Astec Industries Inc - ASTE STOCK NEWS

Astec Industries (NASDAQ: ASTE) has announced a definitive agreement to acquire MINDS Automation Group Inc., a leader in plant automation for the asphalt industry. This strategic acquisition aims to enhance Astec's digital platform, integrating MINDS' advanced control systems with existing products. MINDS will continue to operate under its leadership, promoting innovation and efficiency in asphalt production. Astec aims to leverage its strong balance sheet to invest in long-term growth through this acquisition.

Astec Industries, Inc. (Nasdaq: ASTE) will participate in the Sidoti Virtual Conference on March 23, 2022. Key executives including President Barry A. Ruffalo, CFO Rebecca A. Weyenberg, and Senior VP Stephen C. Anderson will present from 1:00 to 1:30 P.M. Eastern time and engage in one-on-one meetings in a virtual format. The presentation can be accessed through a provided link. Astec specializes in manufacturing equipment for asphalt road building, aggregate processing, and concrete production, operating in Infrastructure and Materials Solutions sectors.

Astec Industries reported a 12.1% increase in net sales for Q4 2021, totaling $267.8 million, driven by a rise in domestic asphalt and concrete plant sales.

However, the company faced significant challenges, resulting in a net loss of $9.2 million, down from a net income of $15.4 million in Q4 2020. Adjusted EPS fell to $(0.03), while gross profit margin decreased to 20.1%. The record backlog reached $762.6 million, up 111.5% year-over-year, indicating strong future demand.

Astec Industries (ASTE) reported a strong fourth quarter in 2021, achieving a revenue of $267.8 million, a 12.1% increase year-over-year. Despite strong demand and record backlog, gross profit margin decreased by 350 basis points due to supply chain disruptions and labor shortages, resulting in higher expenses to meet customer demand. The company continues to pursue its Simplify, Focus and Grow strategy. Preliminary results are subject to adjustments as final financial statements are being prepared, with a detailed earnings call scheduled for February 28, 2022.

Astec Industries (ASTE) reported robust third-quarter 2021 results with net sales rising 15.4% to $267 million and net income soaring 481.3% to $9.3 million, translating to diluted EPS of $0.41. Adjusted net income surged 159.1% to $11.4 million. A record backlog of $620.5 million reflects a 184% year-over-year increase. Operating profit jumped 844.4% to $6.7 million, driven by strong domestic and international sales. Despite facing supply chain disruptions and labor shortages, the company remains focused on its strategic transformation initiatives aiming to enhance efficiency and support growth.

Astec Industries, Inc. (NASDAQ:ASTE) will release its Third Quarter financial results on November 3, 2021, at approximately 7:00 A.M. Eastern Time. A conference call to discuss these results will follow at 8:30 A.M. Eastern Time, hosted by CEO Barry A. Ruffalo and CFO Rebecca A. Weyenberg. Investors can dial in or access a live webcast through their website. A replay will be available thereafter. Astec focuses on providing innovative solutions in road building and material processing, operating under two segments: Infrastructure Solutions and Materials Solutions.

Astec Industries reported a 4.8% increase in net sales for Q2 2021, reaching $278.0 million. However, net income fell 3.2% to $9.0 million, with adjusted net income down 26.3% to $11.2 million. The gross profit margin improved by 160 basis points to 24.1%. International sales surged 75.7%, while domestic sales declined 9.2%. A record backlog of $436.1 million represented a 139.7% year-over-year increase. The company cited inflation and labor shortages as challenges to profitability.

Astec Industries invites investors to join a conference call on August 4, 2021, to discuss its Second Quarter financial results. The results will be released at approximately 7:00 A.M. Eastern Time, followed by the call at 8:30 A.M. Eastern Time. Key executives, including Barry A. Ruffalo and Rebecca A. Weyenberg, will present.

Participants can access the call by dialing 844-602-0380 (international: 862-298-0970). An archived webcast will be available for 90 days post-call at astecindustries.com.