L.B. Foster Company

Good day, and thank you for standing by. Welcome to the LB Foster second quarter 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised, today's conference is being recorded. I would now like to turn the call over to your speaker today. Lisa Durante, please go ahead.

Thank you, operator. Good morning, everyone, and welcome to L.B. Foster's second quarter of 2025 earnings call. My name is Lisa Durante, the company's director of financial reporting and investor relations. Our president and CEO, John Castle, and our chief financial officer, Bill Tallman, will be presenting our second quarter operating results, market outlook, and business developments this morning. We'll start the call with John providing his perspective on the company's second quarter performance. Bill will then review the company's second quarter financial results. John will provide perspective on market development and company outlook in his closing comments. We will then open up the session for questions. Today's slide presentation, along with our earnings release and financial disclosures, were posted on our website this morning and can be accessed on our investor relations page at lbfoster.com. Our comments this morning will follow the slides in the earnings presentation. Some statements we are making are forward-looking and represent our current view of our markets and business today. These forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation to revise or publicly release the results of any revisions to these statements in light of new information, except as required by securities laws. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and presentation. We will also discuss non-GAAP financial metrics and encourage you to carefully read our disclosures and reconciliation tables provided within today's earnings release and presentation as you consider these metrics. So with that, let me turn the call over to John.

Thanks, Lisa, and hello, everyone. Thanks for joining us today for our second quarter review. I'll begin with slide five, covering the key drivers of our results for the quarter. We're very pleased with our performance in the quarter, with improvements delivered broadly across the business. First of all, we returned to sales growth in the second quarter, with revenues up 2% over last year. The growth was achieved in the infrastructure segment, with sales up 22.4%, led by a 36% increase in our precast concrete business. Rail revenues, on the other hand, remained soft in the quarter, declining 11.2% from last year. However, the rail sales included a 17.2% increase in friction management sales over last year. In addition, demand rates for our rail offering increased significantly in the quarter as evidenced by a 42.5% increase in our backlog from the start of the quarter. This sets a solid foundation for our growth outlook in the back half of the year. Highlighting the benefits of our strategic execution, we delivered a 51.4% increase in just the year over last year, despite the modest sales growth in the quarter. The improvement was driven by favorable margins in the infrastructure segment, enterprise. Our net debt decreased to $77.4 million at quarter end, with gross leverage improving to 2.2 times compared to 2.7 times last year. And finally, the order rates for the quarter drove a solid increase in our backlog for both segments, with an improved business mix versus last year. I'll turn it over to Bill now to cover the financials for the quarter, and I'll come back at the end with some color on our market outlook and financial guidance for the year. Over to you, Bill.