One stock that might be an intriguing choice for investors right now is Astec Industries, Inc. (ASTE) . This is because this security in the Manufacturing - Construction and Mining space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably ...

The Zacks Manufacturing - Construction and Mining industry is well positioned to gain from the stepped-up infrastructure investment spending in the United States and solid demand from the mining sector, fueled by the energy transition trend. Indications of easing supply-chain issues raise optimism.Players like Caterpillar Inc. (CAT) , Komatsu (KMTUY) , H&E Equipment Services (HEES) and Astec Industries, Inc. (ASTE) are likely to ride on the demand trends. These stocks are likely to benefit from efforts to b ...

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Core Viewpoint - Astec Industries, Inc. reported a mixed performance in Q4 2023, with adjusted earnings per share exceeding expectations, but revenues falling short of estimates, indicating challenges in the market despite improved profitability metrics [1][2][6]. Revenue & Backlog - Revenues decreased by 3.6% year over year to $337 million, missing the Zacks Consensus Estimate of $353 million [2] - Domestic sales increased by 1.5% year over year, while international sales declined by 24.7% [2] - The backlog stood at $570 million, reflecting a year-over-year decline of 37.6%, with domestic backlog down 41.8% to $450 million and international backlog up 14.1% to $120 million [2] Operating Performance - Cost of sales fell by 11% year over year to $248 million, leading to a gross profit of $89 million compared to $71 million in the prior year [3] - The gross margin improved to 26.4% from 20.3% in the previous year [3] - SG&A expenses increased by 10.3% year over year to approximately $70 million [3] - Adjusted operating income rose to $26.3 million from $14.7 million in the prior year, with an adjusted operating margin of 7.8% compared to 4.2% [3] - Adjusted EBITDA was $33 million, up from $22 million in the previous year, with an adjusted EBITDA margin of 9.7% compared to 6.3% [3] Segment Performances - Infrastructure Solutions segment revenues increased by 0.7% to $240 million, with adjusted EBITDA rising by 52.8% to $35.3 million [4] - Materials Solutions segment revenues fell by 13.1% to $95 million due to softer demand, with adjusted EBITDA down 8.2% to $8.9 million [4] Financial Position - At the end of 2023, cash and cash equivalents totaled $63 million, down from $66 million at the end of 2022 [5] - Long-term debt decreased to $72 million from $78 million at the end of 2022 [5] 2023 Performance - Adjusted EPS for 2023 was $2.67, up from $1.23 in the prior year, beating the Zacks Consensus Estimate of $2.39 [6] - Sales increased by 5% year over year to $1.34 billion, but missed the Zacks Consensus Estimate of $1.35 billion [6] Price Performance - ASTE shares have declined by 13% over the past year, contrasting with the industry's growth of 36.5% [7]

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 ...

Group 1 - Astec Industries, Inc. declared a quarterly dividend of $0.13 per share, to be paid on or about March 29, 2024 [1] - The record date for shareholders to receive the dividend is March 11, 2024 [1] Group 2 - Astec is a manufacturer of specialized equipment for asphalt road building, aggregate processing, and concrete production [2] - The company's manufacturing operations are divided into two primary business segments: Infrastructure Solutions and Materials Solutions [2] - Infrastructure Solutions includes road building, asphalt and concrete plants, thermal and storage solutions [2] - Materials Solutions includes aggregate processing equipment [2]

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 ...