Sales, Earnings Up At Astec Industries

Tuesday, July 22, 2014

Astec Industries, Inc. (Nasdaq:ASTE) today reported results for their second quarter ended June 30, 2014, including a sharp rise in sales and earnings.

Net sales for the second quarter of 2014 were $277.3 million compared to $248.1 million for the second quarter of 2013, a 12 percent increase. Earnings for the second quarter of 2014 were $14.5 million or $0.63 per diluted share compared to $11.1 million or $0.48 per diluted share for the second quarter of 2013, an increase of 31 percent.

Domestic sales increased 14 percent to $184.7 million for the second quarter of 2014 from $162.3 million for the second quarter of 2013. International sales were $92.6 million for the second quarter of 2014 compared to $85.8 million for the second quarter of 2013, an increase of eight percent.

Net sales for the first half of 2014 were $515.9 million compared to $496.0 million for the first half of 2013, a four percent increase. Earnings for the first half of 2014 were $24 million or $1.04 per diluted share compared to $24.3 million or $1.05 per diluted share for the first half of 2013, a decrease of one percent per diluted share.

Domestic sales increased 11% to $360.1 million for the first half of 2014 from $324.3 million for the first half of 2013. International sales were $155.8 million for the first half of 2014 compared to $171.7 million for the first half of 2013, a decrease of 9%.

The Company's domestic backlog increased 12 percent, from $140.7 million at June 30, 2013 to $157.4 million at June 30, 2014. The international backlog at June 30, 2014 remained flat at $106.7 million, when compared to the June 30, 2013 international backlog of $106.6 million.

Commenting on the announcement, Benjamin G. Brock, president and chief executive officer, stated, "We are pleased with our performance during the second quarter. Both domestic and international sales increased during the quarter compared to our second quarter last year. Our total backlog is up 7% over June 30 of last year. We grew revenues and profits in each of our manufacturing segments on a quarterly and year-to-date basis.

"While we are up on sales and profit versus last year, we are cautious regarding our short-term prospects, particularly as they relate to infrastructure spending. Washington continues to pursue short-term extensions in lieu of a long-term funding bill that would provide visibility to our customers for their capital spending. We are seeing improved private markets for our customers and some states have new policies in place to help with funding of highway projects. That being said, we look forward to improving market conditions as our energy, aggregate, and mining businesses see stable to slightly better business in the near term."


New Hamilton County Businesses

Here are the new business licenses from the County Clerk's office: 50 SPORTS BAR & GRILL, THE 5425 HWY 153 STE 100B HIXSON, TN 37343 AJ SNOW CONSULTING LLC 129 WALNUT ST UNIT 17 CHATTANOOGA, TN 37403 ALL HOME PLUMBING INC 5399 WILBANKS DR HIXSON, TN 37343 ALWAYS ONLINE 1466 RIVERSIDE DR #A CHATTANOOGA, TN 37406 ANDERSON CONCEPTS ... (click for more)

Byrd Accepted as a 2016 AIOCLA’S 10 Best In Tennessee For Client Satisfaction

The American Institute of Criminal Law Attorneys has recognized the performance of Tennessee’s Criminal Law Attorney Samuel A. Byrd as 2016 10 Best Criminal Law Attorneys for Client Satisfaction. The American Institute of Criminal Law Attorneys is a third-party attorney rating organization that publishes an annual list of the Top 10 Criminal Law attorneys in each state. Attorneys ... (click for more)

Settlement May Be Close In Government's $1.8 Billion Case Against Cleveland, Tn.-Based Life Care Centers Of America

A settlement may be close in the federal government's massive False Claims Act case against Cleveland, Tn.-based Life Care Centers of America. Attorneys have asked Chattanooga Federal Judge Sandy Mattice to put a 30-day hold on depositions, saying a settlement is in the works. Judge Mattice granted the motion. The government says claims in the case amount to $1.8 billion. ... (click for more)

Erlanger Projecting $15.2 Million Profit In Aggressive "Growth Budget"

Erlanger Health Systems is projecting a $15.2 million profit in an aggressive "growth budget" for the upcoming fiscal year. President Kevin Spiegel, who has led the public hospital to a succession of profitable years, said the projections are based on a TennCare waiver being renewed once again. He said if it is not renewed, then the hospital will have to completely rework the ... (click for more)

Late-Night Harassment By The Signal Mountain Police - And Response (9)

I am writing about the misconduct of the Signal Mountain Police Department. This is a repetitive civil rights problem, systemic within their department, with no hint of remorse or regret or a notion to change, though they have been confronted numerous times.   I live on Signal Mountain. In the last few months, I have been pulled over three times while I was driving three ... (click for more)

Roy Exum: Hot Rod’s Catfish Dinner

It could well be the best part of playing a prank is in the delicious moments until your “fish” takes the hook. So yesterday afternoon, as I tried repeatedly to talk to a man I haven’t spoken to in 27 years, rather than leave my name I popped off the Happy Birthday song in a snappy, loud way and then ended it with a simple, “Call me,” adding my number. John “Hot Rod” Talley spent ... (click for more)