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Rail News Home Financials

7/25/2008



Rail News: Financials

Updates from L.B. Foster, GATX, Morton Manufacturing, Federal Signal and RailFood.com


• Rail industry supplier L.B. Foster Co. reported second-quarter earnings per diluted share of 69 cents, up 9.5 percent compared with second-quarter 2007 earnings. Income from continuing operations rose 13 percent to $7.7, but net sales decreased 12.6 percent to $129.8 million. Orders obtained during the quarter totaled $164.1 million and the company's backlog reached a value of $192.2 million, up 7 percent year over year.

• GATX Corp.'s GATX Rail division reported second-quarter profit of $70.3 million vs. $68.1 million in the second-quarter 2007. The division attributed the increase to renewal rate hikes in prior quarters, higher earnings from European operations and increased income from scrapping. As of June 30, GATX Rail's North American rail-car fleet totaled 110,000 units. Fleet utilization during the quarter reached 98 percent, equal to second-quarter 2007's level and up slightly from 97.9 percent at 2007's end.

• Morton Manufacturing Co. has acquired the assets of YSD, which supplies railroad running boards, end platforms, brake steps and industrial safety grating products under the original Apex design. Morton — which produces metal safety gratings and flooring for rail cars, locomotives and industrial applications — will market YSD's running boards as Morton APEX® Running Boards.

• Federal Signal's Environmental Solutions Group announced plans to expand a 175,000-square-foot manufacturing facility in Streator, Ill., to accommodate increasing business for subsidiaries Guzzler Manufacturing and Vactor Manufacturing. The company will add 60,000 square feet to the plant, relocate the assembly, weld and paint departments, and install new equipment. The $7 million project will begin in the third quarter and conclude in mid-2009. Guzzler produces industrial vacuum loaders used by railroads, cement plants, steel mills, oil refineries, chemical plants, foundries and power-generating stations. Vactor produces sewer cleaners and jetters.

• Product listing Web site RailFood.com reached an agreement with the Railway Supply Institute to provide members who use the site an automatic upgrade to RailFood's professional tier (which costs $500 annually to join) and discounts on product listings that typically cost $5 for one year. RailFood.com allows anyone to post, search and locate railroad-related parts or items. The site also provides a directory of suppliers.


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