Pittsburgh, Pennsylvania-based L.B. Foster Company, a manufacturer, fabricator and distributor of products and services for rail, construction, energy and utility markets, reported Tuesday its Q1 2013 operating results which included a 13.2 percent increase in sales compared to the prior year Q1.
Q1 net sales of $129.3 million increased by $15 million or 13.2 percent due to a 22.2 percent increase in Rail segment sales and a 19.5 percent improvement in Tubular segment sales, partially offset by a 4 percent decline in Construction segment sales.
Q1 income from continuing operations increased by 66.2 percent to $5 million compared to income from continuing operations of $3 million last year.
Rail segment sales increased 22.2 percent driven by strong sales in the rail distribution and transit products businesses. Tubular products began the year with strong first quarter sales posting an increase of $1.8 million or 19.5 percent compared to the prior year quarter.
Robert P. Bauer, L.B. Foster's President and Chief Executive Officer, had the following comments on the first quarter results, "The first quarter was a strong start for 2013. The strength continues to be centered around our Rail and Tubular products with our Q1 backlog increase all coming from our Rail Business. This performance puts us in a good position to make our 2013 plans. The operating leverage in the quarter continues to reflect our improvements in efficiency and nice growth from our more profitable product lines."