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."


Compass Auctions To Auction Custom Motorcycle

Compass Auctions and Real Estate announced that the Auction Firm has been selected to host both the online and live auction of a one-off custom KTM 450 in cooperation with RedBull Media House to benefit the Kurt Caselli Foundation.  “This is a once in a lifetime opportunity to own a unique piece of history,” said Steven Holt, vice president of Compass. “It ... (click for more)

LBMC Gains Bryan Mattice

LBMC, PC, one of the Southeast’s largest accounting and business consulting firms, has added Bryan Mattice to the Accounting and Assurance services team. Bryan Mattice, CPA,   serves as a staff accountant serving a variety of industry clients in the Accounting and Assurance service team. Mr. Mattice comes to LBMC from BlueCross BlueShield of Tennessee where he worked ... (click for more)

Two North Shore Sold To Pennsylvania Real Estate Firm For Almost $24 Million

The Two North Shore commercial development on Manufacturers Road in North Chattanooga has been sold to a Pennsylvania real estate firm for  $23,983,363. Steve Arnsdorff, who developed the successful center from the ground up and has continued to manage it, said the deal closed last week. He said the sale for the property at 319 Manufacturers Road is to Stoltz Real Estate ... (click for more)

Lookout Valley Middle High School Closed Friday Due To Water Main Break

County school officials said late Thursday night that LookoutValley Middle High School will be closed Friday due to a water main break. Officials said, "This is an official message from the Hamilton County Department of Education to the parents, faculty, and staff of Lookout Valley Middle High School.  Please accept our apologies for the lateness of this message. "Due ... (click for more)

Thanks For Publishing The Stokes Photo Book

I pre-ordered the Stokes Photo Book and picked it up Wednesday . The covers and content are very high quality and contain photos you will not see anywhere else.  This book of photos is worth much more than $35.  I have seen many historic photos of my hometown Chattanooga, but this collection is amazing. My favorites are National Cemetery, Confederate Cemetery near ... (click for more)

Roy Exum: Saban: ‘Ratings Don’t Matter’

When the first College Football Playoff rankings were released earlier this week, Alabama football coach Nick Saban got it right on the button when he shrugged, “I don't even care, to be honest with you." "To me, none of it matters, What does it matter?” he laughed at the Tide’s No. 6 ranking. “I mean, it only matters where you end up at the end. So what matters to us is how ... (click for more)