Astec Industries Has Rise In Earnings For 4th Quarter

Tuesday, February 25, 2014
Astec Industries, Inc. (Nasdaq: ASTE) today reported results for their fourth quarter and year ended Dec. 31, 2013, including a rise in earnings.

Net sales for the fourth quarter of 2013 were $223.9 million compared to $227.6 million for the fourth quarter of 2012, a 2% decrease. Earnings from continuing operations for the fourth quarter of 2013 were $8.3 million or $0.36 per diluted share compared to $5.5 million or $0.24 per diluted share in the fourth quarter of 2012, an increase of 51%.

Domestic sales increased 10% to $142.4 million for the fourth quarter of 2013 from $129.0 million for the fourth quarter of 2012. International sales decreased 17% to $81.5 million for the fourth quarter of 2013 from $98.6 million for the fourth quarter of 2012.

Net sales for 2013 were $933.0 million compared to $936.3 million for 2012, a decrease of $3.3 million. Earnings from continuing operations for 2013 were $39.0 million or $1.69 per diluted share compared to $34.0 million or $1.48 per diluted share of 2012, a 15% increase.

Domestic sales increased 5% to $599.1 million for 2013 from $572.5 million for 2012. International sales were $333.9 million for 2013 compared to $363.8 million for 2012, an 8% decrease.

The company's domestic backlog increased 28%, from $156.6 million at December 31, 2012 to $200.5 million at December 31, 2013. The international backlog at December 31, 2013 was $89.7 million compared to $107.2 million at December 31, 2012 for a decrease of 16%. Total backlog increased 10% to $290.2 million at December 31, 2013 from $263.8 million at December 31, 2012.

Consolidated financial information for the quarter and year ended December 31, 2013 and additional information related to segment revenues and profits are attached as addenda to this press release.

Commenting on the announcement of quarterly and annual results, Benjamin G. Brock, chief executive officer, stated, "We were pleased with our bottom line results during the 4th Quarter of 2013, especially given the continued instability in the federal highway funding. On a positive note, the new turn-key wood pellet plant in Georgia is operating to our customer's satisfaction. As a result of its performance, the customer ordered an additional two lines for $40 million during the fourth quarter. In addition, our aggregate processing equipment businesses performed well. On the downside, our Underground Group, which is now focused on supplying equipment to the oil and gas drilling industry, continued to struggle in the quarter, and for the year. We believe this group has developed and is producing superior products, but is battling a soft market with low demand. We are focused on this group and working to reverse the unfavorable trends."

Mr. Brock continued, "Orders so far in 2014 have been steady. At the same time, we have continued to develop new products for the energy, mining and infrastructure industries. We will display 41 new products at the ConExpo show in Las Vegas during the first week of March. This will be the largest display in our history of exhibiting at this event. Our balance sheet remains strong with no debt and a strong cash position. We are continuing our acquisition efforts and will work to add companies that represent strategic fits for our business during 2014."


Former City Attorney Randy Nelson Goes On Disability Status

 By Order of the Tennessee Supreme Court entered February 17, 2017, the law license of Randall Lee Nelson was transferred to disability inactive status pursuant to Section 27.3 of Tennessee Supreme Court Rule 9. Mr. Nelson cannot practice law while on disability inactive status. He may return to the practice of law after reinstatement by the Tennessee Supreme Court ... (click for more)

Local Utilities Raise Awareness Of Utility Worker Imposters

Chattanooga Gas, EPB and Tennessee American Water officials will have a joint media event to share tips on how consumers can protect themselves from utility worker imposters and other utility-related scams. The event will take place on   Tuesday, February 21 at  10:30 a.m. in the  cul-de-sac in front of Tennessee Aquarium, 1  Broad Street. (click for more)

Man, Child Killed In Crash On Highway 136 In Walker County; 2nd Child Seriously Injured

  A man and an unrestrained five-year-old child were killed when a vehicle went out of control on Highway 136 in Walker County on Saturday. A 10-year-old in the car was seriously injured. The driver was thrown from the van and was dead at the scene. The four-year-old was trapped in the vehicle and also died at the wreck site at Ponder Creek Road. The Georgia State ... (click for more)

2 People Shot After Domestic Dispute In Brainerd; Corey Moon Taken Into Custody On Saturday Night

Two people were shot during a domestic dispute in Brainerd late Friday night.   Chattanooga Police responded at 11:17 p.m. to the 4700 block of Rogers Road on a shooting. The following are the preliminary facts of that investigation.   Officers were able to locate two victims, Cortez Moon, 23, and Terri Dossett, 45, suffering from non-life threatening gunshot ... (click for more)

Rhonda Thurman: Speaking The Truth About CSLA - And Response

One parent called me a “Liar” during Thursday’s Facilities meeting. Others from CSLA have been a bit more creative saying that I spread “misinformation”, “falsehoods” and “spread inaccurate statements”. Then there were more descriptive terms- “arrogant”, “uninformed”, “unprofessional”- if these CSLA parents don’t stop, they are going to hurt my feelings. In this letter, I will attempt ... (click for more)

Roy Exum: It Ain’t Gonna Work

In the last seven days, there have been seven different people who have been shot in separate incidents in Chattanooga. On Tuesday, the City Council approved a total $223,656 in street cameras and accessories to take pictures of our gangstas when the cops already know them by first names. Late last month it was announced the Chattanooga Police Department would double our gang violence ... (click for more)