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."


Athens Utility Board Wins 2nd Consecutive Taud Regional Best Tasting Water Contest

Athens Utility Board was recently announced as the winner of the Region 10 Best Tasting Water Contest conducted by the Tennessee Association of Utility Districts.  The contest, held at Eastside Utility District on Wednesday, Feb. 25, marked the second year in a row that Athens Utility Board was named best in the region. Drinking water samples are judged on their clarity, bouquet ... (click for more)

Northwest Georgia Career Expo To Provide Recruitment Opportunities For Employers; Chances For Employment For Jobseekers

The Georgia Department of Labor and the Catoosa County Board of Commissioners will co-sponsor the Northwest Georgia Regional Career Expo on  April 2  in Ringgold. The expo will provide employers in the 15-county area with opportunities to recruit qualified and skilled employees. The expo will give jobseekers chances to meet reputable employers and expand their career ... (click for more)

2 Hit While Walking On Birmingham Highway; 1 Dies At The Hospital

Two pedestrians were struck by a single vehicle on Highway 11 (Birmingham Highway) in Lookout Valley on Tuesday night. One of those who was struck died after being taken to a local hospital. Police said the other person who was hit was responsive. The incident happened shortly after 7 p.m. at 261 Birmingham Hwy. which is in the area of the Lookout Valley Cracker ... (click for more)

Henry Hopes To Bring E-Filing To Clerk's Office This Year; Saving Almost $222,000 On Personnel

Circuit Court Clerk Larry Henry said he hopes to bring E-Filing of documents and other court papers to the clerk’s office this year.   He said at first it appeared it might take much longer, but that progress is being made to the online program. Mr. Henry told members of the Pachyderm Club that attorneys, litigants and members of the public would be able to go online to ... (click for more)

Tennessee Deserves Better Health Reform - And Response

Tennessee needs health care reform. Expanding Medicaid under the Affordable Care Act, or "Obamacare," was not the best solution for Tennesseans. That is why the vast majority of Tennessee legislators never publicly supported the plan defeated in a special legislative session in February.   It is important to distinguish health care from health insurance. As one physician ... (click for more)

Roy Exum: Our Insult To Israel

I am deeply saddened that over two dozen members of Congress – all Democrats – will be boycotting a speech by Benjamin Netanyahu, the Prime Minister of Israel, when he speaks in Washington tonight. I am also offended that the President of the United States will not receive Netanyahu prior to the speech – a customary gesture on such occasions – because he claims it is too close to ... (click for more)