On Wednesday, Pittsburgh, Pennsylvania-based L.B. Foster Company, a manufacturer, fabricator, and distributor of products and services for rail, construction, energy and utility markets, reported its second quarter 2012 operating results. Q2 net sales of $164.9 million reflected a decrease of $6.6 million or 3.8 percent. L.B. Foster incurred a Q2 loss of continuing operations of $3.2 million compared to earnings of $6.2 million in Q2 2011.
Rail segment sales increased 14.1 percent driven by strong sales in the core new rail and concrete tie businesses, and the insulated joint product line. Construction sales declined 32 percent in the quarter. This comparison was due principally to the Piling product line, although all construction segment businesses experienced declines. Tubular product sales of $13.95 million were up 44.4 percent in Q2 as end markets in oil and gas and water well applications are driven by energy and agriculture.
Net sales for the first six months of 2012 decreased by $6 million or 2.1 percent, due to a 25.2 percent decline in Construction segment sales, partially offset by a 10.8 percent increase in Rail segment sales and a 50.8 percent improvement in Tubular segment sales. Income from continuing operations was less than $0.1 million or $0.00 per diluted share compared to $6.8 million or $0.65 per diluted share in 2011.