LB Foster Co. (FSTR) posted first-quarter net income of $4.9 million or $0.48 per share, compared to $3.3 million or $0.33 per share in the comparable quarter last year.
Income from continuing operations for the quarter rose to $4.9 million or $0.48 per share from $2.9 million or $0.29 per share in the prior year quarter. On average, three analysts polled by Thomson Reuters expected the company to earn $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Robert Bauer, L.B. Foster's President and Chief Executive, stated, "We kept expenses under control in the first quarter as we wanted to build confidence in the economy before further investing in certain programs. Going forward, we will continue to focus on our high priority growth opportunities and we expect to increase capital spending."
Meanwhile, net sales for the quarter were $129.32 million, up 5.2% from $114.29 million in the year-ago period, while two analysts expected revenue of $127.75 million for the quarter.
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