FSTR is a portfolio transformation and simplification story, where much of the heavy lifting is already complete. For 3Q:25, we model EPS of $0.60. The prior year quarter's EPS of $3.27 included a $30 million reversal of a deferred tax valuation allowance; absent this, 3Q:24 EPS would have been $0.53. The company's backlog of $270 million (as of 2Q:25) provides optimism that underlying demand is solid. After posting 5% organic sales growth in 2Q:25, we expect FSTR's year-over-year organic sales gains to accelerate to 11% in 3Q:25. We maintain our $31 price target, based on 15x our 2026 EPS estimate of $2.05.