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L.B. Foster (FSTR) reported adjusted 4Q earnings of $0.62/share, missing the Street’s $0.67/share, as the company’s construction products business saw a sharp drop in 4Q sales.

While the company’s visibility into 2012 is limited for construction markets due to the lack of a new transportation bill, management believes that the non-res construction market has bottomed.  The outlook for the rail segment is brighter due to strong capex spending budgets from North American class 1 railroads in 2012 as well as increased rail traffic.  The company also expects continued growth in its tubular business in 2012.

Our full report is available to subscribers only and provides further thoughts on L.B. Foster’s 4Q earnings report and conference call as well as the implication for the stock and other equities.

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