L.B. Foster Company provides engineered and manufactured products and services for the building and infrastructure projects worldwide. The company's Rail, Technologies, and Services segment offers new rail to passenger and short line freight railroads, industrial companies, and rail contractors; used rails; rail accessories, including track spikes and anchors, bolts, angle bars, tie plates, and other products; power rail, direct fixation fasteners, coverboards, and special accessories; and trackwork products, as well as engineers and manufactures insulated rail joints and related accessories. This segment also provides friction management products and application systems, railroad condition monitoring systems and equipment, wheel impact load detection systems, wayside data collection and management systems, track fasteners, and engineered concrete railroad ties; and aftermarket services. Its Precast Concrete Products segment offers a range of specialty precast concrete products, such as sound walls, burial vaults, bridge beams, box culverts, septic tanks, and other custom pre-stressed products for use in transportation and general infrastructure markets. This segment also manufactures precast concrete buildings for use as restrooms, concession stands, and protective storage buildings in national, state, and municipal parks. The company's Steel Products and Measurement segment provides bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. This segment also produces threaded pipe products for industrial water well, irrigation, and oil and gas markets, as well as offers pipe coatings for oil and gas pipelines and utilities, and precision measurement systems for the oil and gas market. The company markets its products directly, as well as through a network of agents. L.B. Foster Company was founded in 1902 and is headquartered in Pittsburgh, Pennsylvania.
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Here are 1-3 brief analogies for L.B. Foster (FSTR):
- Parker Hannifin (PH) for rail and bridge infrastructure components.
- Vulcan Materials (VMC) for specialized rail and bridge components, rather than basic aggregates.
- Eaton (ETN) for the physical 'bones' of railroads, bridges, and utilities.
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- Rail Products & Services: Provides a comprehensive range of rail, trackwork, friction management systems, and related services for global rail and transit industries.
- Precast Concrete Products: Manufactures and supplies diverse precast concrete solutions, including drainage, utility, and infrastructure components.
- Steel Piling & Construction Products: Offers steel piling, bridge decking, bridge railing, and other fabricated steel products primarily for infrastructure and construction projects.
- Custom Fabrication: Engages in the custom manufacturing of steel and aluminum components for various infrastructure, marine, and industrial applications.
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L.B. Foster (FSTR) primarily sells to other companies (Business-to-Business, or B2B), rather than directly to individuals.
While L.B. Foster generally does not disclose any single customer accounting for 10% or more of its consolidated net sales, its customer base consists of companies operating in major infrastructure sectors. The company's major customers can be broadly categorized as follows, with examples of public companies that represent these customer types:
* **Railroad and Transit Operators:** These customers purchase a wide range of rail products, including new and used rail, rail accessories, concrete ties, and trackwork components.
* **Examples of public companies:**
* Union Pacific Corporation (UNP)
* CSX Corporation (CSX)
* Norfolk Southern Corporation (NSC)
* BNSF Railway (a subsidiary of Berkshire Hathaway Inc. - BRK.A, BRK.B)
* **Heavy Civil Construction Companies:** These companies are customers for L.B. Foster's construction products, such as piling, bridge products, and precast concrete products used in infrastructure projects.
* **Examples of public companies involved in large infrastructure projects (often as prime contractors or engineering firms, which may then procure products from suppliers like FSTR):**
* Fluor Corporation (FLR)
* AECOM (ACM)
* **Energy and Utility Companies:** These customers primarily procure pipe, tubular products, and measurement systems for oil & gas transmission, distribution, and storage applications.
* **Examples of public companies:**
* Kinder Morgan, Inc. (KMI)
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John F. Kasel
President and Chief Executive Officer
Mr. Kasel joined L.B. Foster in 2003 as Vice President – Operations and Manufacturing. He has since held various roles of increasing responsibility, including Senior Vice President and Chief Operating Officer from December 2019, Senior Vice President – Rail & Construction from 2017 to December 2019, and Senior Vice President – Rail Products & Services from 2012 to 2017. In his early tenure, he introduced LEAN manufacturing and other advancements to improve operating efficiency. Prior to L.B. Foster, Mr. Kasel served as Vice President of Operations for Mammoth, Inc., and held management positions at Robertshaw Controls and Shizuki America.
William M. Thalman
Executive Vice President and Chief Financial Officer
Mr. Thalman joined L.B. Foster in 2021 as Senior Vice President and Chief Financial Officer. He brings extensive experience from Kennametal, Inc., a publicly-traded corporation, where he was employed since 2004. At Kennametal, he served in various senior finance and operating roles, including Vice President – Advanced Material Solutions and Vice President – Transformation Office. His previous responsibilities also included Vice President – Finance Infrastructure, Director of Finance – M&A and Planning, and Assistant Corporate Controller. Before Kennametal, Mr. Thalman held positions in treasury, investor relations, and financial reporting, and began his career in public accounting at Coopers & Lybrand (now PriceWaterhouseCoopers).
Brian H. Kelly
Executive Vice President, Human Resources and Administration
Mr. Kelly began his career with L.B. Foster in 2006 as Vice President, Human Resources, and has progressed to his current role. He previously served in various HR leadership roles at both public and private companies before joining L.B. Foster. His responsibilities include Human Resources, Strategic Planning, Corporate Marketing, Environmental, Health and Safety, Real Estate and Facilities, and Continuous Sustainable Improvement.
Patrick J. Guinee
Executive Vice President, General Counsel and Corporate Secretary
Mr. Guinee joined L.B. Foster in 2014 as Vice President, General Counsel and Corporate Secretary. In this role, he provides leadership for legal matters and public company governance requirements, including compliance with SEC regulations and structuring policy for governance, ethics, and risk management. Prior to L.B. Foster, he held corporate governance and assistant secretary roles at publicly traded companies.
Brian Hunter Friedman
Executive Vice President and Chief Growth Officer
Mr. Friedman serves as Executive Vice President and Chief Growth Officer, having previously held the position of Senior Vice President – Steel Products and Special Projects. He joined L.B. Foster in May 2019, initially leading the company's Protective Coatings business and later providing sales and operations leadership for an expanding portfolio of infrastructure-focused businesses. Before joining L.B. Foster, Mr. Friedman worked at ABB, a global infrastructure technology company, from 2012 to 2019, where he held commercial and operations leadership roles, including Director of Global Product Management. He also worked at Hunter Fan Company in R&D, engineering management, and operations.
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L.B. Foster (FSTR) operates in several key markets, primarily categorized into Rail, Precast Concrete Products, and Steel Products & Measurement.
Rail, Technologies & Services Segment
This segment provides a wide array of products and services including new and used rail, rail accessories, friction management systems, railroad condition monitoring equipment, and engineered concrete railroad ties.
- The global rail components market size was estimated at USD 82.01 billion in 2025 and is projected to reach USD 98.77 billion by 2030, with a compound annual growth rate (CAGR) of 3.79%.
- The North America rail transport market size was valued at USD 84.82 billion in 2024 and is projected to reach USD 128.11 billion by 2031, growing at a CAGR of 4.31%.
- The North America rail infrastructure market size was valued at USD 114.31 billion in 2021 and is projected to grow to USD 162.72 billion by 2029, exhibiting a CAGR of 4.52%. The U.S. alone accounted for USD 92.65 billion of this market in 2021.
Precast Concrete Products Segment
L.B. Foster's offerings in this segment include specialty precast concrete products such as sound walls, burial vaults, bridge beams, box culverts, septic tanks, and precast concrete buildings.
- The global precast concrete market size was estimated at USD 105.72 billion in 2023 and is projected to reach USD 156.13 billion by 2030, with a CAGR of 5.8%.
- In North America, the precast concrete market is anticipated to be USD 30.70 billion in 2025. The U.S. market is expected to reach USD 27.81 billion in 2025.
Steel Products & Measurement Segment
This segment includes fabricated bridge products (like bridge decking, railing, and expansion joints), structural steel fabrications, threaded pipe products, and protective pipe coatings.
- The global structural steel market size was valued at USD 106.4 billion in 2022 and is projected to reach USD 177.4 billion by 2032, growing at a CAGR of 5.3%.
- The global bridge construction market was estimated at US$822.8 billion in 2024 and is projected to reach US$1.1 trillion by 2030, growing at a CAGR of 4.7%.
- The North America bridge construction market was valued at USD 40.32 billion in 2024 and is expected to reach USD 62.16 billion by 2030, with a CAGR of 7.48%.
- The U.S. bridge and elevated highway construction market size was USD 16.1 billion in 2024 and is projected to grow by 5.4% during 2025–2032, reaching USD 24.3 billion by 2032.
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L.B. Foster (FSTR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Backlog and New Orders: The company has reported a significant increase in its backlog, particularly within the Rail segment. In the third quarter of 2025, the backlog rose 18.4% year-over-year to $247.4 million, with the Rail segment's backlog increasing by 58.2%. New orders also saw a substantial rise of 19.6% year-over-year, and a trailing twelve-month book-to-bill ratio of 1.08:1 indicates strong demand for its products and services. This elevated backlog is anticipated to translate into robust sales growth, with a projected 25% increase in sales for the fourth quarter of 2025.
- Continued Strength in the Infrastructure Segment: L.B. Foster's Infrastructure segment has consistently demonstrated sales growth. In the third quarter of 2025, the segment's sales increased by 4.4%, driven notably by a 12.7% rise in steel products. The Precast Concrete business within Infrastructure also contributed to growth, showing a 1.4% increase in sales volumes. Earlier in 2025, the Infrastructure segment's sales grew 5% due to strong demand in the Precast Concrete business.
- Expansion in Advanced Rail Technologies: Specific growth areas within the Rail segment are showing strong performance, contributing to future revenue. Notably, friction management solutions saw a 9% increase, and total track monitoring sales surged by approximately 135% in the third quarter of 2025. These areas represent key technological advancements and market penetration opportunities for the company.
- Strategic Focus on Organic Growth and Targeted Acquisitions: L.B. Foster is prioritizing organic growth initiatives across its various platforms. Management has indicated a commitment to investing capital in its facilities to support these programs. Additionally, the company actively evaluates opportunities for tuck-in acquisitions that align with its growth platforms, aiming to expand product line breadth and geographic coverage. These strategic efforts are expected to accelerate profitability and revenue expansion in the coming years.
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Share Repurchases
- L.B. Foster's Board of Directors authorized a new 3-year $40.0 million stock repurchase program on March 3, 2025, which is valid through February 29, 2028. This program replaced a previous $15.0 million authorization that expired at the end of February 2025.
- During 2024, the company repurchased 300,302 shares. Through the end of the second quarter of 2024, approximately 1.9% of outstanding shares were repurchased for $4.0 million, with $11.0 million remaining from the original $15 million authorization.
- In the third quarter of 2025, L.B. Foster repurchased approximately 184,000 shares of its stock for $4.7 million. Since the inception of the repurchase program in early 2023, the company has repurchased approximately 896,000 shares, representing over 8% of outstanding shares.
Share Issuance
- No information regarding significant share issuances (e.g., equity offerings) by L.B. Foster over the last 3-5 years is available in the provided search results.
Inbound Investments
- No information regarding large investments made in L.B. Foster by third-parties (e.g., strategic partners or private equity firms) over the last 3-5 years is available in the provided search results.
Outbound Investments
- L.B. Foster acquired Intelligent Video and Skratch Enterprises in August 2022.
- Skratch, a manufacturer of digital signage, was acquired for $7.4 million in June 2022.
- The company also mentions past acquisitions of VanHooseCo Precast LLC and Cougar Mountain Precast, LLC businesses in the context of realizing anticipated benefits.
Capital Expenditures
- Capital expenditures for the nine months ended September 30, 2025, and 2024, were $8.057 million and $7.834 million, respectively.
- These expenditures primarily focus on general plant and operational improvements throughout the company, as well as organic growth initiatives, including investments in a new Precast Concrete facility in Lake County, Florida.
- For 2025, capital expenditures are expected to represent approximately 2.0% of sales. The company generally aims for capital spending at approximately 1.5% to 2% of sales long-term, with slightly elevated spending in 2024 for growth platforms.
