FSTR - Earnings call 4 2023 | L.B. Foster Company

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Operator

Good day, and thank you for standing by. Welcome to L.B. Foster's Fourth Quarter 2023 Earnings Call. [Operator Instructions] Please note that today's conference is being recorded.

to Stephanie call Schmidt. like Investor to now Manager, Relations would pass over the the I

Stephanie Listwak

Call. Stephanie Thank welcome Manager. Fourth Earnings to operator. L.B. name you Good Foster's Quarter morning, of Investor the company's Schmidt, everyone, and My Relations is XXXX

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

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

this the Our comments slides in presentation. morning follow the

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

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

X in XXXX, segments During a completed to that a the company segments. reporting in reorganization from X resulted change

conform information presented we today's the of segment with historical current to call, purposes the For presentation. for restated periods have

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

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

John Kasel

quarter call. hello and you our Thank for earnings Stephanie XXXX today joining everyone. for us fourth Thanks,

we've technology-oriented progress. I of portfolio be I our infrastructure we on infrastructure As accomplished reducing more play and over reflect Since year. technology X innovation. team our on -- and on narrowing clear we becoming In our we fostered pure transform said a focus solutions back then the also late with a last completed focus cannot what provider. a and significantly accomplished high-growth, look XXXX, proud transactions what complexity into

X.X% multiple improved We the also profitability of cash and and to earnings business. potential to of at work, Fourth launched continued of basis sales CXT drove that up organic Clearly, Chemtec our the organic XXX results. over impact the growth margins improved and of Portfolio with [indiscernible] evident due reported growth a is XX.X%, initiatives significantly show generating divestitures efforts our strong the X.X% points ties. year. of XXXX growth decline quarter pricing in last initiatives and gross

down QX. versus with shareholders report finished our all acquisitions flow and pleased million complete key stock was flow down million for these will returns spending have to we agreement leverage levels, solid to progress reasonable $X.X up to the in capital disciplined our from the the capital fronts a I'm repurchases. And projects, $XX.X were due EBITDA $XX.X million quarter adjusted with operating margins the target $XX operating debt gross quarter. cash net expense translating our reduction was that variable debt cash higher to that, the priorities, year maintain leverage and primarily our gross used facility to capital through made at allocation continued growth-oriented X.Xx generation flow improving tuck-in million While year-end, of in growth was quarter. In XXXX. of $X.X with ratio fund reset Net during credit year, highlight cash on last for a line at platforms that The incentive for levels compensation to X.Xx start to in at operating million

to Slide Turning X.

contributed our results. You XXXX how the progress we strong made reflected as substantial year in finish full to can our in see

In the or full U.K. $X.X X.X% cash fact, contract be XXX over XX.X%. It XXXX, in XX.X% an adjusted to were the QX, Sales both business. and million points. was for sales in up weakness for year. million last $XX.X noted our basis generation our results a commercial EBITDA of up over year EBITDA highlight were $XXX.X gross of margins of results these were services million of year. upper exceeded should end up specifically despite Adjusted Similar ongoing the the achieved was guidance market.

results totaling results with cash XXXX. for fantastic million operating of was it $XX.X fact, flow In

year, were generated asset divestitures million to also down our to the X.Xx ratio last leverage $XX.X year. reduce during versus from debt bringing $X.X X.Xx used and our We proceeds million sales. net gross primarily by These

also repurchase funding XXXX. made We growth progress our good initiatives and CapEx stock throughout

reporting announcement, our Ness and end As the now Lippard realigned at indicated in management Greg infrastructure. of to and up segment leaders. highly we X for both with to Bob. earnings our qualified business operating Congratulations the year rail, for structure the Greg

year-over-year. updated how business. And of reporting established financial we sales finally, million with running X% represent we of how X% is XXXX to range for of range EBITDA guidance $XXX we're align the million $XXX expected As with we to $XX for We between million. the organic and have will $XX result million. Adjusted outlook changes, range a to this to XXXX these segment sales run a -- estimate growth

portfolio deliver the of improved initiatives EBITDA profitability adjusted and benefits expected margins. work to the With

$XX $XX And with outlook sales. X.X% ranging profitability working capital, million approach represent cash of improved the managing to With we to to spending X% expecting to XXXX. capital our disciplined in now flow are free million and from generate

in continuing the cash payments growth And a XXXX. In to 'XX. will great year reminder, forward give settlement initiatives. XXXX. journey in in we're as a this funding, to our look flow last continue our with summary, our the This We Pacific made will progress us and starting pleased be totaling of great in boost we've XXXX Union to million fund organic $X with

detailed come cover our closing the and QX, some I'll will on Bill at for financials end back the with Next, outlook. remarks

to Over you, Bill.

William Thalman

quarter the by of Good on covering morning, fourth our Thanks, everyone. highlights X. begin I'll Slide John.

a Ties in schedules more of to the sales appendix the million due X.X% Net and on due partially from offset was including by The divestitures and X.X%. X.X% XXXX sales the organic in results are fourth As Skratch $XXX.X reconciliations. quarter growth decline non-GAAP divestiture Chemtec the included provide a of in XXXX sales financial the declined acquisitions now of information while our decline VanHooseCo reminder, and businesses. to organic

challenging U.K. $X to XXX to administrative price XXXX, target portfolio our rail to in back debt are for impact protection. continues coupled This our in reflected costs, offset a profile with levels up basis higher business. SG&A gross provision is primarily due commercial expenses increased growth, due with XX.X%. favorable improvement business customer personnel partially realization, profitability points improved mix of margins to the profit including variable filed changes, organic be in the X.X%, Our expanding environment by the million costs will reset that U.K. incentive bad for previously that and

prior $XX.X loss market last rightsized $XXX,XXX $XXX,XXX, business tax $XX.X million the was a valuation as restructuring deferred million we to recorded impairment also to in over our year's the favorable year $X for quarter allowance the Net million charge conditions. charges. U.K. due and quarter We

I'll now quarter one the the was along business, on with these highlights cash. backlog within which opening and activity divestiture graphs our remarks, changes most later in presentation. The Skratch. As the John highlights in for mentioned of as notable sales legacy operating $XX.X million and EBITDA in details Slide the result remaining adjusted and cover a orders his in includes X the and of our VanHooseCo

Ties million of a of transactions. As as or a result EBITDA QX in these the result down $X.X divestitures million sales Chemtec $XX.X XXXX, adjusted increased but X.X% and were

growth as the million was While organic adjusted down primarily in incentive $X.X as the well commercial compensation weaker environment year-over-year, higher of due legacy the EBITDA delivered U.K. expenses business to variable million $XX.X

Our the of We year-over-year levels adjusted over for transformation business the X and portfolio longer-term impact markets. with basis reported the growth The average the XXXX important XX the in which XX.X%, demonstrating our initiatives over an up guidance the gross profitability our less markets. prospects in of progress be profitability believe robust demand growth gross resilience end each profit our points our XXX sustainable each translated business XXXX highlights organic anticipates business an reflects will in quarter and made improvement into we focused profile quarter the demand in into in the drivers XXXX. Slide last in and we've that should with of infrastructure prior our improved strong sales structural trend XXXX, in have X year. In years. summary, a margin end these have of

million rail often our of within in due XXXX. Slide QX XX.X% timing was distribution to Fourth Products, performance of cover business the primarily divestiture the to cover balance infrastructure. segments: now we I'll couple X.X% were of I'll the as next fluctuates and $XX.X down slides, XX. in due X The Rail our reporting mentioned, of segment Rail year-over-year, ties was business the the Over previously segment decline which revenues on large due Rail segment which of rail and first to quarter are orders.

by business. down offsetting basis rail Friction Softness management. Partially our XXX XX.X% slightly global Rail margin of commercial weakness margins impacts with domestic weaker in primarily friction in to Management points, also both volumes in business and contributed the were improved continued the coupled Global monitoring market, U.K. track construction decline. the U.K. driven the was total in from margins

year-over-year due reflects our showing already Products, is improvement quarter backlog Rail of Rail were XXXX. Slide to which results orders early both fourth orders timing signs the within of segment. and Infrastructure down of primarily XX in

gross increased steel division As and $X.X sale was infrastructure which Bridge an periods XX.X% dilutive the precast the driven The partially and points, margins. steel up product Chemtec. Chemtec sale Deck million a products been profit been previous reporting from increased XX.X% businesses offset current organically, product volume, Gross exit, combination now or concrete products by precast mix to and have both products in reflect to both has which well and for to year-over-year. of Grid segment recast steel our by the structure. Infrastructure after Ness. as products steel a decline. of drove the Measurement and XXX Bob uplift margins a basis previously reporting pricing of our of Sales XX.X% Chemtec were revenue in as is gains renamed reminder, were divestiture, line to the which products Prior

declined momentum highlights throughout divestiture we've all orders Bridge which the established XX.X% gross of or million, to full $X.X results million versus costs, million and margin $XX.X Chemtec backlog was $X.X with increased EBITDA on Adjusted primarily XX New up XX year-over-year, Slide the product XXXX. increased X.X%, $XX.X due up compensation business XX.X%. to basis EBITDA were costs restructuring XX.X% organically last X.X% up and the points as costs. million Sales year profit our due down were variable and points both exit. The in line well of for basis as XXX year. SG&A to U.K. expanded personnel debt in bad and margins of year the including the were

debt points higher due primarily SG&A percentage to sales bad XX.X% a compared the as costs. up XX.X% charges, in to XXXX the of incentive and basis Excluding in variable XXXX, restructuring was XX

compared over in John opening operating slides. several key cover us $XX.X allowed a $XX.X we in million in of progress million the cash a significant fund capital in mentioned use I'll This to XXXX, As allocation achieved priorities, his improvement now which next to remarks, generating XXXX. flow

$XX generation metrics the The million to from for flow quarter profitability full $XX.X reflected in allowed Cash requirements million working us cash the reduce Slide for and on $XX.X capital operating operations and million drove lower year. flow Improved strong cash debt and the XX. year. in net leverage are

of after pleased leverage elevated a at the And per significant leverage at of result, X.Xx VanHooseCo progress the the Skratch our start agreement level XXXX. in over metrics well leverage our from achieved several We're acquisitions now the credit summer year immediately of decreased last below the with As gross the the to X.Xx improving and quarters. our our is year-end.

is early to debt provided in XXXX, and second a with expected half normal $XX steady cash metrics of the year-over-year flow capital working increase funding of the robust Our million in year. improved XXXX. in and decline leverage cycle Free net

balance year, However, to of the which in $XX.X flow a precast our our leverage actually by X cash The year completed our small tuck-in to with acquisition the priorities. net capital due during this were we debt million repurchases in allocation divestitures stock of line accretive free part and funded both reduced the ratio.

U.S. federal business our million should guidance reflecting obligation future. We $XXX ranges flow for tax minimize net As believe highlight a reminder, million, and the our power between XXXX in our operating $XX cash-generating yield million is improved valuation. business million projects. achievable spending XXXX winding Pacific higher the growth of our free free the losses today's have be settlement of With our This consistent that free for organic Union of believe we profitability to flow $XX between approximately we up cash XX% payments, model outlook, the capital at foreseeable results $XX flow and XXXX. capital-light beyond to $XX cash million would XX% cash and a

on our capital Slide reminder, a outlined XX. As priorities allocation are

are as with We strategy by in opportunities we net organic we Technologies Concrete. aligned also QX. in levels for see while evidenced was our portfolio that debt Mountain cautiously And Cougar will focus managing in that tuck-in acquisition growth continue the on growth Precast leverage our Precast to look and acquisitions Rail small and investing completed

with leverage Xx year we've a year a for We this around in the XXXX. strategic and a pleased level after of little gross comfortable X acquisitions little are a after over -- achieved completion

is growth quick investments at which slightly is levels to approximately historical to have spending and run on due higher to anticipated average, Capital expected than to X.X% high sales of organic our expected returns paybacks. X%

book-to-bill $XX thus million is We outstanding will through made to a priority, backlog of prospects with $X.X while and to by will to allocation stock been authorization. And the repurchase dividend its active shareholders closing the our of in this We've capital consider current X.XX:X orders improve. My of consuming since will opportunities new progress pleased and down in orders to refer stronger $XX.X XXXX stable or $XXX X.X%. total with the not to return was XXXX reduction continue we covering distributing continue to comments Consolidated a XX million for trends value through are to Slides cash the February cash continue option as business. for flow throughout and program. evaluate year X.X% free million, shares million with inception ratio far, shareholders XX,

largely orders in the While nature of due M&A, business. lumpy to the rail seasonality legacy also to distribution Rail segment decline net down orders orders the in is were in the the impact attributed and of

our We backlog lastly, our on are the level prospects million. activity in end quoting early reflects improving and rate demand from increased optimistic and XX for of XXXX, activity majority at order backlog seeing Slide remain healthy our $XXX.X markets. And we about a consolidated

product levels While is The $XX.X primarily timing was the we divestiture backlog in believe decreased decline year-end million from change of balance early recover and of segment, the orders elevated to at last will which XXXX. exit activities. year, $XX.X in to of million line due rail due

to our progress the quarter and benefits exceeded fourth We're momentum and John it our beyond. closing, progress again time. which your We business over most our expectations strategic in closing hand for in and from And seeing further for XXXX we highlight in John? with continue I'll road remarks. back results in our transformation. pleased confident Thanks forward the In look the and to now map. in to be we're cases, his XXXX, achieved strategic XXXX

John Kasel

these moving the expect of some Funding activities in to been trend increasing closing project-related to way Thanks, making customer continued North last XXXX by XX. remain XXXX. safety, realize particularly system. about near-term Infrastructure the the markets and I'll markets, for efficiency. savings begin began operating for we to America emphasis Bill. prospects given U.S. covering our through the optimistic key outlook in rail for on the continue approved and We business my its remarks Rail, over Slide on the has growth fuel slowly years end couple programs We of

with Rail light continue previously As this to face Technology to last continue demand over weakness. U.K. and disruptions ongoing Service some disruptions, our market ongoing mentioned, assess to very customers. has market in levels so we business construction and with weaker been the The business U.K. difficult challenging year of conditions liquidity

restructuring the line fourth train we current in U.K. mentioned, the with a environment. in to completed costs Bill program help in commercial As quarter our

to of and the be up. for challenging, appear This team, are and focus continue showing monitor some will the conditions manage we what myself a is and top situation they control. can signs we Although to bottoming

in the we from see portfolio demand the Concrete. continue U.K., strong infrastructure X core the allow demand. completed we strong a years, Precast infrastructure last believe for away more to over serve focused Moving grow business, our our actions and few markets with effort In to businesses ongoing

LLC, We expanding are operating Cougar technology reach acquisition Mountain which market. ID, integrating QX. proprietary license the is our assets to focusing included operation during acquired greater business Boise good licenses. A example the of our on was expands that Bill precast product our both and of as product The in Precast geographically rock completed our this, offering was Boise, mentioned, through of and already

saw While business our in focusing our challenges solutions. deck while to We now on believe Grid support some Bridge bridge positioned more customers with we North better America obsolescence that offering. are our innovative

of see continue years strong the to our In profitable continue Protective also to summary, we isolated challenges to prospects pipeline remains activity cycle, super growth demand for business. come. we expect our U.K., we believe overall coatings for infrastructure we light Finally, which in the face investment in despite in some improved the

today's X compelling I call thought supported with pillars. I'd begin is wrap to thesis, our which for up investment by

profitability steps guidance and transforming necessary evident results today. First, in we begin 'XX are and L.B. XXXX strategic Foster, our that resulting have to taken the improvements in structural provided we

clearly needed we in organic investment XXXX for in in we believe represent markets. growth and our an super served Those play pure we avenues with multiple infrastructure Second, strong reported the cycle. growth

with have been outlook. in finally, a favorable multiple disposal, at yet our suggests approach allocation capital-light business several which exceptional we with deployed. and our cash disciplined a And delivered improving fully we not of profitability cash capital coupled flow XXXX model Third, levers have flow

X into XXXX. in results pillars Our strategic financial improved along execution these translated

pillars future. are for With in our place, these we the prospects confident in

to Slide Turning XX.

are reconstituted to the spring. Index, We to back monitoring closely XXXX for the the Russell L.B. added be be Foster which will potential

cap you index off when As current of the $XXX removed from million. recall, May the XXXX index XXXX, approximately we in the market was cut reconstituted were back in was

time Our market cap $XXX at million. was that

approximately cap to year, current last the XX% XXXX. has Over appreciated stands over today compared at for stock the market And million. X% our Russell price our approximately $XXX

We was which included into index, our should translate we play. today, the the reconstituted XXXX interest that increased believe would transformation and the now be strategic in that in Russell in stock is

In our build going would the global the and of tagline, identity our has like the finally, our for delivered of We and adjusted came in new substantial purpose. the business the this clear we I global business are momentum core and we we closing, We steps new team launch connects for to progress continue website, represents to $XXX million solve have great aspirations visually thank which XXXX. goals is The in company recent out of million the goals. the a including our exceptional energized Foster new we today challenge. With with infrastructure $XX unveiled momentum. And innovate logo, XXXX, of L.B. in have past, brand made the future. and of now to line to since we those rolled and their of we company aspirational XXXX. 'XX results and sales need to now into EBITDA We achieve take sight back work

As this moving problems relentless forward. and our drive the company and to innovation that on ambition complex people to continues focus solve

turn back Q&A L.B. for and interest time your operator it for you the the in to session. Thank I'll Foster. continuing

Operator

with Instructions] Sakai Research. the [Operator Singular comes from of Chris It line

Joichi Sakai

for a Infrastructure XXXX? Rail a Rail a see gross It and we like going Where on and Technologies looks had gain. I and Solutions. had decline would Services had Technologies margins infrastructure these question profit in

John Kasel

joining for us, it. Chris, today. questions your thanks for Thanks, and really I appreciate

full gross basis for the is of year. XXX which XX.X% picture is big the So points, the expansion margin

our as that some moves really, the well other portfolio the really forward. some moving position as and contraction. done had has and last gains X line helped over But puts we bottom we've years So is

Chris little the that's Bill that line we're supply for And margins. out credit So market we out want give to for getting price conditions chain team our lot and today. a normalization in seeing can on with Maybe specifics. in what I some more detail happening can give the a and of share on stabilizing there going with

William Thalman

a question. say in is Yes. I Chris, rail business, again with bit side the of were the challenge the And What distribution. headwinds U.K. we there. of for weaker a some thanks clearly bit business, the had rail then would a QX. Volumes

I comment prepared U.K. impact moving that mentioned wouldn't to the in remarks my XXXX. we I as -- expect significant the think into be

was will well And across steel into they stabilize expect our margins the in for realized products sure. the be QX particular, strong moving we legacy off XXXX into we the in moving improvement of infrastructure that in as and very sustained Precast, on improve So side, and as our well. to then overall expect Board. Both that business, XXXX as business Precast

but So we side in and infrastructure QX, in the a into rail new year moving into improve the the be sustaining year well. should little gains held as to in expect the weaker

Joichi Sakai

Okay.

with anticipate Sounds good. you reducing further? debt continued cash And flow, do good

John Kasel

the for very with our We Thanks to were attention. fourth bringing pleased quarter.

department And X.X. if from come short you look second generation operating outstanding. with the getting to ratio give Curran was half credit second the the treasury I commercial our really of things. cash was at year X.X whole T.J. We in with far year, team didn't want the but nothing teams the the our XXXX, And of as to of fact, for that to have as best are respective up generation. cash In early lot the improving the working to start half a outstanding

So to that. watch to continue yes, we're going

we his now. use cash have a -- to Bill that in of remarks low do mentioned right

seasonal a we're know, Chris. you As business

but company, the throughout our focus job And good in build that's very and have to to management the we're QX because doing get spread specifically going to revenue levers. going happens, QX of to after and a not up of the we're managing we're those gains general, inventories lose is of some cash where the year-over-year. So in ramp

Operator

of comes It the Riley Alex line with Securities. B. Instructions] Rygiel [Operator from

Alexander Rygiel

are A question target. your XXXX the you? here changed it relates as XXXX has confidence confident Or that with regards target. How at to all sort of to

a XXXX better Now XXXX? through have and into bit that little you're visibility

John Kasel

Yes. Thanks for question. the

really that to leveraging where management leadership infrastructure we are as think to services The when importantly, we team, But pure X aspiration the of cities, goals today, out well out we it we we the to we to came I about really we shared reliability. and really put what of tell different. we play business those the strong respective businesses, of other I see both But as when becoming in of to how be the of wasn't these focus type back well VanHooseCo, will very, and transactions but with into of a going a more gave getting to of I've the starting kind place, of and safety we states business good that and as today, we're pace couple who money. We're it. And about just getting through the you did, the some have our business. respective well also very really funneling feel understand company our and in get going something as bringing the grant that we set there. very 'XX, honestly, performance up helping money to really the operational products need past the some the as activity and understood really we're of respective government is aspire the everybody the noise need ID well customers in of we've as and it system divested. on opportunities It But to go. as feeling relates setting enters what other you Skratch, we are really goals today good

and feel out we be to between the aspirational well with I [indiscernible] So than what we of to have those in better line years laid about here goals it do pretty . next of couple it need today

Alexander Rygiel

That's improving are in for great. continue margins very respectable step-up up target guidance margins is it there generally to topic. expectation notable EBITDA of your kind to of in the And that on a related margins, But kind improving. margins and as kind XXXX strong that EBITDA adjusted a X%. of here

up? it comments any here? we thoughts, Is make the on improved sort it of shift step improving mix how volume? pricing? Is continuation Is of So that a

John Kasel

been It's volume I'll our A per of view Bill And do in do for the play year America. those couple step my to plan, which is of away we'll into What point North in going necessarily things. I me great, have have of to depressed you is let was did reality but and is from from -- in get not XX.X%, necessarily let But they've we're the side tell to we taken and top need from there. And this. get we headwinds the and is the what where then we That's saying. couple we our is how top guidance saw it U.K. innovation XXXX of side of -- the what to continue of that technology you're step, a here have at from last for do the markets we guidance is years where been where things think, the of the $XX view, million. much is to, we in reality next some manage point not first

rest to position And in fall where the they the stay the we of will myself line in they my them as greater So can it a and to place get company now and the that is there. sure from to team make EBITDA. from contribute focus we release

color any to you add to want Bill, do that?

William Thalman

I a of for say Yes. midpoint Yes. Thanks, a of Alex. Bridge from kind question, of for guidance baseline thinking our XXXX. point as thanks view would is John, about the the The thing and

in we're there of our to opportunities demand the organic talked XXXX we lift XXXX, in markets. along revenue front broader growth investing with we've that cycle have about, we in strong As for infrastructure us in expect will be create that

something in the results like XX% XXXX that if 'XX number. going 'XX for you thinking to we're a from mean, I So midpoint use growth

growth margin it's think And up is EBITDA as drivers get when our that a where primary our business, you of then And growth $XX sure. to Rail that get million that to 'XX to on Precast we there. will ultimately, to SG&A leverage as have we opportunities target going out like margin higher overall we the it. about than our XX% SG&A are a be. which 'XX to get the Those well coming from investment be Technologies profiles growth can for of are from feel those at average amount to not because absolutely going significant And require

clear we view now So year will to laying 'XX. pretty in create to a to step what it place there. of this we're from got that groundwork to change the We've the be get able 'XX programs and take have

Operator

in John Kasel And I the I turn questions queue. for see to comments. final no further back will it

John Kasel

those part which aspirational Thank my year. And we be ]. you, in getting into with second 'XX remarks, you, as and setting [ of a again, Caman as of 'XX, for everybody, to I the mind, performance, up came journey. are to again, year goals in of the the team close joining today. half Foster L.B. the us Thank strong the out ourselves We're thanks in for line a transformational especially

not to and when to get going close beyond. back be done We're goals. We hit in aspirational 'XX our consider ourselves we

really leadership as very of in with job an moving that Ray much made bringing excellent new of are give the forward. hold to to team much, really a done the the has the strong like Directors our easier. Board and strategy, Ray management out of lined has Betler, very, also compelling up made far I'd shout accountable, which to job a So directors really transforming something is has as refreshment, Board

And Ray. that done, to providing thanks journey. many along he's move our continue line is to transformational help So life us to the that easier work do this going experience guidance making and and wisdom

again with of to up be So We for you with at care, everybody us that, safe. look joining thanks close QX. the catching forward the today. Take

Operator

now And thank participating may for you and you all disconnect.

L.B. Foster (FSTR) 5 Mar 242023 Q4 Earnings call transcript