Astec Industries Reports Second Quarter 2013 Results

Commenting on the announcement, Dr. J. Don Brock, Chairman and Chief Executive Officer, stated, "As we discussed in our first quarter conference call, our second quarter performance was very similar to our first quarter.  We were able to reduce our S,G,A and E expenses compared to the first quarter of 2013 but our gross margin came in below our expectations in the Asphalt Group due to product mix and decreased overhead absorption."

Dr. Brock continued, "Many areas of the Central and Eastern United States have experienced historically high rainfall, delaying construction work.  This has also delayed many of our shipments.  However, on a positive note, customers are seeing a slight pickup in residential and commercial work.  With the delayed work for the first half of the year we expect to see their business much stronger in the second half.  Hopefully this will improve demand during the fourth quarter and into next year.  We continue to be optimistic for our growth in the energy business with our new pellet plant, high tech drill rigs, pump trailers, water heaters, and gas processing heaters.  Unfortunately, we see the near term orders being down slightly with a pickup in demand in the fourth quarter.  We are continuing to reduce expenses in anticipation of this."

Investor Conference Call and Web Simulcast

Astec will conduct a conference call on July 23, 2013 at 10:00 A.M. Eastern Time to review its second quarter results as well as current business conditions.  The number to call for this interactive teleconference is (877) 407-9210.  International callers should dial (201) 689-8049.   Please reference Astec Industries.

The company will also provide an online Web simulcast and rebroadcast of the conference call.  The live broadcast of Astec's conference call will be available online at the Company's website:  www.astecindustries.com/conferencecalls. An archived webcast will be available for 90 days at www.astecindustries.com.

A replay of the conference call will be available through midnight on Tuesday, August 6, 2013 by dialing (877) 660-6853, or (201) 612-7415 for international callers, Account #286, Conference ID# 417663.  A transcription of the conference call will be made available under the Investor Relations section of the Astec Industries, Inc. website within 5 business days after the call.

Astec Industries, Inc. is a manufacturer of specialized equipment for building and restoring the world's infrastructure.  Astec's manufacturing operations are divided into four primary business segments:  aggregate processing and mining equipment; asphalt production equipment; mobile asphalt paving equipment; and oil, gas and water drilling equipment (Underground Group).  Additionally, the Other Group contains one subsidiary that manufactures equipment used for wood processing and recycling and one that is a company-owned dealership located in Australia.

The information contained in this press release contains "forward-looking statements" (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the future performance of the Company, including statements about the effects on the Company from its backlog, its efforts to reduce expenses, the delay in shipments caused by the weather, the increase in demand in its customers' residential and commercial sectors, and the growth in its energy business.  These forward-looking statements reflect management's expectations and are based upon currently available information, and the Company undertakes no obligation to update or revise such statements.  These statements are not guarantees of performance and are inherently subject to risks and uncertainties, many of which cannot be predicted or anticipated.  Future events and actual results, financial or otherwise, could differ materially from those expressed in or implied by the forward-looking statements.  Important factors that could cause future events or actual results to differ materially include:  general uncertainty in the economy, rising oil and liquid asphalt prices, rising steel prices, decreased funding for highway projects, the relative strength/weakness of the dollar to foreign currencies, production capacity, general business conditions in the industry, demand for the Company's products, seasonality and cyclicality in operating results, seasonality of sales volumes or lower than expected sales volumes, lower than expected margins on custom equipment orders, competitive activity, tax rates and the impact of future legislation thereon, and those other factors listed from time to time in the Company's reports filed with the Securities and Exchange Commission, including but not limited to the Company's annual report on Form 10-K for the year ended December 31, 2012. 

Astec Industries, Inc.
Consolidated Balance Sheets
(in thousands)
(unaudited)
	Jun 30	Jun 30
	2013	2012
Assets
Current assets
Cash and cash equivalents	$   41,157	$   35,916
Investments	16,989	2,024
Receivables, net	102,795	119,983
Inventories	318,710	322,086
Prepaid expenses and other	31,494	26,377
Total current assets	511,145	506,386
Property and equipment, net	185,033	191,289
Other assets	41,954	43,171
Total assets	$ 738,132	$ 740,846
Liabilities and equity
Current liabilities
Accounts payable - trade	$   45,776	$   51,824
Other current liabilities	93,803	102,811
Total current liabilities	139,579	154,635
Non-current liabilities	32,531	33,458
Total equity	566,022	552,753
Total liabilities and equity	$ 738,132	$ 740,846
Astec Industries, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
	Three Months Ended		Six Months Ended
	Jun 30		Jun 30
	2013	2012	2013	2012
Net sales	$ 248,127	$ 238,275	$ 495,960	$ 490,243
Cost of sales	192,685	185,214	381,951	378,586
Gross profit	55,442	53,061 Werbung Mehr Nachrichten zur Astec Industries Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 03:37 - PR Newswire Tellworth Investments LLP - Form 8.3 - Gresham Technologies Plc 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares 02:00 - PR Newswire BlackRock Sustainable American Income Trust Plc - Total Voting Rights SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59