Return to Sales Growth
L.B. Foster returned to sales growth with revenues up 2% year-over-year, primarily due to a 22.4% increase in the Infrastructure segment, led by a 36% rise in Precast Concrete sales.
Significant Increase in Adjusted EBITDA
Adjusted EBITDA increased by 51.4% compared to last year, driven by favorable margins in the Infrastructure segment and reduced SG&A costs.
Decrease in Net Debt
Net debt decreased to $77.4 million, with gross leverage improving to 2.2x from 2.7x last year.
Strong Backlog and Order Growth
The order rates drove a solid increase in the backlog for both segments with a 42.5% increase in Rail backlog and a 13.7% increase in Infrastructure orders.
Successful Amendment of Credit Facility
L.B. Foster successfully negotiated an amendment to its revolving credit facility, increasing borrowing capacity, extending tenure to 2030, and reducing borrowing costs.