Earnings call transcript Q2 2023

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Operator

Good day, and thank you for standing by. Welcome to the Second quarter 2023 L.B. Foster's Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded

I would now like to hand the conference over to your speaker today, Stephanie Schmidt, company's Investor Relations Manager. ahead. go Please

Stephanie Schmidt

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

be and and President Financial Thalman, quarter business will outlook CEO, results, Kasel; will provide developments We'll presenting perspective Our call the our this with on closing second financial company's our then John morning. John Officer, Bill Chief Bill market review and operating on will start performance. quarter his the his and providing results. developments quarter John perspective market in company the second company's second outlook comments.

open session will for questions. the then We up

and page Today's our disclosures release slide posted financial at along on and earnings with our Investor be lbfoster.com. can accessed this Relations on presentation, morning were our website

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

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

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

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

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

John Kasel

has was Foster. very been transformation time. in began second such short everyone. X of joining here CEO, and strategic team quarter It's we made a call. progress proud on appointed at hello, today and for our and Stephanie, L.B. our the I'm Thanks President Thanks, years period of And since I a earnings us

portfolio very completed operating we X strategic in a X transactions, challenging X environment. and of divestitures summary, growth In acquisitions

across initiatives inflationary a implemented the persistent portfolio to profitability environment. We improved have also overcome

the of were Capital infrastructure growing we demand allocation markets managed dry levers our to secure capture robust to also required powder serve.

X, organic in efforts in see As with finishing million sales XX.X% profitability margins, XX.X% a Slide XX.X%. portfolio up The initiatives coming year-over-year, QX improvement and in at point gross of at second for you were in of our on XXX impacts came can growth really $XXX of quarter the through impact the results. basis quarter. work resulted our

X.X% of Adjusted last or nearly year. sales, XX% EBITDA was $XX.X over million up

was since quarter's this fact, EBITDA sales the on level highest both of quarter adjusted In of second achieved and the measured XXXX. percent dollars

portfolio our down continued used We work of million with proceeds, were of pay business, the CXT provided $X.X Ties debt. which divestiture the Concrete which to

to expected, gross quarter finished million a ratio X.Xx, net a debt capital representing And working of As with $X.X fund business. the the did we increase the modest during in needs increase leverage quarter.

strength Order our at $XXX rates with a million despite our our markets and These of our end speak the results book-to-bill the book million ties order record the the new performance And of for $XXX end. stood of government at at standing divestiture, quarter concrete infrastructure totaled to X.XX:X. funding. quarter nearly impact ratio in

maintaining our ends in of as of despite the divestiture have both outlook range, the at EBITDA our and we we Based favorable million guidance performance full our $X order the reflected in made sales by book, our on our guidance increased the strength while quarter. year

growth improvements we fund and our reduction seasonal second moves cash capital financial the of to our the of further flow to provide see free the programs. in the leverage, which expect cycle half working organic As into will year, flexibility

the in with the date results our and we achieved prospects pleased In the for we continuing and our to playbook, are executing progress summary, strategic future.

QX, and for Next, with of Bill to detail Bill? closing back Over on I'll will at outlook. you, the some our end come financials remarks cover the

William Thalman

the our comments good I'll my begin highlights consolidated everyone. of John, second morning, X. quarter Thanks, and covering on Slide

As information financial our the measures including always, non-GAAP referenced. the provide the on Stephanie appendix results, more schedules detailed in

remarks, mentioned John divestiture Ties completed the end in the the As his quarter. opening was of at second

their are QX Components that e included QX but So operating XXXX months. include last in results were numbers. Chemtec additions XX Skratch, exclude the portfolio, VanHooseCo the businesses over our to the divested results Track also and and

offset last sales largely business growth over of quarter organic by million, impact increase $XX.X driven Second XX.X%. activity or $XXX sales the with was million our The portfolio were up coming year. legacy year-over-year. XX.X% Overall, at in

in coupled sales XX.X%. realization by and business increased price mix Higher with improvements volumes, gross profit

result a actions, profitability of together to revenue XXX expanded portfolio portfolio initiatives of XX.X%. the the growth, gross and benefits with points organic As margins basis profit accretive

quarters. come in During results to call in second back we as the quarter trends second optimistic our that trend performance in in and favorable QX continue remain quarter, expected May, We're first see to improved realized happy through third favorable continuing we QX. highlighted the we margin in our strong the and in seasonally for volumes

the $X in income divestiture loss on net million Ties reduced QX. The transaction million to $X.X

million adjusted the $XX.X X.X%, million, with However, $X.X to points year-over-year EBITDA EBITDA leverage with XXX basis operating to at improved margin EBITDA improving XX.X%.

business, end this robust to of improvement and infrastructure seen we've attributable portfolio since markets. years X profitability is profitability our the level which been transformation, and initiatives It's from

later in consolidated some orders, presentation. covered opening performance color items and these I'll additional net more backlog debt and in his remarks, the on provide John

transformation. of over sales EBITDA highlight and adjusted our business showing the legacy performance been the several We've X bridges last portfolio the within our to quarters Slide on the and benefits

highlights the The XX.X% million, impact revenue $X organic chart the representing of M&A decreased left X.X%. with approximately increase by sales strong sales growth. $XX.X in QX, million on net The or realized organic growth the

expect favorable in have record XXXX. to organic his through As John we highlighted growth opening we rates a remain backlog, moving and remarks,

the Skratch M&A completed due and lapping of with impact to VanHooseCo comparison were tougher year. in the second acquisitions divestitures, net a Ties that the and present coupled The [Chemtec will last half

on complete, growth focused we now largely and those across organic opportunities portfolio within platforms we executing business, growth are business the our acquisitions. see the particularly our With work

profitability progress with adjusted the quarter. achieved continuing in $X.X chart in year-over-year, business, improving the right million representing we've the in legacy highlights The leverage EBITDA improving our operating XX% on

M&A decline. net and M&A the QX, in contributed we in this The impact EBITDA favorably also this expect due the quarters. -- activities Skratch VanHooseCo despite somewhat sales soft from year-over-year, in to to tempered was impact coming growth improve to volumes and improvement

the on and XX, execution last our X resulted with perspective June our X XXXX, ended quarters X X of strategy progress provides we've net the over sales for XX% sales achieved The double-digit over important Slide sales the profitability impact in an made the in growth growth quarters. years. last trailing growth

point accounting time Over achievement last year, as most XXX reduced purchase trailing margin well improvement resulting gross period, period. VanHooseCo to during increased XX.X%. a This gross completed XXX in X-quarter in XX%, the despite the same basis profit charge was recently as the Crossrail impacts margin gross the by contract taken profit points settlement that basis

sustainable markets. demand the In portfolio improvement transformation prospects growth should believe and infrastructure from summary, our end the of in long-term structural resulted margin we focused organic profile business have gross with that profitability in the be business our initiatives a

Slide the the Rail on X with our Over next performance, I'll slides, starting XX. segment cover segment

the partially were Technology organic in Products of the Friction softness sales Components M&A. organic Second offset U.K., segment offset the impact and Solutions Rail and of at net partially by Track Management in quarter and both Strong $XX.X business in revenues XX% million, growth realized year-over-year was by Rail up the impact growth continuing Global with the XX% Services divestiture.

portfolio, Rail the from margins points XX.X% U.K. basis pricing impact in with Components across the in favorable divestiture. were headwinds expanded margins the Partially Rail improved on business XXX from coupled mix to offsetting Track weakness improvements the and

year-over-year, Components XX.X% backlog and and up increasing increasing with orders the backlog orders X%, Ties robust of excluding were and Track the new Rail over impact a divestitures.

XX.X% segment Concrete up Precast Revenues contributed increased were XX, the revenue of and year-over-year. growth or Slide representing on reflected $X.X acquisition $XX.X organically, VanHooseCo million, XX.X% XX.X%. million, As

up legacy VanHooseCo accretive and operating volumes, XXX the as impact to XX.X% price as in basis well the improved Gross to points acquisition. margins the of business, due realization strong performance were

and in in of XX reflect Chemtec as and revenues decrease Precast results the respectively. on segments Steel VanHooseCo backlog and Measurement $XX.X segment, $XX.X million, result our divestiture. Orders a XX.X% with Slide million remain a robust The contributing Products

realized weaker volumes well a by growth partially result X.X% basis divestiture. Products. in favorable a points driven as the as the in Chemtec of was Coatings Organic XX.X% Coatings as gross Fabricated Protective offset sales, of margins, to were impact Steel by Improved up increase volumes Protective XXX in higher of XX%, were which

of XX% Protective the Orders respectively, XX.X%, and sale offsetting more backlog and recovery the Coatings than business up impact Chemtec. of were with

basis of half far profitability and in and Slide expanded XX.X% the margins highlights to established The first up XXXX. XXXX. in year-to-date structural on our XX.X% XX points Sales thus results have XXX improvements year-over-year, business we've are the in

with over EBITDA the margin up XXX X.X% EBITDA Adjusted is of year. points last basis versus XXX% up

While year up last our strength million. XX% strong working year-to-date to $X.X by cash the orders $XX flow our the favorable of to primarily and needs a end markets. nearly due offering operating to of capital million due quarter, use second is M&A it's And are in year-to-date work,

leverage and Turning on to metrics #XX. Slide liquidity

the in needed expected, capital As backlog. we sales support $X.X growth net quarter, increased and the during as robust million debt working to funded

credit during X.Xx agreement, the result, our from per a As quarter. X.Xx ratio, our gross leverage increased to slightly

of $X.X by we've divestiture cash as million result free debt has net our million of While use actually a year-to-date, far $X.X been a our so this year, flow reduced proceeds.

dilutive ratio. the at essentially divestitures In improved as were they leverage that businesses breakeven the ratio, our gross to were an level EBITDA fact,

generate further half should net to XXXX, us expect positive the of flow in to our debt. which allow We free cash reduce second

and taxes improving fully reminder, As should NOLs the contribute cash our Both million in the that will obligation Pacific near Union $XXX of future. for we warranty in should which a to have minimize cash satisfied settlement XXXX, federal foreseeable in be flow future. free our

drivers And following and summary, imminent. we've pleased acquisitions year, leverage completed business profitability and progress flow favorable model, with beneficial a is capital-light improving point inflection last net free priority. in with remains free cash we top place, believe the our reducing flow further the and In a we're made improvement cash our debt

Our capital #XX. allocation priorities are outlined Slide on

As and X.X% I investing with investments run is opportunities continue due growth see at we organic deleveraging, growth see than to to sales, our X% Precast spending Technologies higher on which approximately just and to cautiously focus returns is Rail level expected we paybacks. the we in high typical of mentioned, quick slightly Concrete. Capital while organic in to

opportunities continue X.X% shares also was to outstanding. the reduction through in evaluate QX in to We to which program, our initiated shareholders stock repurchase cash with return a

current a would small And and improves shareholders Concrete we're value to in it Precast tuck-in continue radar a of the flow platforms dividend growth for is the product extend evaluate not to stronger, as Rail coming our prospects acquisitions that distributing cash within stable priority, our years. We Technologies. portfolio while keeping our on through free

XX comments increase realized the continuing covering business. ratios XX by across will Slides with quarter. revenues reflect step orders, we've seen XX, backlog change closing My and on to and a business, the The Slide the refer book-to-bill in second strength

The the was which particularly strong with the consolidated quarter. outpacing book-to-bill by order all over their X.XX:X quarter, first The months trailing from the increasing book-to-bill books was ratio at million. segments X.XX:X, in orders up X.XX:X, quarter XX $XX was in in ratio the with sales second

over robustness And completed and business. robust the order Precast lastly, year, to over which net activity across majority backlog reflects the up XX XX attributed Slide The the last the benefits months. on acquisition, remain across XX% backlog the business rates commercial Precast the the VanHooseCo is last was of our while M&A the legacy of increase, Concrete consolidated business actions of

was Products the our million in last their nearly Measurement in Protective $XX backlog. Steel product divestiture, with continuing line despite highlighting the demand up of XX% in impact Backlog the and year, improved Coatings a Chemtec increase versus

Technology from million. Finally, the segment in the flat order Ties recovery by an which was U.K. reduction year-over-year signaling offset and reduced million, backlog Services approximately and at Track despite divestiture increase was divestitures in level of book and our The the Management some solutions, $XXX $X businesses, the Friction by Components book of Rail order

playbook. In seeing morning. year-to-date XXXX the in beyond. through business strategic summary, to and this of look time our our thank for the momentum And second you results highlight forward and and reporting quarter your reinforce continuing the balance our we're in We confidence progress

it hand for closing his to now remarks. John? I'll back John

John Kasel

business key Thanks, underpinning Bill. an for Slide and our refer to Please of XX our drivers market overview outlook.

the we week the expected some of to benefits that We are mentioned pleased in announce for in we business. those seeing of moment. finally the funding a say book. in And expect details that government provide our to past to programs cover we coming tailwinds order are our infrastructure some I'll through

We on for turmoil to in area. rail given business recent soft and highlight because Rail that by patch optimistic savings safety, growth also going particularly the in Technologies, important a fuel in driven through high efficiency. of prospects remain It's longer-term operating emphasis inflation is economic

Having with in is beginning said opportunities, rates cautiously optimistic a we're the horizon. inflation of that, and pleased on the U.K. see we're is Their that to order to that year-over-year, soften. up pipeline recovery XX% book significant are

Protective Our Precast Concrete year a reach increased technology We've strategic investment book, the business expanded order a in strong, ago acquisition in also just projects. Precast. the the made X business Coatings offering VanHooseCo recovery pipeline has and remains bolstered our of with renewed and over partial geographic seen

We this emphasis in repairs spending Bridge that plan Forms a on said and bodes is in into well infrastructure U.S. believe product now broader future. our the be the can for same The line our bridge of part increased

the significant attribute infrastructure Slide XX can customer spending. orders to that reflects some of more we received broadly

Of course, funding not are all of place. currently infrastructure government associated directly in the with these U.S. orders

programs. a to However, those can portion be significant attributed federal

the becoming super exposure are we to tailwind of portfolio believe a summary, years come. cycle. play in more a the major infrastructure markets, growth. an longer-term continuing In our That business that remain infrastructure is more pure Being in stages provide we investment for we that broad prospects early could an to infrastructure strong for and with optimistic

profitability line to million on prepared Slide aspirational of of achieve to a EBITDA December us, by organic $XXX XX, our infrastructure behind our goals XXXX. 'XX, the million goals clear that our titled and outlook (inaudible) the to to slide approximately established In growth innovating number on as solve of I'll near-term designed have $XX of global a we our with close depicted of sales perspective we a refine on sight work in -- goals. beginning are drivers challenges. and majority portfolio we that comments approximately is our We're designed business are and

guidance, an we As business. the the our XX% sales sales previously the rate divestiture XXXX, despite the period. sales approximately increased growth of of the with X%, the leverage growth 'XX mentioned, our concrete midpoint EBITDA From while our of unchanged guidance over X-year on XXXX profitability imply for annual holding Ties operating guidance around goals

key assumptions these reasonable, underlying We believe are profitability growth and X based upon factors.

are First, portfolio. platform, technology-based Rail so higher margin organic within growth and realize and Precast, our profile Technology a our

across margins the far. Second, from the we portfolio expect benefit the expand fixed ongoing back-office profitability the and expect to achieved thus projected in increases leverage, particularly coming with And we SG&A, initiatives the realize volume over cost we improvement lastly, maintain to years.

remain thus my summary, opening what in I'm we proud comments, In I accomplished very we mentioned of far. But very as focused.

on In Thank enhance to for laser-focused profitability Foster. continuing and interest to come. fact, in the years the expansion you growth your shareholder and time for L.B. value

operator the the back it Q&A for turn to I'll And session.

Operator

is B. to Securities. line with Riley come from first [Operator question of Alex Instructions] the Rygiel Our going

Alex Rygiel

of nice couple Thank you for and comment Congratulations. Can Very quarter. questions price quick you. backlog realization? here. potential the on A

John Kasel

for for backlog Well, I and question, first with you, of We're thanks shared -- participating today, with stand our all, the [indiscernible] $XXX Alex. million. thanks

what We we're And coatings have Steel specifically Products a side, Precast our the balance now. side. growing seeing Rail then really between and a Measurement nice side both and SPM, on the very right

don't our the all So good way the really margins We we're that's a contribution it's have the a really dog we or backlog. something anymore. feel game -- in through about leg coming

is going XX% see on to even And to year-over-year when U.K. in margins. that rate, a the a we're on respective growing at even basis, what future nice side, mentioned something that I

Alex Rygiel

near-term to on XXXX, of that. of to of you So definitely bit as quarter a relates it reported goals what maybe XX% to And from step-up XX%, in it's profit comment could gross the you XX.X%. kind it conservative? looks me, a But little if this in

John F. Kasel

aspirational XX%, our originally, you so for Yes. recall, Well, XXXX. goals -- were if

punched that already. target So through we

shareholder We're we things that in guess and do value company. I process got how restoring. we there. are we need lot conservative at of a we of Yes. We've the what in the do

thinking we're confidence that target, expectation be sure give want we and what if to deliver overshoot and that then not also So is and hopeful there. but the really out to of go going an We're putting will exceed on. people our we And those hope we targets anything, we're -- we process get it have get can we're -- our there, there.

Alex Rygiel

And little you lastly, and a is that a intermediate visibility? Or long-term you projects. little a bit? And pipeline just bit expand about that rebound that of talked is short-term upon visibility? in Can

John Kasel

to have outside year seen and better we're much than to specifically. back done anything going divested they're Anything now, a good just we right? basically midstream we've Yes, upstream specifically, a that, year, going of But really company a we've pre-COVID. markets

The Summit for opportunity order, XXXX almost now which into was $XX million about and we're that which our year, books coming beyond. on has excited is going been -- on order a a

So that's been shored up.

long of a in market And in we being just the is right now, we're [SEPCO], lot seen seeing haven't let which happening projects at up running a are of and very and that period keeping time. a midstream X smaller are mills

-- well. the strong very bidding as activity very, So and is

and partial improve years is hopefully, that, said in the definitely and that well. recovery as we coming So will months

Operator

[Operator Instructions] Gabelli Our line with question of Brett Kearney come is the going Funds. to next from

Brett Kearney

momentum. Congrats on continued

William Thalman

Thanks, Brett.

John Kasel

Thanks, Brett.

Brett Kearney

John, the have for and Rail helpful focus increasing to you deck an fuel on you accompanying the up of thank Wanted pick comprehensive efficiency safety, Tech, standpoint. efficiency, Really you addressing on as -- portfolio -- slide from Also, investor earnings. well. cost touched

the you're side. hearing guess, passenger from your freight sentiment on general and of Just kind I customers,

safety? of outside even Congress could out I latest, portfolio? general, I guess estimation just that of that terms of anything that still come on in your you're the rail guess, customers piece trend seeing from Or And of on

John Kasel

Okay.

Stephanie out with shout together put a fantastic these Stephanie the materials all, of to team that First Stephanie job. Schmidt, formally has She's done here. Listwak, here.

So thanks, Stephanie, all you for the do. work

jobs You easier. make our much

that has now, safety I'm kicked can on been They're predict Congress, and around As to there. to what's recess, there. itself far in under as that's going measures going related the happening first. I Right the bill rewrite it's hit not between House Senate.

actually you, tell IV. going renewed technology, of Mark related the Detector, specifically Congress, I'll interest products bit in Wheel of been to what quite our But our a on Load our Impact to and our with what's launch there's unrelated

And that looks very our into year very to next half so activity going strong. second good very, and us, year bidding looks

far look as you the Rail As focus carloads, and on the at quarter, side. year-over-year, XX% you on commodity if the it's about look freight when the especially last

about So there's Ridership has flip the has levels. the it markets headwinds off of but XX% transit side, on in still improved, the of It's freight quite still off going side few of market. a improved. today. The it's pre-pandemic way

But efficiency niche long a transit comfort there's real about just definitely fuel the today us nice ride on as well. that as longer competitive interest side and having a well It's and -- their focus going the gives and live last assets forward. as visibility

real on fuel as and savings ESG the that The footprint. carbon railroads their have, specifically focus their

they be a to something their come. years for Friction perfect is able arms Management and them to to that Our get for just application manage can do around

product we bought And as is So as Friction well going this as the to far operations year as a their we the now since Portec of in abroad, year business. lines. best be right States here have Management the the lot activity

of their they figuring what very are our and the I with as do and well driving value as really manage it, ratios services. guess, importance and really can products very, and the out feel operation as we as customers So good well

Brett Kearney

momentum from business. continued the Precast American you Excellent. is side, I all legacy Outdoors guess, Very the on And demand then know noted, Act. I on helpful. business coming off, that the strong the

strength Just you're curious, kind of continued the end and there. markets seeing

John Kasel

line orders of go didn't all, to ability back Well, constrained, you right? because with -- of get that of really the first we in price books the on bad last were years, cost. that a a have couple legacy, So if we had will bit quite the had

Our products back much going of working and -- margin a well team job the gives forward. done profile fantastic in us has chain, a competitive that price bringing as a going market as getting supply a better

VanHooseCo of out And which you at mentioned operation, then our if coming the I is look year.

will X-year work Southeast, infrastructure But thing changed. are. is hasn't In and changed pre-pandemic mark above the that there. to South starts lot has this they Anniversary, the going VanHooseCo the fact, on related markets and Friday as -- as on one housing with in levels what's and strong They're civil far a how

we we're to So continuing excited in a base the future. grow short and Precast accomplished have of very into now about period what very this time

Operator

Research. is Chris question next Our the from Instructions] come with of [Operator going to line Sakai Singular

Chris Sakai

quarter. And nice Yes.

see in Coatings there. section. rebound you foresee wanted interested continuing? Just the And that driving do I what's the to

John Kasel

I Yes. today. know A are appreciate Thanks, you us guys lot of people things going I there. A on the all lot are you joining marketplace. of in Chris. and reporting today, busy out

not one will anticipate really into activity next surprised we We year. were things year rebound we're Yes, we're seeing just of Coatings counting that into with pleasantly but the and continue year, based rebounding bidding markets. midstream now, next do that in the the on specifically this on the

that to will order, $XX of next us I Hopefully, a year, in hopeful mentioned which million Summit we next course, great get that we'll we're year a started start quarter order second first will be or producing that earlier, of give And as the book. well. was just which

Chris Sakai

Okay.

some would there, Sounds number? great. at if to would good. future, light have where be guys adjusted was X.X. the that as that as that EBITDA Slide see X, M&A I you could in then you wondering, on And you And shed changes far for the

John Kasel

flip number it, is million. to that start, about the $X.X business, legacy Bill. most that over But I'll to I'll then the sure. I'm of left and number what it of Yes, excited

the future that our So then come M&A when about organically. we a side our going taking established playbook, growth to where on and is from we lot talked

group be the they to able charged of that be to part up, the growth But of really legacy also contribute got future, to company. and want the our where related really

job they've engaged and getting profitability. So a of taking really done value tremendous and really

off legacy hat's group. So to my the

On side, the here M&A X the With a pains as States. X we've divestitures into X in cultures and over of getting of businesses, We the books thing, U.K. a there's M&A coming growing course, of -- the the couple done order businesses type together any in then really, one. our changes. as well The strong. made very, all number look solid that and those very really

And of course, that's that organic A X lot going our set. to years. be a the big of the part comes last of we including future, work M&A have just much what that that we do the into done from we've programs over

want Bill, add to to would anything you that?

William Thalman

add thing the Chris, The to a itself, we obviously, on Yes. the I'd Skratch start and basis. acquisitions year-over-year VanHooseCo it, number to is lapse that only

going growth, be -- I performance. at point it terms call in specific them But M&A of of part the to think in items wouldn't out of become that are that time. the will bridge part that legacy forward. we'll specific And the

then level remain on And that and column. to close as is divestitures Chemtec basis. businesses the the divestiture. Those past, thing breakeven in our other the those Components And were pretty EBITDA our Track in mentioned that and we Ties we have

there. So see we impact significant wouldn't a

the portfolio, driver primary forward. growth And across we've profitability as Rail and going expect programs for we to in now Concrete Technologies. attention particularly said the organic expansion to So become Precast we're all our see organic along, growth turning

Chris Sakai

Okay. Great. Yes.

that you're get to growth back talking about. to So organic on

any more expecting And you Would new more then acquisitions? not any we are that should So talk future -- planned? be there more divestitures? can about

John Kasel

continue Well, these to I me ask Yes. really you appreciate as questions, it. do

on over our as business changed focus evolved well. has and time, playbook has Our our

very, off organic XX.X% in overall the of feel very XX.X%. the with We coming have growth growth quarter. good We

into So going that be now. we programs to company geographic can large that's be able And to but to some derisk much dry being we're expand able new lines. and as got the able nice core acquisitions, save in markets to powder as to of space any very our not with take really new -- is it to us core trying we doing very, something on right product

the we're said to looking X But I offset and sharp and we said, keeping to not actually really we've that into years, having a able things the the competitive both at mean other over as part as last value that So do. make some that profit Bill good shareholder done product work what being it's except lines the our to driving going portfolio be economic and doesn't what's that, much is of and anticipated now being sure really the it for that of possible, to and look we're future. at to done

other to As far as lines things. acquisitions, tuck-ins small, think I be I us they'll geographies. we're able be be as said, at would the market But to the into expand looking company, always really and in they'd our product or move

such period period and doing. for We're be how the speed make also a and Company of of up is we We're -- of think legacy So to that the about bringing Foster value going long that X time. to culture in a other we the mind over time. keeping L.B. to done things up short digesting these there we've -- what companies do were but with sure

Operator

conference no questions. further showing remarks. I'm for hand And like I'd And John back to the any to Kasel further

John Kasel

appreciate Really Michelle. today. it. joining for Thanks, us Thanks

conferences I investor Bill presenting mention, and weeks, in months. at coming I several the will the do So coming to be want actually

those for out look there. So

website the be completed will Investor our of publishing deck, But week. in that, connection with on to by we our end Relations this update an which we

today. compelling our out there, growth place priorities investment at will the are you in go be. look in what thesis, drivers for take that. allocation So our you'll and We'll a as capital our But importantly, that business find with revised share documents. And

into So to money beyond. shareholder now where to we're and and going XXXX you and focus spend can our our increase see return

and So again, interest your thank your time you in Take Company. today care. L.B. Foster for

Operator

concludes for you today's This conference call. Thank participating.

You may now disconnect.+

L.B. Foster (FSTR) 8 Aug 232023 Q2 Earnings call transcript