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."


Michael Williams Has Law License Suspended

Michael Gregory Williams, of Hamilton County, was suspended from the practice of law on Thursday by Order of the Tennessee Supreme Court for four years.  The suspension will begin on Nov. 9. A Petition for Discipline was filed on Oct. 30, 2013, alleging that Mr. Williams had misappropriated funds from an estate for which he had been appointed administrator and had failed ... (click for more)

Browns Ferry Unit 1 Completes Refueling, Back Online

The Unit 1 reactor at the TVA’s Browns Ferry Nuclear Plant returned to service at 8:16 p.m. CDT on Wednesday, following the successful completion of a planned refueling and maintenance outage.  Plant operators will be raising power over the next several days until the unit once again achieves full power. “The Browns Ferry team worked hard to refuel and prepare Unit 1 for ... (click for more)

Downtown Chattanooga Apartment Complex That Brought $3 Million Profit Exempt From Most Taxes Until 2022 Under PILOT

A downtown Chattanooga apartment complex that recently was sold at a $3 million profit is exempt from most property taxes through 2022 under a PILOT (payment in lieu of taxes) agreement.   No payment of school taxes was included in the deal for Walnut Commons at Walnut Street and Aquarium Way.   The only taxes due on the property for the next eight ... (click for more)

Chickamauga Lock To Reopen As Soon As Next Thursday

The U.S. Army Corps of Engineers Nashville District  plans to reopen Chickamauga Lock to all navigation traffic as early as next Thursday. An inspection of the upper gate anchorage and a repair plan were completed today. Chickamauga Lock closed on Monday after a routine inspection revealed a crack in the anchorage of the upper gate. Lt. Col. John Hudson, commander ... (click for more)

A Vote For Education Is Critical In Tennessee

In a state where just 28 percent of eighth graders are proficient in math and 33 percent are proficient in reading according to national assessments, education is deserving of more attention in 2014 elections. Across the country, more parents are making informed decisions about their child’s education, but for Volunteer State parents without resources, choices are difficult to come ... (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)