Astec Industries, Inc. (Nasdaq: ASTE) today reported results for its fourth quarter and year ended Dec.r 31, including a 38 percent rise in sales in the fourth quarter.
Net sales for the fourth quarter of 2011 were $263.2 million compared to $190.8 million for the fourth quarter of 2010. Earnings for the fourth quarter of 2011 were $8 million or $0.35 per diluted share compared to the fourth quarter of 2010 earnings of $6 million or $0.26 per diluted share, an increase of $0.09 or 35 percent per diluted share. The fourth quarter results included charges of $2.2 million related to the sale of the utility trencher product line in the Underground Group. Excluding these charges, earnings for the fourth quarter of 2011 were $9.4 million or $0.41 per diluted share.
For the fourth quarter of 2011, domestic sales were $147.1 million or 56 percent of net sales compared to $119.6 million or 63 percent of net sales for the fourth quarter of 2010, a 23 percent increase. International sales were $116.0 million in the fourth quarter of 2011 or 44 percent of net sales, a 63 percent increase over the fourth quarter of 2010 international sales of $71.2 million, or 37 percent of net sales.
Net sales for the year ended Dec.
31, 2011 were $955.7 million compared to $771.3 million for the same period in 2010, an increase of 24 percent. Earnings for the year ended December 31, 2011 were $39.9 million or $1.74 per diluted share compared to $32.4 million or $1.42 per diluted share for 2010, an increase of $0.32 or 22 percent per diluted share. Results for the year ended Dec. 31, 2011 included charges of $2.2 million related to the sale of the utility trencher product line in the Underground Group and an impairment charge of $2.3 million related to a company aircraft that is held for sale. Excluding these items, earnings for the year ended Dec. 31, 2011 were $42.7 million, or $1.86 per diluted share.
Domestic sales for 2011 were $561.4 million or 59 percent of net sales, an 18 percent increase over 2010 domestic sales of $476.9 million, or 62 percent of 2010 net sales. International sales were $394.3 million or 41 percent of 2011 net sales, a 34 percent increase over 2010 international sales of $294.4 million, or 38 percent of 2010 net sales.
The company's domestic backlog at Dec. 31, 2011 was $148 million compared to $111 million at Dec. 31, 2010, an increase of $37 million or 33 percent. The international backlog at Dec. 31, 2011 was $131.6 million compared to $122.1 million at the end of 2010, an increase of eight percent. All backlog amounts for 2010 have been restated to reflect 2011 acquisitions.
Dr. J. Don Brock, chairman and chief executive officer, commented, "We are pleased with our performance for the fourth quarter and for the year of 2011. The numbers alone, unfortunately, do not show the great effort that our employees and managers put into making our company perform and in preparing it for future growth. During the year, we acquired two companies, started a new joint venture company in Brazil, bought two new facilities, expanded three of our existing facilities, negotiated the sale of the utility product line, and developed a number of new products.
"The magnitude of product development far exceeds the expense and effort of any prior year. We believe that the products that were and are being developed will expand our presence in all segments of the energy, mining, and infrastructure markets."