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Financial Performance - Net sales for Q3 2024 were $291.4 million, a decrease of 3.9% compared to Q3 2023[1]. - The net loss was $6.2 million, which included an $8.4 million charge related to a legacy litigation settlement; adjusted net income was $7.0 million[1][2]. - Adjusted EBITDA increased by 74.0% to $17.4 million, while EBITDA declined to $0.6 million, a decrease of 66.7%[1][3]. - The company reported a loss from operations of $7.2 million for Q3 2024, compared to a loss of $5.2 million in Q3 2023[28]. - Adjusted income from operations for Q3 2024 was $9.9 million, up from $3.1 million in Q3 2023, resulting in an adjusted operating margin of 3.4%[28]. - The net loss attributable to controlling interest for Q3 2024 was $6.2 million, slightly improved from a loss of $6.6 million in Q3 2023[29]. - The company reported an adjusted EPS of $0.31 for Q3 2024, compared to a loss of $0.01 in Q3 2023[29]. - EBITDA margin for Q3 2024 was 0.2%, down from 0.6% in Q3 2023[30]. Sales Performance - Domestic sales decreased by 8.0% to $211.2 million, while international sales increased by 9.1% to $80.2 million[3]. - Infrastructure Solutions segment net sales increased slightly to $165.0 million, with operating adjusted EBITDA rising 17.3% to $15.6 million[6]. - Materials Solutions segment net sales decreased by 9.6% to $126.4 million, but operating adjusted EBITDA increased by 52.6% to $14.5 million[7]. - Infrastructure Solutions revenue increased to $165.0 million, up 1.1% from $163.2 million in 2023[18]. - Materials Solutions revenue decreased to $126.4 million, down 9.6% from $139.9 million in 2023[18]. - Net sales totaled $291.4 million, a decline of 3.9% compared to $303.1 million in 2023[18]. Cash Flow and Liquidity - Total liquidity was $195.1 million, consisting of $52.7 million in cash and $142.4 million available for additional borrowings[8]. - Free cash flow for the quarter was $19.9 million after capital expenditures of $2.6 million[8]. - Free cash flow for Q3 2024 was $19.9 million, a significant improvement from a negative $24.2 million in Q3 2023[31]. - Net cash used in operating activities was $(13.6) million for the nine months ended September 30, 2024, compared to $(18.8) million in 2023[21]. - Cash, cash equivalents, and restricted cash decreased to $55.3 million from $63.2 million at the end of 2023[20]. Backlog and Assets - The backlog decreased by 22.6% to $475.8 million, with domestic backlog down 26.0% to $377.6 million[3][6]. - Total assets as of September 30, 2024, were $1,067.1 million, compared to $1,059.3 million at the end of 2023[20]. - Current liabilities remained stable at $299.2 million, slightly up from $299.0 million in 2023[20]. Charges and Impairments - The company incurred restructuring and related charges of $8.4 million in Q3 2024, compared to only $0.1 million in Q3 2023[28]. - Goodwill impairment charges of $20.2 million were recorded in the nine months ended September 30, 2024, with no charges in the same period of 2023[29]. - The transformation program costs are included in "Cost of sales" and "Selling, general and administrative expenses" and are part of ongoing strategic initiatives[23].

Core Insights - Astec Industries, Inc. reported a net sales decrease of 3.9% to $291.4 million in Q3 2024 compared to Q3 2023, with a net loss of $6.2 million, which included an $8.4 million charge related to a litigation settlement [1][2][3] - Adjusted net income for the quarter was $7.0 million, with adjusted EBITDA increasing by 74.0% to $17.4 million [1][3][32] - The company experienced mixed results across its segments, with Infrastructure Solutions showing sales and margin growth, while Materials Solutions faced challenging market conditions [2][6][7] Financial Performance - Net sales: $291.4 million in Q3 2024 vs. $303.1 million in Q3 2023, a decrease of 3.9% [1][17] - Domestic sales decreased by 8.0% to $211.2 million, while international sales increased by 9.1% to $80.2 million [3][17] - Backlog decreased by 22.6% to $475.8 million, with domestic backlog down 26.0% and international backlog down 5.7% [3][17] Segment Results - Infrastructure Solutions segment net sales increased slightly to $165.0 million, with an operating adjusted EBITDA of $15.6 million, up 17.3% [6][17] - Materials Solutions segment net sales decreased by 9.6% to $126.4 million, but operating adjusted EBITDA increased by 52.6% to $14.5 million [7][17] Cash Flow and Liquidity - Operating cash flow for the quarter was $22.5 million, with free cash flow of $19.9 million after capital expenditures of $2.6 million [1][8] - Total liquidity stood at $195.1 million, comprising $52.7 million in cash and cash equivalents and $142.4 million available for additional borrowings [8][20] Balance Sheet Highlights - Total assets increased to $1,067.1 million as of September 30, 2024, compared to $1,059.3 million at the end of 2023 [20] - Total equity decreased to $631.4 million from $653.7 million [20] Strategic Focus - The company is concentrating on commercial and operational excellence, aiming to drive sustainable value creation for shareholders [2][3] - Ongoing transformation initiatives include a phased implementation of a standardized enterprise resource planning system and lean manufacturing efforts [24][25]

Group 1 - The article discusses the perspective of a value-oriented analyst focused on the oil and gas sector, emphasizing the importance of analyzing cash flows and assessing company value [1] - The analyst employs Benjamin Graham's investment philosophy combined with a contrarian approach to identify businesses trading at significant discounts to their intrinsic value [1] Group 2 - The analyst runs a newsletter called Crude Value Insights, which aims to provide insights into the valuation of companies within the oil and gas industry [1]

CHATTANOOGA, Tenn., Oct. 10, 2024 (GLOBE NEWSWIRE) -- You are invited by Astec Industries, Inc. (NASDAQ:ASTE) to participate in a conference call to review the company’s third quarter 2024 financial results. Astec Industries, Inc. will be releasing the company’s third quarter results to the wire service on Wednesday, November 6, 2024 at approximately 7:00 a.m. Eastern Time. The live call will begin on Wednesday, November 6, 2024 at 8:30 a.m. Eastern Time. Jaco van der Merwe, President and Chief Executive Of ...

Group 1 - Astec Industries, Inc. will present at the Sidoti Small-Cap Virtual Investor Conference on September 19, 2024, at 10:00 a.m. EDT, with key executives participating in one-on-one meetings with investors [1] - The conference aims to provide a platform for small and microcap companies to engage with investors, highlighting Astec's focus on investor relations [1][2] - Registration for the conference and one-on-one meetings is free and open to all interested participants, not limited to Sidoti clients [1] Group 2 - Astec Industries specializes in manufacturing equipment for asphalt road building, aggregate processing, and concrete production, operating through two main segments: Infrastructure Solutions and Materials Solutions [3] - The Infrastructure Solutions segment includes products related to road building, asphalt and concrete plants, as well as thermal and storage solutions [3] - The Materials Solutions segment focuses on aggregate processing equipment, indicating a comprehensive approach to construction and infrastructure needs [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 001-11595 Astec Industries, Inc. (Exact name of registrant as specified in its charter) Tennessee 62-0873631 (State or o ...

Astec Industries, Inc. (NASDAQ:ASTE) Q2 2024 Earnings Conference Call August 7, 2024 8:30 AM ET Company Participants Steve Anderson – Senior Vice President of Administration and Investor Relations Jaco van der Merwe – President and Chief Executive Officer Heinrich Jonker – Interim Chief Financial Officer Conference Call Participants Mig Dobre – Baird Stephen Ferazani – Sidoti Operator Hello, and welcome to Astec Industries Second Quarter Earnings Call. As a reminder, this conference call is being recorded. ...

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GAAP Adjusted NEWS RELEASE ASTEC REPORTS SECOND QUARTER 2024 RESULTS Second Quarter 2024 Overview (all comparisons are made to the corresponding prior year second quarter unless otherwise specified): • Net sales of $345.5 million decreased 1.3% from the record sales in the prior year. • Implied orders increased 5.9% sequentially from the first quarter. • Inventory initiatives drove $28.7 million sequential reduction from the first quarter. • Diluted EPS of $(0.61), which included an $0.89 per share impact r ...