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."



Former U.S. Attorney Bill Killian Joins Chambliss Law

Chambliss, Bahner & Stophel, P.C. announces former presidentially appointed U.S. Attorney William "Bill" C. Killian has joined the firm. Mr. Killian will concentrate his practice in assisting clients with regulatory investigations, white collar criminal defense, and governmental law.  Mr. Killian has been trying cases for more than 40 years and has experience in representing, ... (click for more)

Gas Prices Rise 6.2 Cents In Chattanooga

Average retail gasoline prices in Chattanooga have risen 6.2 cents per gallon in the past week, averaging $2.24 per gallon on Sunday, according to GasBuddy's daily survey of 170 gas outlets in Chattanooga. This compares with the national average that has increased 3.5 cents per gallon in the last week to $2.52 per gallon, according to gasoline price website GasBuddy.com. ... (click for more)

BlueCross Sells Huge Tract Along River For $8.1 Million

BlueCross BlueShield has sold a huge tract along the riverfront in Lupton City for $8.1 million. The purchaser is listed as Riverton LLC., 651 E. 4th St., Suite 403, Chattanooga. BlueCross had bought the 216-acre site in 2001 as a possible site for its corporate headquarters. However, it wound up building a $299 million campus on Cameron Hill instead. BlueCross started ... (click for more)

1 Person Injured In Duplex Fire In East Lake Wednesday Night

One person was injured when fire broke out in a duplex Wednesday night in East Lake. The Chattanooga Fire Department received the alarm at  11:53  p.m. on  Wednesday  and responded to the 4800 block of General Thomas Boulevard with several fire companies.   When the first firefighters arrived on the scene, Captain Chris Cordes with Engine 9 said ... (click for more)

Thank You, Dr. Martin Luther King, Jr.

Thank you, Dr. King for stepping-out.  Thank you for your lasting voice to what it's all about. Thank you, Dr. King for  stepping up and also showing-up, ...when decisions were being made and  your refusal  to shut-up.  We find your fingerprints on both directions and toward progress.  your modeling, mentoring,  and reactions helps ... (click for more)

Roy Exum: Kids Are Still Funny

I have never seen nor heard of a child actually getting one’s “head pinched off” but by modern-day standards the threat just switched in overdrive. There are children in our communities who haven’t been to school for six long days and the brutal temperatures drove the little darlings to inside where they most predictably stirred up all manner of mayhem. Back when I was in Elementary ... (click for more)