Company Quick10K Filing
Quick10K
Foster L B
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$23.97 11 $254
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-10-29 Earnings, Exit Costs, Exhibits
8-K 2019-07-30 Exhibits
8-K 2019-05-23 Shareholder Vote
8-K 2019-05-09 Exhibits
8-K 2019-04-30 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-03-18 Earnings, Exhibits
8-K 2019-03-14 Other Events, Exhibits
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-08-21
8-K 2018-07-31 Earnings, Exhibits
8-K 2018-05-24 Officers, Shareholder Vote, Exhibits
8-K 2018-05-01 Earnings, Exhibits
8-K 2018-04-09 Officers
8-K 2018-03-19 Officers
8-K 2018-02-27 Earnings, Exhibits
CR Crane 4,507
PRLB Proto Labs 2,457
OIS Oil States International 834
MDR McDermott 814
RYI Ryerson Holding 272
NNBR NN 265
GIFI Gulf Island Fabrication 96
HCHC HC2 92
HIHO Highway Holdings 6
SOI Solaris Oilfield Infrastructure 0
FSTR 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Financial Statements
Note 2. Business Segments
Note 3. Revenue
Note 4. Goodwill and Other Intangible Assets
Note 5. Accounts Receivable
Note 6. Inventory
Note 7. Property, Plant, and Equipment
Note 8. Leases
Note 9. Long-Term Debt and Related Matters
Note 10. Fair Value Measurements
Note 11. Earnings per Common Share
Note 12. Stock-Based Compensation
Note 13. Retirement Plans
Note 14. Commitments and Contingent Liabilities
Note 15. Income Taxes
Note 16. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 ex-311q32019.htm
EX-31.2 ex-312q32019.htm
EX-32.0 ex-320q32019.htm

Foster L B Earnings 2019-09-30

FSTR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the quarterly period ended September 30, 2019
Or
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
for the transition period from                      to                     
Commission File Number: 000-10436
L.B. Foster Company
(Exact name of Registrant as specified in its charter)
Pennsylvania
25-1324733
(State of Incorporation)
(I. R. S. Employer Identification No.)

415 Holiday Drive, Suite 100, Pittsburgh, Pennsylvania
15220
(Address of principal executive offices)(Zip Code)
(412) 928-3400
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01FSTRNASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒    No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐
Accelerated filer
Non-accelerated filer ☐
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 23, 2019, there were 10,579,259 shares of the registrant’s common stock, par value $0.01 per share, outstanding.




L.B. FOSTER COMPANY AND SUBSIDIARIES
INDEX
 
Page



Table of Contents
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30,
2019
December 31,
2018
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$15,374  $10,282  
Accounts receivable - net (Note 5)85,039  86,123  
Inventories - net (Note 6)128,741  124,504  
Other current assets6,326  5,763  
Total current assets235,480  226,672  
Property, plant, and equipment - net (Note 7)82,793  86,857  
Operating lease right-of-use assets - net (Note 8)13,234  —  
Other assets:
Goodwill (Note 4)18,930  19,258  
Other intangibles - net (Note 4)44,555  49,836  
Other assets1,295  626  
TOTAL ASSETS$396,287  $383,249  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $73,246  $78,269  
Deferred revenue8,710  6,619  
Accrued payroll and employee benefits12,407  12,993  
Accrued warranty (Note 14)1,222  2,057  
Current portion of accrued settlement (Note 14)8,000  10,000  
Current maturities of long-term debt (Note 9)2,978  629  
Other accrued liabilities14,153  13,624  
Total current liabilities120,716  124,191  
Long-term debt (Note 9)70,021  74,353  
Deferred tax liabilities (Note 15)4,668  5,287  
Long-term portion of accrued settlement (Note 14)36,000  40,000  
Long-term operating lease liabilities (Note 8)10,103    
Other long-term liabilities16,104  17,299  
Stockholders' equity:
Common stock, par value $0.01, authorized 20,000,000 shares; shares issued at September 30, 2019 and December 31, 2018, 11,115,779; shares outstanding at September 30, 2019 and December 31, 2018, 10,420,635 and 10,366,007, respectively
111  111  
Paid-in capital49,014  48,040  
Retained earnings131,275  114,324  
Treasury stock - at cost, 695,144 and 749,772 common stock shares at September 30, 2019 and December 31, 2018, respectively
(16,829) (18,165) 
Accumulated other comprehensive loss(24,896) (22,191) 
Total stockholders' equity138,675  122,119  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$396,287  $383,249  

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

3

Table of Contents
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2019201820192018
Sales of goods$119,256  $120,272  $392,566  $339,176  
Sales of services35,020  46,822  113,112  123,262  
Total net sales154,276  167,094  505,678  462,438  
Cost of goods sold97,663  99,045  322,432  279,478  
Cost of services sold28,921  36,746  89,264  96,402  
Total cost of sales126,584  135,791  411,696  375,880  
Gross profit27,692  31,303  93,982  86,558  
Selling and administrative expenses22,264  21,662  67,036  65,488  
Amortization expense1,655  1,762  5,046  5,322  
Interest expense - net1,079  1,296  4,031  4,813  
Other (income) expense - net(421) 157  (823) (320) 
Total expenses24,577  24,877  75,290  75,303  
Income before income taxes3,115  6,426  18,692  11,255  
Income tax expense51  18  2,374  1,271  
Net income$3,064  $6,408  $16,318  $9,984  
Basic earnings per common share$0.29  $0.62  $1.57  $0.96  
Diluted earnings per common share$0.29  $0.61  $1.53  $0.95  

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

Table of Contents
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2019201820192018
Net income$3,064  $6,408  $16,318  $9,984  
Other comprehensive loss, net of tax:
Foreign currency translation adjustment(1,416) (371) (1,038) (3,132) 
Unrealized (loss) gain on cash flow hedges, net of tax expense of $0 for all periods
(151) 207  (1,309) 1,243  
Reclassification of pension liability adjustments to earnings, net of tax expense of $0 for all periods*
90  137  275  392  
Other comprehensive loss(1,477) (27) (2,072) (1,497) 
Comprehensive income$1,587  $6,381  $14,246  $8,487  
 
*
Reclassifications out of accumulated other comprehensive loss for pension obligations are charged to selling and administrative expenses.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

Table of Contents
L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Nine Months Ended
September 30,
20192018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$16,318  $9,984  
Adjustments to reconcile net income to cash provided by operating activities:
Deferred income taxes(541) (1,477) 
Depreciation8,295  8,685  
Amortization5,046  5,322  
Equity in (income) loss of nonconsolidated investments(29) 7  
(Gain) loss on sales and disposals of property, plant, and equipment(4) 498  
Stock-based compensation2,910  2,838  
Change in operating assets and liabilities:
Accounts receivable910  (10,634) 
Inventories(4,957) (12,960) 
Other current assets480  (1,160) 
Prepaid income tax(4,042) (3,025) 
Other noncurrent assets(425) 1,132  
Accounts payable(4,193) 19,604  
Deferred revenue2,143  2,278  
Accrued payroll and employee benefits(574) (778) 
Accrued settlement(6,000)   
Other current liabilities(1,041) 2,287  
Other long-term liabilities(1,013) (176) 
Net cash provided by operating activities13,283  22,425  
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of property, plant, and equipment253  2,267  
Capital expenditures on property, plant, and equipment(5,037) (3,196) 
Proceeds from sale of equity method investment  3,875  
Repayment of revolving line of credit from equity method investment  1,235  
Net cash (used in) provided by investing activities(4,784) 4,181  
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of debt(156,944) (153,089) 
Proceeds from debt154,961  99,592  
Debt issuance costs(836)   
Treasury stock acquisitions(600) (316) 
Net cash used in financing activities(3,419) (53,813) 
Effect of exchange rate changes on cash and cash equivalents12  (885) 
Net increase (decrease) in cash and cash equivalents5,092  (28,092) 
Cash and cash equivalents at beginning of period10,282  37,678  
Cash and cash equivalents at end of period$15,374  $9,586  
Supplemental disclosure of cash flow information:
Interest paid$3,599  $4,468  
Income taxes paid$6,176  $4,077  
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)

Three Months Ended September 30, 2019  
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Balance, June 30, 2019$111  $48,159  $128,211  $(16,841) $(23,419) $136,221  
Net income—  —  3,064  —  —  3,064  
Other comprehensive loss, net of tax:
Pension liability adjustment—  —  —  —  90  90  
Foreign currency translation adjustment—  —  —  —  (1,416) (1,416) 
Unrealized derivative loss on cash flow hedges—  —  —  —  (151) (151) 
Issuance of 543 common shares, net of shares withheld for taxes
—  (21) —  12  —  (9) 
Stock-based compensation—  876  —  —  —  876  
Balance, September 30, 2019$111  $49,014  $131,275  $(16,829) $(24,896) $138,675  

Three Months Ended September 30, 2018
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Balance, June 30, 2018$111  $46,129  $149,068  $(18,180) $(19,237) $157,891  
Net income—  —  6,408  —  —  6,408  
Other comprehensive loss, net of tax:
Pension liability adjustment—  —  —  —  137  137  
Foreign currency translation adjustment—  —  —  —  (371) (371) 
Unrealized derivative gain on cash flow hedges—  —  —  —  207  207  
Issuance of 662 common shares, net of shares withheld for taxes
—  (21) —  15  —  (6) 
Stock-based compensation—  934  —  —  —  934  
Balance, September 30, 2018$111  $47,042  $155,476  $(18,165) $(19,264) $165,200  

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(Dollars in thousands)

Nine Months Ended September 30, 2019  
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Balance, December 31, 2018$111  $48,040  $114,324  $(18,165) $(22,191) $122,119  
Adjustment to adopt ASU 2018-02—  —  633  —  (633) —  
Net income—  —  16,318  —  —  16,318  
Other comprehensive loss, net of tax:
Pension liability adjustment—  —  —  —  275  275  
Foreign currency translation adjustment—  —  —  —  (1,038) (1,038) 
Unrealized derivative loss on cash flow hedges—  —  —  —  (1,309) (1,309) 
Issuance of 54,628 common shares, net of shares withheld for taxes
—  (1,936) —  1,336  —  (600) 
Stock-based compensation—  2,910  —  —  —  2,910  
Balance, September 30, 2019$111  $49,014  $131,275  $(16,829) $(24,896) $138,675  


Nine Months Ended September 30, 2018
Common
Stock
Paid-in
Capital
Retained
Earnings
Treasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Balance, December 31, 2017$111  $45,017  $145,797  $(18,662) $(17,767) $154,496  
Adjustment to adopt ASU 2016-16—  —  (305) —  —  (305) 
Net income—  —  9,984  —  —  9,984  
Other comprehensive loss, net of tax:
Pension liability adjustment—  —  —  —  392  392  
Foreign currency translation adjustment—  —  —  —  (3,132) (3,132) 
Unrealized derivative gain on cash flow hedges—  —  —  —  1,243  1,243  
Issuance of 25,431 common shares, net of shares withheld for taxes
—  (813) —  497  —  (316) 
Stock-based compensation—  2,838  —  —  —  2,838  
Balance, September 30, 2018$111  $47,042  $155,476  $(18,165) $(19,264) $165,200  


The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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L.B. FOSTER COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollars in thousands, except share data)
Note 1. Financial Statements
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all estimates and adjustments (consisting of normal recurring accruals, unless otherwise stated herein) considered necessary for a fair presentation of the financial position of L.B. Foster Company and subsidiaries as of September 30, 2019 and December 31, 2018, its Condensed Consolidated Statements of Operations and its Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2019 and 2018, and its Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018, have been included. However, actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The Condensed Consolidated Balance Sheet as of December 31, 2018 was derived from audited financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in the L.B. Foster Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In this Quarterly Report on Form 10-Q, references to “we,” “us,” “our,” and the “Company” refer collectively to L.B. Foster Company and its consolidated subsidiaries.

Recently Issued Accounting Standards
In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software” (“ASU 2018-15”). The ASU requires capitalization of certain implementation costs incurred in a cloud computing arrangement that qualifies as a service contract. The amendments in the ASU are effective for fiscal years beginning after December 15, 2019 and for interim periods therein with early adoption permitted. The Company is currently evaluating the potential impact of the ASU on its consolidated financial statements and related disclosures.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to trade receivables, other receivables, and most debt instruments. The CECL model does not have a minimum threshold for recognition of impairment losses, and entities will need to measure expected credit losses on assets that have a low risk of loss. This guidance is required to be adopted by the Company beginning in fiscal year 2020. Management is currently evaluating the potential impact of these changes on the Company’s consolidated financial statements, including accounting policies, processes, and systems.

Recently Adopted Accounting Standards
In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). The new accounting requirements include the accounting for, presentation of, and classification of leases. The guidance resulted in most leases being capitalized as a right-of-use asset with a related balance sheet liability. The requirements of the new standard are effective for annual reporting periods beginning after December 15, 2018, and interim periods within those annual periods. The Company adopted the provisions of ASU 2016-02 on January 1, 2019, using the modified retrospective approach as of the beginning of the period of adoption. Additionally, the Company has elected to apply the practical expedients for leases that commenced prior to the effective date, not to apply the recognition requirements in the standard to short-term leases, and not to separate non-lease components from lease components. The Company has presented the disclosures required by ASU 2016-02 in Note 8.

In February 2018, the FASB issued ASU 2018-02, “Income Statement – Reporting Comprehensive Income; Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“ASU 2018-02”), which allows companies to reclassify stranded tax effects caused by the U.S. Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. The amendments eliminate the stranded tax effects resulting from the Tax Act and improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Tax Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. The Company adopted ASU 2018-02 during the first quarter of 2019 and has chosen to record the reclassification as of the beginning of the period of adoption. As a result of adopting this standard, we reclassified stranded tax effects of $633 from “Accumulated other comprehensive loss” to “Retained earnings.”

The SEC Disclosure Update and Simplification release announces the SEC's adoption of certain amendments in August 2018. While most of the amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial
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statement requirements to require a reconciliation of changes in stockholders’ equity in the notes to the financial statements or as a separate statement. This analysis should reconcile the beginning balance to the ending balance of each caption in stockholders’ equity for each period for which an income statement is required to be filed and comply with the remaining content requirements of Rule 3-04 of Regulation S-X. As a result, registrants are required to provide the reconciliation for both the comparable quarterly and year-to-date periods in their Quarterly Reports on Form 10-Q but only for the year-to-date periods in registration statements, beginning in the first quarter of 2019. The Company has included the reconciliation of changes in stockholders’ equity as a separate statement.
Note 2. Business Segments
The Company is a leading manufacturer and distributor of products and services for transportation and energy infrastructure with locations in North America and Europe. The Company is organized and operates in three different operating segments: the Rail Products and Services segment, the Construction Products segment, and the Tubular and Energy Services segment. The segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred; (b) whose operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who makes decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. Operating segments are evaluated on their segment profit contribution to the Company's consolidated results. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. The Company's segment accounting policies are the same as those described in Note 2. Business Segments of the Notes to the Company's Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year-ended December 31, 2018.

The following table illustrates the Company's revenues and profit from operations by segment for the periods indicated:
Three Months Ended
September 30, 2019
Three Months Ended
September 30, 2018
Net SalesSegment ProfitNet SalesSegment Profit
Rail Products and Services$67,741  $3,417  $84,517  $5,299  
Construction Products47,175  1,848  41,534  1,603  
Tubular and Energy Services39,360  2,230  41,043  4,274  
Total$154,276  $7,495  $167,094  $11,176  
Nine Months Ended
September 30, 2019
Nine Months Ended
September 30, 2018
Net SalesSegment ProfitNet SalesSegment Profit
Rail Products and Services$244,836  $14,815  $238,571  $12,655  
Construction Products139,926  6,095  112,641  4,478  
Tubular and Energy Services120,916  11,937  111,226  10,704  
Total$505,678  $32,847  $462,438  $27,837  

Segment profit from operations, as shown above, includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions that directly support the segment activity are allocated based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments.

The following table provides a reconciliation of segment net profit from operations to the Company’s consolidated total:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2019201820192018
Profit for reportable segments$7,495  $11,176  $32,847  $27,837  
Interest expense - net(1,079) (1,296) (4,031) (4,813) 
Other income (expense) - net421  (157) 823  320  
Unallocated corporate expenses and other unallocated charges(3,722) (3,297) (10,947) (12,089) 
Income before income taxes$3,115  $6,426