Astec Industries, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 07:00 am EDT
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Astec Industries, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 303.1 million compared to USD 315.2 million a year ago. Net loss was USD 6.6 million compared to net income of USD 0.7 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to basic earnings per share from continuing operations of USD 0.03 a year ago. Diluted loss per share from continuing operations was USD 0.29 compared to diluted earnings per share from continuing operations of USD 0.03 a year ago.
For the nine months, sales was USD 1,001 million compared to USD 924.6 million a year ago. Net income was USD 18.6 million compared to USD 0.9 million a year ago. Basic earnings per share from continuing operations was USD 0.82 compared to USD 0.04 a year ago. Diluted earnings per share from continuing operations was USD 0.82 compared to USD 0.04 a year ago.
Astec Industries, Inc. designs, engineers, manufactures, markets, and equipment and components used primarily in asphalt and concrete road building and related construction activities. Its Infrastructure Solutions segment designs, engineers, manufactures and markets a complete line of asphalt and concrete plants, components and ancillary equipment, and asphalt road construction equipment, industrial thermal systems, land clearing, recycling and other heavy equipment. Its Materials Solutions segment designs and manufactures heavy rock processing equipment, in addition to servicing and supplying parts for the aggregate, mining, recycling, ports and bulk handling markets. The Company's products are marketed both domestically and internationally primarily to asphalt producers; highway and heavy equipment contractors; utility contractors; sand and gravel producers; construction, demolition, recycle and crushing contractors; forestry and environmental recycling contractors, and others.