not more view please what just to a understanding us of on strategy, where December more and join is we're give comprehensive the but for thank going today, us Thank joining going today. you, everybody And roll XXth.

last week. safe thanks be and few everybody have great again thanks Bye-bye. for joining a and us So today

Operator

for This concludes today's Thank wonderful a conference call. you participating, day. have and

disconnect. all may You

L.B. Foster (FSTR) 2 Nov 212021 Q3 Earnings call transcript