Astec Industries, Inc. (ASTE) reported fourth-quarter 2023 adjusted earnings per share of 90 cents, beating the Zacks Consensus Estimate of earnings of 62 cents. The company reported adjusted earnings of 34 cents per share in the prior-year quarter.Including one-time items, the company reported earnings of 65 cents in the quarter under review against a loss of 4 cents per share in the year-ago quarter.Revenues & BacklogAstec’s revenues decreased 3.6% year over year to $337 million in the quarter under revie ...

Financial Data and Key Metrics Changes - In Q4 2023, sales were $337.2 million, down 3.6% year-over-year, with domestic sales growth offset by a decline in international sales [19] - Adjusted EBITDA increased 46.8% to $32.6 million, with margins expanding by 340 basis points to 9.7% [21] - Full-year sales reached $1.3382 billion, up 5%, with adjusted EBITDA growing 55.4% [22][23] - Adjusted earnings per share increased to $0.90 from $0.34 the prior year, a rise of 164.7% [20] Business Line Data and Key Metrics Changes - Infrastructure Solutions' net sales increased slightly to $240 million, with parts sales up 7.2% [21] - Materials Solutions' net sales decreased 13.1% to $95.4 million, with international sales down 28.7% [22] Market Data and Key Metrics Changes - Domestic sales growth of 6.8% was slightly offset by a 2.1% decline in international sales for the full year [22] - Contract awards increased 8.6% in 2023, indicating a positive leading indicator for future construction [15] Company Strategy and Development Direction - The company is focused on operational excellence, growing the parts business, and new product development [6][9] - Plans to continue organic growth and explore disciplined acquisition opportunities [9] - The implementation of the Oracle ERP system is expected to enhance operational efficiency [12][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term demand due to positive customer sentiment and increased federal funding [7][17] - While the macro environment remains uncertain, there are indicators of stable demand with growth opportunities [13] - Management expects flat to single-digit growth for 2024, with a solid outlook based on backlog and new product launches [30][17] Other Important Information - The company published its first Corporate Sustainability Report, emphasizing its commitment to safety and community [8] - The backlog has normalized from peak levels, with implied orders increasing 27.6% sequentially in Q4 [16] Q&A Session Summary Question: What led to the higher margins? - Management indicated that higher margins were driven by a favorable parts mix, operational excellence, and positive pricing realization [26][27] Question: Can you discuss order rate trends and backlog improvements? - Management noted improved customer sentiment and federal funding, with expectations for stable orders in 2024 despite interest rate concerns [28][29] Question: What is the timing of margin improvements from ERP implementations? - Management expects positive effects from ERP implementations in future quarters, with ongoing operational improvements already benefiting margins [31][32] Question: How did EBITDA margins compare by segment? - Infrastructure Solutions had strong performance, while Material Solutions faced challenges due to interest rates affecting rental conversions [37][39] Question: What is the outlook for international sales? - Management indicated that international sales were affected by timing, particularly in Europe, but a strong pipeline suggests improvement in 2024 [40][41] Question: What are the expectations for the transformation program charges? - Management expects similar spending in 2024 and 2025, with the majority of the program concluding by the end of 2025 [42][44] Question: How does the company plan to use cash moving forward? - The company plans to balance CapEx investments, dividends, and potential acquisitions while maintaining a strong focus on improving working capital [60][61]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 other ...

For the quarter ended December 2023, Astec Industries (ASTE) reported revenue of $337.2 million, down 3.6% over the same period last year. EPS came in at $0.90, compared to $0.34 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $353.08 million, representing a surprise of -4.50%. The company delivered an EPS surprise of +45.16%, with the consensus EPS estimate being $0.62.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings - ...

NEWS RELEASE ASTEC REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS Fourth Quarter and Full Year 2023 Overview (all comparisons are made to the corresponding prior year fourth quarter or prior year, as applicable): • Net sales decreased 3.6% to $337.2 million in the quarter. Full year net sales increased 5.0% to $1.3 billion. • Gross margin of 26.4% increased 610 basis points in the quarter. Full year gross margin of 24.7% increased 400 basis points. • Diluted EPS of $0.65 compared to $(0.04) in the quarte ...

CHATTANOOGA, Tenn., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (NASDAQ:ASTE) announced that its Board of Directors declared a quarterly dividend of $0.13 per share. The dividend is to be paid on or about March 29, 2024, to shareholders of record as of the close of business on March 11, 2024. About ASTEC Astec is a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Astec's manufacturing operations are divided into two primary business ...

CHATTANOOGA, Tenn., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (NASDAQ:ASTE) announces a conference call to review the company’s fourth quarter and full year 2023 financial results. Astec Industries, Inc. will release the company’s fourth quarter and full year 2023 results to the wire service on Wednesday, February 28, 2024, at approximately 7:00 a.m. Eastern Time. The live call will begin on Wednesday, February 28, 2024, at 8:30 a.m. Eastern Time. Jaco van der Merwe, President and Chief Execu ...

CHATTANOOGA, Tenn., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (NASDAQ:ASTE) announces a conference call to review the company's fourth quarter and full year 2023 financial results. Astec Industries, Inc. will release the company's fourth quarter and full year 2023 results to the wire service on Wednesday, February 28, 2024, at approximately 7:00 a.m. Eastern Time. The live call will begin on Wednesday, February 28, 2024, at 8:30 a.m. Eastern Time. Jaco van der Merwe, President and Chief Execu ...

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 September 30, 2023 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 ...

Astec Industries, Inc. (NASDAQ:ASTE) Q3 2023 Earnings Conference Call November 1, 2023 8:30 AM ET Company Participants Steve Anderson - Senior VP of Administration, Investor Relations & Corporate Secretary Jaco Merwe - CEO, President & Director Becky Weyenberg - Chief Financial Officer Conference Call Participants Stanley Elliott - Stifel Equity Research Group Mig Dobre - Robert W. Baird & Co, Inc. Steve Ferazani - Sidoti Larry Maria - William Blair & Company Operator Hello and welcome to the Astec Industri ...