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 ...

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 ...

Financial Data and Key Metrics Changes - Sales for Q3 2023 were $303.1 million, down 3.8% year-over-year, with slight declines in both segments [16] - Adjusted EBITDA decreased 39.8% to $10 million, with an adjusted EBITDA margin of 3.3%, a decrease of 200 basis points [17] - Gross margins improved by 220 basis points to 23%, marking the fifth consecutive quarter with gross margins exceeding 20% [17][19] - Adjusted earnings per share decreased to a loss of $0.01 from an income of $0.28 the prior year, primarily due to a litigation contingency [18] Business Line Data and Key Metrics Changes - Infrastructure Solutions net sales decreased 5.5% to $190.8 million, with international growth of 3.4% offset by softening domestic demand [19] - Material Solutions net sales decreased 1.2% to $110.5 million, with international sales increasing by 20.7% while domestic sales declined by 9% [20] - Part sales grew 2.4%, while equipment sales declined by 4.5% [16] Market Data and Key Metrics Changes - Strong international sales growth of 11.7% was noted, while domestic sales were down 7.9% [16] - Backlog decreased 36.6% from the peak in Q3 2022 and 10.8% sequentially, remaining within the historical range of 1.5 to 2 quarters [16] Company Strategy and Development Direction - The company is focused on operational excellence and has simplified its internal staffing and branding [13] - Investments are being made to optimize the manufacture of mobile construction and crushing equipment domestically and internationally [13] - The company is pursuing a growth strategy that includes introducing new products and expanding into new geographies [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about customer sentiment and backlog for concrete plants and related equipment, expecting strong demand in 2024 [10][12] - The company is monitoring high-volume dealer orders for potential modifications due to rising interest rates [10] - Management indicated that the Federal Highway Bill funding is providing long-term stability for markets and customers [10] Other Important Information - The company announced the addition of paid parental leave for both parents and an increase in the company 401(k) maximum effective January 1, 2024 [7] - A corporate sustainability report is set to be released in Q4, marking a significant step forward in the company's ESG journey [15] Q&A Session Summary Question: Can you discuss the margin front and the sequential decline? - Management noted that overall margins continue to improve year-over-year, but the mix of products in Q3 contributed to the margin profile [27] Question: Did the mix of international versus domestic revenues contribute to margin changes? - Management stated that they were pleased with international performance and that transfer pricing affects margins [29] Question: Are order rates expected to turn positive in Q4? - Management expects a strong order writing period in Q4, in line with previous years, due to low dealer inventory [32] Question: What does "normalization" of orders mean? - Management clarified that they expect order patterns to stabilize within a comfortable range of $400 million to $500 million [34] Question: Can you comment on infrastructure order delays? - Management indicated that delays were temporary and that shipments were expected to resume shortly [42] Question: What is driving the increase in SG&A costs? - Management explained that higher SG&A was due to litigation costs and specific project investments [44] Question: When will improvements from plant efficiency investments be seen? - Management anticipates seeing improvements in Q4 and significant benefits in the following year [49]

Third Quarter Earnings Safe Harbor Certain statements contained in this presentation contain forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, businesses in which we operate and the United States and global economies. Statements in the presen ...