LB Foster at Sidoti Small-Cap Virtual Conference: Strategic Transformation for Growth

On Thursday, 20 March 2025, LB Foster (NASDAQ: FSTR) showcased its strategic transformation at the Sidoti Small-Cap Virtual Conference. The company highlighted its shift towards higher-growth, higher-margin opportunities while addressing challenges such as a decreased backlog. With a focus on innovation and technology, LB Foster aims to capitalize on infrastructure demand and government funding.

Key Takeaways

• LB Foster is focusing on reinvesting in growth areas like global friction management and precast concrete products.
• The company reported a 79% increase in adjusted EBITDA from 2021 to 2024.
• Despite a 13% decrease in backlog, LB Foster expects substantial free cash flow in 2025.
• A $40 million stock buyback program reflects management’s confidence in future prospects.
• Strategic priorities include share repurchases, organic growth, and smaller acquisitions.

Financial Results

• 2024 Performance:

- Net debt leverage at 1.2x.

- EBITDA increased by $1.8 million year-over-year.

- Significant cash generation supported debt reduction and stock buybacks.

- Union Pacific obligation was finalized.

• 2021-2024 Growth:

- Overall growth of just over 3%, with organic growth at about 17%.

- Gross margin expanded from 16.8% to 22.2%.

- Adjusted EBITDA rose from $19 million in 2021 to $34 million in 2024.

• 2025 Guidance:

- Expected free cash flow between $20 million and $30 million.

- $93 million in net operating losses to ensure a low federal tax bill.

• Backlog:

- Total backlog decreased by 13% year-over-year, with rail and infrastructure backlogs down by $22 million and $6 million, respectively.

Operational Updates

• Strategic Shift:

- Nine transactions completed in the last 3.5 years, including 5 divestitures and 4 acquisitions.

- Focus on growth platforms to enhance profitability.

- Scaled back UK initiatives due to market conditions.

• Segment Performance:

- Rail comprises 60% of sales, with a 22.2% gross profit margin shared equally between rail and infrastructure.

• Growth Drivers:

- Precast concrete expansion into the South/Southeast with new facilities.

- Global friction management leading the market with only 5% penetration.

- Condition monitoring providing early warning systems for rail asset management.

• Energy Sector:

- Increased activity in oil and gas, with 55 new hires for distribution business.

Future Outlook

• Capital Priorities:

- Maintain leverage around 1x.

- Prioritize share repurchases and support organic growth.

- Consider tuck-in acquisitions for product line or geographic expansion.

• Market Opportunities:

- Domestic energy demand and growth in precast concrete driven by demographics.

- Expansion in global friction management targeting untapped markets.

- Rising demand for condition monitoring solutions in rail.

• Thesis:

- Structural improvements are set to enhance profitability.

- Significant organic growth opportunities in steel, infrastructure precast, and rail technology.

- Attractive valuation with favorable free cash flow generation.

Q&A Highlights

• Growth Drivers:

- Precast concrete growth linked to population trends and regional expansion.

- Friction management driven by customer ROI and market leadership.

- Condition monitoring growth fueled by demand for rail safety and efficiency.

• Cash Use:

- Focus on balance sheet strength, share repurchases, and organic growth.

- Exploration of smaller tuck-in acquisitions.

In conclusion, LB Foster’s strategic transformation positions it for future growth. For more details, please refer to the full transcript below.

Full transcript - Sidoti Small-Cap Virtual Conference:

Julio Romero, Host, Sidoti and Company: Great. Well, good afternoon, everyone, and thank you for joining the Sidoti and Company twenty twenty five, March 2025 Small Cap Conference. My name is Julio Romero. I cover building products, industrials, and engineering construction at Sidoti and Company. Really pleased to be able to host LB Foster.

Their ticker is FSTR. With us today, we have John Cassell, president and chief executive officer, Bill Thalman, EVP and chief financial officer, and Daniel Swick, who works with Lisa Durante on the IR front. The format of this is gonna be a presentation followed by some Q and A towards the very end. If you do have questions for LB Foster, feel free to type them into the Q and A section at the bottom of the screen. Happy to ask towards the very end if time allots.

With that, John, Bill, and Daniel, thanks so much for being here, and the floor is yours.

John Cassell, President and CEO, LB Foster: Thank you, Julio. Much appreciated. Thanks for joining us today. And, Dan, if you go to the first start, please. Alright.

A little bit about me. I’m, I started the company. I’m just over twenty twenty two years with the company. I’ve had basically, I’ve run multiple facets of the company. In 2020, I was named CEO.

And 2021, I was named CEO. So we’re gonna talk about the story, in the last three, four years, as we’re continuing to pivot the company moving forward. A little bit about our history. We’ve been around for since nineteen o two. It was started by four brothers, fat, the foster family.

Much of what we do today is in North America. In fact, 90% of what we do is with just over a thousand employees, serving North America market. About 90% of us here in North America, and we’re doing that as specifically strategic to us is really managing what we do here in North America. We’re gonna talk quite a bit about the business segments. We we roll up under two segments, real technology services and infrastructure solutions.

We’ll get into more details about that. You can find us on Nasdaq. We’re traded FSTR. And you see on this page, and we’re gonna talk about the guides that we’re getting for 2025 as it relates to revenue, adjusted EBITDA, and and trajectory we’re seeing not just on gross profit, but also on cash flow. The company has had a rich history of generating cash and we have, we’re back to doing that and we feel confident that that is here to stay is generating for small micro cap company, a strong balance sheet, but also generating a lot of cash.

Next. So I I wanna just start with this because I think it’s important as, you know, talk about the ’21 versus ’24, and you see on the left hand side and where we started, basically a strategic journey, a transformation. I know a lot of companies talk about transformation. Most of our heavy lifting is behind us now. It’s about continued growth on a solid platform, profitability, as well as cash generation.

On the far right is what Bill and I published earlier this year as far as our financial guidance. So you can see significant improvement from where we were just three years ago. We had to get smaller to get larger. In the last three years, we’ve done a number of deals with our share with you, so, you know, highlights of those. But more importantly, it was about getting this product line and portfolio in line with who we’re who LB Foster is and our core competence.

And that’s really specifically in our growth markets that we’re gonna talk about today. Next. Alright. So let’s walk into the segments. We’ll move to the next page.

And this is where we’re really focusing on how to how to continue to grow growth for the shareholders. So rail is the legacy segment. The business goes all the way back to nineteen o two, and the infrastructure is something you added during the period of time. We feel very good about both rails, the largest of the two. So it’s about 60% of the sales of the portfolio.

But you see what we’re working on here is a gross margins. So 22.2% gross profit margin across the company and split out equally between rail and both infrastructure. We’re gonna get into more of what rail technology services mean, what it means to us, and more importantly, what it means to you and infrastructure solutions in the coming charts. Next. So first of all, rail, all the way back rail products.

You know, that’s where we built and made manufactured and we still do today a lot of rail products that the transit and and freight authorities run on. And we kind of got the recognized brand, if you will, of when you build track, you go to LB Foster. We like that business, but it also was something that is much of that was commoditized over the years. So we needed to pivot ourselves into a more technology innovation company. We started that back in 2010 with the acquisition of Portech.

So instead of just selling our real products, we wanted to be able to give some solutions and offerings to be able to maintain that, that offering related to rail products. And that’s where Global Friction Management came in. We did that for two reasons. One, we wanted to give the customer something that would give them better life, they would have better utilization. And we also wanted to grow the company and get a larger footprint.

That brought us throughout North America as well as Western Europe with the acquisition of Vortec. The third piece of that was if we wanna continue to give the customer something more off track to really understand how they’re operating their equipment and and bring in a reliability and a safety element to the business is where we bought the two two business, which came from The UK back in 02/2015. Here, this is about surveillance. It’s about understanding how trains are running on their particular assets. And this is what’s really changed our company and our thinking.

And where growth is gonna continue to come, not just in in global markets, but here in North America, are bringing technology and services to the forefront to help our our our customers be able to run their assets, and utilize their assets more effectively and efficiently. Next. Infrastructure was the other piece. So we’ve, this has been a little choppy and now, and specifically in 2024. We feel very, very good about this business going forward.

The choppiness wasn’t on the precast side. We’ve had a nice growth ten years as far as what we’ve done in precast. We’ve grown that business from CXT back in 1999 with the recent acquisition of Andrewsco in 2022, and now starting up operation in Florida. The choppiness has been on the steel side, specifically on the energy side in the last four years. You know, not much has happened over oil and gas.

Now we’re seeing that change significantly here in ’20 the start of 2025, and we’ll we’ll talk a little bit about that in the coming charts. Next. So we break up the business. You know, we talk about how we report to the markets in two segments. But how we run the business is we look at it from a returns point of view and a growth point of view.

First of all, from a returns point of view, this is the rail products I was just mentioning, The UK services as well as the steel products. These are businesses, especially the rail products, that generates a lot of cash. It gives us the opportunity to take that cash and reinvest in the company. And that’s what we do on the left hand side. The left hand side was is where we’re spending our engineering, our r and d, and this is where we’re spending our money and efforts.

And this is where the growth is coming in. Bill and I will talk quite a bit about the growth that’s coming in organic in nature in the next twenty, twenty five and beyond. We feel very excited about it, but that all comes from how we run the return side. And then we feed and fund the global friction management, the track toll track monitoring, and what we just talked about, the precast concrete products. Next.

So this is one of our favorite charts because this is what why we’re doing what we’re doing and why we’re driving shareholder value and returns. So on the right side, we’ve had some contraction as it relates to growth. But that was we did that intentionally, yeah, because we wanted to move away from the commodity type businesses, and really get into the stuff that could grow on profitability of the company. And that’s what we see on the left hand side. So 74.6% growth since 2021 on the growth side.

Some of that did come through acquisitions, specifically with our Tennessee acquisition. But a large part, a lot of that is coming from what we’re doing with our organic programs. We’re also at the same time focusing on our margin profiles. This is where this is exciting to us cause we’re really kind of defining some market market spaces, as well as the opportunity to get paid for these. So we’re seeing a lot of pull from our customer on the rail side and infrastructure side of where they want our products and services or innovation that we’re having offer, and we’re getting paid for it.

As you see in respect of our gross margin profiles here on the left. Next. Then I’ll flip it over to Bill, and he’ll give you a little more meat on the bone. I’ll come back to the closing remarks, how we’re kind of seeing this year’s shape up. Bill?

Bill Thalman, EVP and CFO, LB Foster: Thanks, John. Good afternoon, everyone. Thanks again for joining us. My name is Bill Talman. I’m the CFO of LB Foster.

I’ve been with the company, just over four years, and, I joined at a very exciting time, in the company’s history, given the, the transformation work that was kicked off back in 2021. So I’ll spend a couple of minutes starting off with, how we finish up 2024 and then get into, the accomplishments we’ve seen over the last several years. So we finished 2024 exactly how we expected, in a pretty strong way when it comes to cash generation as well as profitability expansion. Second half of the year was very strong and that was something that we predicted and expected in our guidance that we provided. The net debt levels came down as expected.

We finished at the end of the year at 1.2 times net debt, our leverage. The margins were higher on a year over year basis. EBITDA grew for the full year, up $1,800,000 And as I mentioned, we generated a significant amount of cash that allowed us to not only pay down our debt, but also execute a pretty robust stock buyback program, in 2024. I’ll remind everybody that we had a Union Pacific obligation that was settled and finalized at the end of twenty twenty four. So that is behind us at this point.

And, so that represents a nice inflection point going forward in terms of free cash flow generation. The guidance we’ve put out for 2025, John mentioned, contemplates continued growth and strong profitability expansion. That’s gonna be driven by those growth platforms. And the free cash flow that we expect to generate will allow us to not only manage our debt levels in line with our aspirations to maintain that one to two times leverage, but then at the same time, execute a stock buyback program with the new one just authorized, just at the end of the last board meeting. So it would have been announced in early March.

So $40,000,000 program, so we feel very good about the outlook. Next slide, Dan. This is one of my favorite slides because it shows such a great journey that we’ve been on and the results that we achieved. We were able to complete nine transactions over a three point five year period of time, five of which were divestitures for acquisitions. The acquisitions were squarely in our growth platforms and really helped us to transform the profitability profile of the company that you see here.

So on a reported basis, our growth over that top time frame was about 3%, just over 3%. But when you look at the organic elements of it, we grew organically about 17% over that three year period of time. But importantly, we were also able to drive strong margin expansion because of that portfolio work that we accomplished along with the organic growth, as well as the profitability, initiatives that we’ve had in the business. So, we went from 16.8% all the way up to 22.2%. And we would expect that gross margin to continue to expand moving into 2025, given our goals in terms of growth within the growth platforms and continuing to leverage the strong platform we have in the returns.

Next slide. This chart gives a similar picture in terms of the annual improvement in adjusted sales and gross profit, but it’s also important to highlight the improvement we saw in EBITDA from $19,000,000 in 2021 all the way up to $34,000,000 in 2024. So that represents a 79% increase over that timeframe. And again, more room to grow here, based on the guidance we’ve put out in 2025. Next slide.

We’re really proud of our ability to manage cash and leverage cash generation and our operating leverage. We believe this is a core competency and capability of the company. Our cash flow can be very lumpy given the working capital needs of the business and the seasonality of the business that we have. Typically, the second and third quarter are strongest two quarters. First quarter is typically our weakest and the fourth quarter is somewhere in between those two data points.

So, working capital cycle typically results in us having a higher leverage level, in the first and the second quarter. You can see we had that, in the last couple of years for this chart. But then we also have the cycle come down on the back half of the year, which allows us to pay down the debt and get to a reasonable debt level. We’ll be targeting one to two times closer to that one, at the end of each fiscal year. And we think we have the cash outlook, that the cash needs of the business will help us to be able to get to that level of leverage also with the improvement in profitability that we expect to see coming in 2025.

I already mentioned you real quickly, just one more comment back here, Dan, thanks. I already mentioned the Union Pacific obligation that’s behind us, but I did also want to mention, we have $93,000,000 in net OLs. So from a cash taxes point of view, we have very low federal tax bill for the foreseeable future, and that will also be part of our cash generation story here for the foreseeable future. Thanks, Dan. Next slide.

John mentioned earlier about the backlog and how we were seeing the business cycle given some of the decisions that we’ve made. For the last several quarters, we’ve operated below one when it comes to the book and bill ratio. That’s in both of the businesses. You’ll notice that Rail is a bit lower than that, on the lower side, infrastructure a bit higher. Both have been improving in terms of book to bill ratio, but it’s been below one, largely because or in part due to the decisions that we’ve made strategically to get out of certain product lines and certain parts of the business that were not performing from an economic profit point of view.

So if you flip to the next page, I can unpack that a little bit more. So, this is the backlog on a consolidated basis and then for both infrastructure and rail. So on a consolidated basis, backlog is down year over year $28,000,000. That’s about 13%. And you can see on the left hand side, rail represents about 22,000,000 of that, and then infrastructure about 6.

Infrastructure is largely due to the timing of some of the orders that we’ve had in the coatings business. That backlog is down on a year over year basis, but we see it improving. And as John mentioned, that’s an area of the business that we expect that we’ll continue to improve under the new administration and the focus on energy production here in The U. S. And on the left hand side, over half of the decline in the Rail Technologies business backlog is is related to The UK business where we’ve made a very strategic decision to scale back initiatives there because of the profitability profile of some of the business that we had previously.

It’s a very tough market. They’re having their challenges in The UK. And we’re purposely scaling back that business, because we think it’s the right thing to do. We have better uses for that capital. We’re going to deploy it to other parts of the business that have better prospects for the future.

Next slide. I’ll wrap up my comments with this slide. You know, we think we have a very compelling message here today, particularly where the stock price is trading today. We’re guiding free cash flow for 2025 at $20 to $30,000,000 The midpoint being $25,000,000 We generated $25,000,000 of free cash flow in 2024 on an apples and apples basis if you consider the one time cash needs of the business related to what we would call non recurring items in 2024, as well as the UP payment. So we’ll consume some working capital moving into 2025, relatively speaking because of the sales growth, but we feel great about the $25,000,000 midpoint that we’ve got established.

And you can see the yield, the free cash flow yield against today’s stock price at the two, the high and the low end of the range as reflected there. And then from a valuation point of view, as of year end, we were at about 10 times EBITDA based on 2024 EBITDA, enterprise value to EBITDA. When you look at where the stock price is trading today and consider the debt level as well as the cash generation that we expect in 2025, we’re a very, very attractive valuation. And as I mentioned earlier, we have our stock buyback program. We’re active with that program and we think it’s an attractive time to be looking at helping foster.

So with that, I’ll turn it back over to John, for his closing remarks. John.

John Cassell, President and CEO, LB Foster: Thanks, Bill. Go ahead. Let’s go to the next chart, Dan. We’ll try to wrap up here in five minutes of global q and a session. So a lot of this is just a repeat of what we talk about, but I think support, we get a lot of questions, what our capital priorities.

You know, we take capital very seriously, and we’re very structured about how we go about things, especially spending money. We’re we’re you know, we finished 1.2, as Bill mentioned, at the end of the year. You know, one is a target of ours as far as leverage ratio. I’m very excited about the, largest act the largest program we have as far as repurchasing of shares, which is 40,000,000 over three years, which we’re active in today. Growth is not a big number for our company.

It used to be in the past when we were building all these plants and facilities, specifically, we’ve really been pivoting the company with technology innovation. It only represents 2% of the sales as it relates to CapEx for our company, and we’re very mindful where we spend that money. And we always have a filter open as far as acquisitions, but we’re not looking for the big game changing. We don’t need it. We have plenty to do organically, but where it makes sense to do tuck in acquisitions where we can add a specific product line or move to a geographic location, we will definitely take those under consideration.

Next. So, you know, unrelated to what’s going on right now coming out of DC, there’s a lot of pent up demand. There’s a lot of monies that are maybe a little bit of a flickering green right now because of what’s going on in DC. But we feel very confident, comfortable that the monies are going to be flowing into the balance half of this year as well as into next year. So one of the things we’re really excited about is we do domestic energy here in oil and gas specifically.

Last four years, we haven’t done much in that business, but we’re seeing quite a bit of work. We’ve been I mentioned it there, in our earnings release, we just hired 55 people, which really fills out our facilities as far as our ability to cope pipe for the oil gas distribution business. And we just commissioned a facility in Florida to produce our biocast modular wall system. So we have lots of growth opportunities and we see a lot of funding and support behind to make these happen. I’m going to walk through a few more before we close the session.

Next. So, here’s here’s one that we really keep a close eye on, and these are Christy Grass. This is money that’s being appropriated for consolidated rail infrastructure safety and from the state of federal government. And we’ve seen a five, fivefold improvement in funding. Now what happens is these things get kind of a backlog, because they got to find specifically where they wanna look at safety and efficiency.

And there’s a lot of focus on safety and efficiency in the rail space today, both on freight side and transit side. So the monies that you see on this chart specifically for far three, ’22, ’20 ’3, and ’24, these bar charts, those are billions of dollars and it’s fivefold what we see in the past. The bulk of this money, in fact, twenty three and twenty four hours has been spent at all and a good proportion of perhaps we believe up to 70% of the ’22 money and it’s not been spent. So this is all pent up demand that’s going to be flowing through And, you know, at the end, you know, this is good for LB foster and our shareholders. Next.

So here’s a chart. A lot going on in this chart, but, you know, we are seeing improvements to what’s going on related to just the year over year improvements as well as traffic. All the other things that we’re looking at to really drive us our company. The things that’s going on in the pipeline, we talk about the Great American Outdoors Act, the IIJH twenty twenty one. We believe that only 30% of that money has been spent.

So we’re just looking at a lot of pent up demand that’s gonna be flowing through. And the good news is how we foster 90% of what we do is here in North America. A large percent of that is right here in The United States and our suppliers by and large are all domestic. So we feel we’re very well positioned for this infrastructure, super cycle that we see for years to come. Next.

So as a reminder, a thesis, our structural improvement, to drive profitability is in place. The heavy lifting is behind us. We feel very good about our organic opportunities for growth. This is in the steel side. We’re seeing a piece of that, but more on infrastructure precast and of course on the rail technology side is a big place for us growth.

Favorable free cash flow is imminent now with the closure of the UP settlements that we did last year. Bill talked about that. You know, we will be generating cash as we laid out in our guidance and then very disciplined how we spend those monies. We believe in protecting the assets of the company and impacting our protecting our shareholders as well. So it’s a very, very important part of how we manage our cash and manage more importantly our strategy.

Taking that cash and really driving our core competence, but made how we foster brand what it is today and driving to the future. Strategic execution behind us. Bill talked about attractive valuation, free cash flow, and then strong profitability. With our guidance that we put out there for this year, 34% growth and adjusted EBITDA with 5.5% organic sales growth and then free cash flow, you know, landing in there between 20 and $30,000,000 So we’re seeing the benefits of a lot of heavy lifting and a lot of good work by all the employees that we’ve lost for the last couple of years making this happen. But this is the time for our company to grow both top and bottom line.

With that, we thank you for your time. And, Julio, I’ll turn it back to you for, if we got maybe three or four minutes for some question or two.

Julio Romero, Host, Sidoti and Company: Excellent. Well, thank you very, very much for the rundown. Again, if you have questions for LB Foster, type them into the Q and A section. We’ll get to it if we have time. I’ll kick it off here with just, you know, you mentioned, John, the strategic execution behind you, much of the heavy lifting with regards to portfolio change is complete and continued growth and structurally improved cash flow ahead.

So I really wanted to hone in on the growth pieces of the business. So global friction management, total track monitoring and precast concrete. Can we just identify, you know, what can drive above market growth in each of these three?

John Cassell, President and CEO, LB Foster: Yeah. So precast, we’re moving we’re following the people demographics of the population, the South Southeast. That’s why we built a facility in Florida, and we have a new acquisition that we did in Tennessee. So that’s going to drive a lot of growth. A lot of the infrastructure that’s being built today starts with concrete and managing and moving water.

And now we’re getting into light industrial applications for buildings as well as residential homes. That’s a big piece of that. On friction management, it’s all about the ROI for our customer. It’s about efficiency. It’s about running their assets on rail and getting better fuel savings, better wear and tear, better life.

Our customers clearly understand that. We’re the number one market leader, the best brand in the market today. And more importantly, only about 5% of the market that we’re serving today relative to the rails being treated today. So we see a lot of upside as they continue to move our products and solution throughout their rail structure, both freight and transit across North America. It’s a big piece of that.

And then condition monitoring. The railroads want to be able to run their assets and run their trains and run as many trains as they can and keep them closest together and be able to move freight or move pastures to do it safely and reliable. With our wild mark four and with our rockfall solutions we have today, we could give them early warning what’s going on and be able to manage those assets to be able to run more effectively and efficiently down the track and be able to get the best velocity they can and reduce their dwell time when they’re in your yards, and locations. So all those are good opportunities where the customer is really just pulling on and we foster and taking our technology innovation. And we’re building off of what we were once a just a real products company into something that’s really giving them ability to be a better company and do what they do even better.

So it’s I think it’s a very exciting time. So Bill talked about it’s a great time to get into the stock. We feel good about where we’re at today, and we only see things picking up here in the second half of this year.

Julio Romero, Host, Sidoti and Company: Really helpful. And to zone it to zoom in on the global friction management piece, when you said you serve 5% of the market Right. The other 95% is just untouched, or are there other folks serving that market?

John Cassell, President and CEO, LB Foster: No. It’s untouched. So, so the way that that works today with the technology is, you know, they’re just they’re in the areas, with applicators, consumables where it makes sense, where it’s the most demanding areas. And we’re working on technology to be able to be able to bring that product across the role service lines and be mobile in application.

Julio Romero, Host, Sidoti and Company: Very good. You generated strong cash in the fourth quarter, ended 2024, solid balance sheet and you announced your new three year forty million dollars share repo program. Just speak to how you’re weighing cash uses, share repos versus debt reduction and growth initiatives, both organic and inorganic.

John Cassell, President and CEO, LB Foster: Yeah. We’re mindful that we’re a small micro cap company, and I know a lot of folks are sensitive about that and balance sheets. And so we when we look at capital, we we take that very seriously. And we we were you know, we’re we have a mindset. You know, we’d like to be around one times.

But, you know, second of that, it’s about, buying back shares of the company right now. We really think that’s the right thing to do. We look at the valuation where it’s at today. So we’re gonna take that. And where it makes sense, we’ll look at smaller tuck in type acquisitions with capital.

But it’s really about supporting. At the end of the day, I want the message I wanna leave is about supporting the organic programs we have today. That’s a real upshot to the company. We don’t need to go out and do a bunch of risky m and a type work and and go off and try to be something that we’re not. We have plenty of opportunities.

We just we’re really focused on doing it well.

Julio Romero, Host, Sidoti and Company: Perfect. Well, John, Bill, Daniel, thanks so much for taking the time, and I’ll I’ll leave it there.

Bill Thalman, EVP and CFO, LB Foster: Thanks, Julio. Oh, yeah. Have a great day.

John Cassell, President and CEO, LB Foster: Thank you very much.

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