L.B. Foster pany-L.B. Foster Exceeds 2023 Guidance; Delivers Strong Cash Flow, Improves Leverage, and Returns Capital to Shareholders; Establishes 2024 Guidance and Reiterates 2025 Goals Aligned with Strategic Transformation

Full year 2023 net sales of $543.7 million up 9.3% over prior year (up 11.7% organically) and$ 3.7 million above the upper end of guidance range; gross margins expanded 270 basis points to 20.7%. Fourth quarter net sales of $134.9 million down 1.7% from prior year quarter (up 7.7% organically1); gross margins expanded 200 basis points to 21.5%. Full year 2023 net cash flow from operations of$ 37.4 million was favorable $48.0 million over 2022, with free cash flow1 totaling$ 33.0 million and $2.3 million in ...