July 27, 2010 / 12:45 PM / 7 years ago

UPDATE 1-LB Foster Q2 tops Wall Street expectations

* Q2 EPS $0.59 vs est $0.33

* Q2 rev up 20 percent

* Says DoJ seeks “restructuring solution” in Portec deal

July 27 (Reuters) - Rail equipment maker L.B. Foster Co (FSTR.O) posted better-than-expected quarterly results, helped by strong sales in all its segments and a 5 percent rise in bookings.

For the second quarter, the company earned $6 million, or 58 cents a share, compared with $2.7 million or 26 cents a share, a year ago.

The company earned 59 cents a share, excluding certain items. Analysts had expected earnings of 33 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 20 percent to $119.5 million, above analysts expectation of $98 million.

    Bookings for the quarter were $120.6 million, up from $115 million.

    The company added that the Antitrust Division of the Department of Justice will seek “some type of restructuring solution” with regard to its pending acquisition of Portec Rail Products PRPX.O.

    The solution is to help alleviate concerns that the deal would have an anti-competitive effect with respect to the insulated bonded rail joint product, LB Foster said.

    Shares of the company closed at $28.96 Monday on Nasdaq. (Reporting by Amulya Nagaraj in Bangalore; Editing by Don Sebastian)

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