FOSTER L B CO Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>FOSTER L B CO has filed its annual 10-K report detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

FOSTER L B CO (FSTR) filed a Annual Report (10-K) with the SEC on March 6, 2024. FOSTER L B CO filed its 10-K report for the fiscal year ending December 31, 2023. The company is classified under SIC code 5051: Wholesale - Metals Service Centers & Offices. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components such as Accrued Liabilities, Property, Plant, and Equipment, and Long-Term Debt are referenced. The company operates in Pennsylvania with its principal business address in Pittsburgh.

Why It Matters

For investors and stakeholders tracking FOSTER L B CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of FOSTER L B CO's financial health, operational segments, and risk factors for investors and stakeholders. The detailed financial information allows for year-over-year comparison and analysis of the company's performance in the metals service centers and offices industry.

Risk Assessment

Risk Level: medium — FOSTER L B CO shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market conditions and operational execution, as indicated by the detailed financial statements and segment reporting within the 10-K.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-K to assess FOSTER L B CO's operational efficiency and market position.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-06 — Filing Date (Filed As Of Date)
• 5051 — SIC Code (Standard Industrial Classification)
• PA — State of Incorporation (Company Data)

Key Players & Entities

• FOSTER L B CO (company) — Filer of the 10-K report
• 2023-12-31 (date) — Conformed period of report
• 2024-03-06 (date) — Filed as of date
• 5051 (industry_code) — Standard Industrial Classification
• PA (location) — State of Incorporation
• Pittsburgh (location) — Business Address City
• 4129283431 (phone_number) — Business Phone
• 2023 (date) — Fiscal Year

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This filing provides the primary source of detailed financial and operational information for FOSTER L B CO.)

SIC Code

Standard Industrial Classification code used to identify industries. (Helps categorize FOSTER L B CO within the broader economic landscape, specifically as a Wholesale - Metals Service Center & Office.)

Key Financial Figures

• $0.01 — ich Registered Common Stock, Par Value $0.01 FSTR NASDAQ Global Select Market Secu

Filing Documents

• fstr-20231231.htm (10-K) — 2095KB
• a202310kex-41.htm (EX-4.1) — 20KB
• a202310kex-21.htm (EX-21) — 11KB
• a202310kex-23.htm (EX-23) — 3KB
• a202310kex-311.htm (EX-31.1) — 11KB
• a202310kex-312.htm (EX-31.2) — 12KB
• a202310kex-320.htm (EX-32.0) — 8KB
• a202310kex-97.htm (EX-97) — 31KB
• fstr-20231231_g1.gif (GRAPHIC) — 39KB
• 0000352825-24-000076.txt (&nbsp;) — 12957KB
• fstr-20231231.xsd (EX-101.SCH) — 78KB
• fstr-20231231_cal.xml (EX-101.CAL) — 151KB
• fstr-20231231_def.xml (EX-101.DEF) — 455KB
• fstr-20231231_lab.xml (EX-101.LAB) — 949KB
• fstr-20231231_pre.xml (EX-101.PRE) — 768KB
• fstr-20231231_htm.xml (XML) — 2201KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 16 Item 1C. Cyberse curity 16

Properties

Item 2. Properties 18

Legal Proceedings

Item 3. Legal Proceedings 18

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 18 PART II

Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 19

Reserved

Item 6. Reserved 19

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 29

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 30

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 63

Controls and Procedures

Item 9A. Controls and Procedures 63

Other Information

Item 9B. Other Information 66

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 66

Executive Compensation

Item 11. Executive Compensation 66

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 66

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 67

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 67 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 68

Form 10-K Summary

Item 16. Form 10-K Summary 68

Signatures

Signatures 72 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Many of the forward-looking statements are located in "Management's Discussion and Analysis of Financial Condition and Results of Operations." Forward-looking statements include any statement that does not directly relate to any historical or current fact. Sentences containing words such as "believe," "intend," "plan," "may," "expect," "should," "could," "anticipate," "estimate," "predict," "project," or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this Annual Report on Form 10-K are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, L.B. Foster Company's (the "Company's") expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company's expectations relating to our strategy, goals, projections, and plans regarding our financial position, liquidity, capital resources, and results of operations and decisions regarding our strategic growth initiatives, market position, and product development. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company's control. The Company cautions readers that various factors could cause the actual results of the Company to differ materially from those indicated by forward-looking statements. Accordingly, investors should not place undue reliance on forward-loo

BUSINESS

ITEM 1. BUSINESS Summary Description of Businesses Founded in 1902, L.B. Foster Company is a Pennsylvania corporation with its principal office in Pittsburgh, PA. L.B. Foster Company is a global technology solutions provider of engineered, manufactured products and services that builds and supports infrastructure. The Company's innovative engineering and product development solutions address the safety, reliability, and performance needs of its customers' most challenging requirements. The Company maintains locations in North America, South America, Europe, and Asia. As used herein, "L.B. Foster," the "Company," "we," "us," and "our" or similar references refer collectively to L.B. Foster Company and its subsidiaries, unless the context indicates otherwise. Business Segments The Company has historically operated under three reporting segments: (1) Rail, Technologies, and Services, (2) Precast Concrete Products, and (3) Steel Products and Measurement. During 2023, the Company made certain organizational changes, which included the appointment of an executive leader for the Infrastructure Solutions business. The Infrastructure Solutions business comprises both the historic Precast Concrete Products and Steel Products and Measurement (since renamed "Steel Products") reporting segments. After evaluation of the organizational change along with the acquisitions and divestitures that the Company completed, the Company concluded that, beginning in the fourth quarter of 2023, it will operate under two reporting segments, and has restated segment information for the historical periods presented herein to conform to the current presentation. Accordingly, the Company now operates in two reporting segments: (1) Rail, Technologies, and Services ("Rail") and (2) Infrastructure Solutions ("Infrastructure"). The Company's reportable operating segments have been determined in accordance with the Company's internal management structure, which is organized based on operating activ

View Full Filing

View this 10-K filing on SEC EDGAR