L.B. Foster Company (NASDAQ:FSTR) Q3 2023 Earnings Call Transcript

So the fact that we took some backlog out $29.6 million of backlog. Now those are very low-margin type work and really consumed a lot of management time as well as working capital. So the work we’re getting now much more in line with our strategy, our technology innovation changes we’re making and become a global company. So we feel pretty good about our situation where we’re at today, and more importantly, where we’re heading into ’24 and beyond.

Operator: [Operator Instructions]. Our next question comes from John Blair with Ascent Wealth Advisors. [Technical Difficulty]. [Operator Instructions]. I am not showing any further questions. I would like to turn the call over to John Kasel for any further remarks.

John Kasel: Thanks, Michelle. Really appreciate it. Thanks for joining us today for our third quarter earnings. I guess, how we leave this meeting today is we’re really excited about our cash generation for the quarter. This is something the company has been working on now. We hit a number that we haven’t seen since 2019. And I think it really gives the shareholders as well as investors feeling a case to where we were at once before. And our focus is continuing to do that, focus on our gross leverage ratio down to 2x right now. That’s — we’re feeling very good about that as well as the opportunities we see here in the short term as well as heading into next year. So thanks for your time again. And more importantly, thanks for your interest in L.B. Foster, and take care, everybody. We’ll talk to you after the close of the year. Bye-bye.

Operator: Thank you for your participation. This does conclude the program, and you may now disconnect. Everyone, have a great day.