Net Sales for 2018 of $1.172 Billion; Adjusted
Net Sales for 2018 of $1.246 Billion Grew 5.9% Over 2017
Astec Industries, Inc. (Nasdaq: ASTE) today reported results for
the fourth quarter and year ended December 31, 2018.
Net sales for the fourth quarter of 2018 were
$317.0 million compared to $312.4 million for the fourth quarter of
2017, a 1.5% increase. Domestic sales increased 1.1% to $248.2
million for the fourth quarter of 2018 from $245.4 million for the
fourth quarter of 2017. International sales were $68.8 million for
the fourth quarter of 2018 compared to $67.0 million for the fourth
quarter of 2017, an increase of 2.8%.
Losses for the fourth quarter of 2018 were $47.0
million, for a loss of $2.08 per share, which includes the charges
described below, compared to earnings of $10.9 million, or $0.47
per share, for the fourth quarter of 2017, which includes a $1.1
million income tax benefit from U.S. Tax Reform legislation.
Net sales for 2018 were $1.172 billion compared
to $1.185 billion for 2017, a 1.1% decrease. Domestic sales
decreased 1.8% to $915.8 million for 2018 from $932.3 million for
2017. International sales were $255.8 million for 2018 compared to
$252.4 million for 2017, an increase of 1.3%.
Losses for 2018 were $60.4 million, for a loss
of $2.64 per diluted share, which includes the charges described
below, compared to earnings of $37.8 million, or $1.63 per diluted
share, for 2017, which includes the aforementioned income tax
benefit.
In the fourth quarter of 2018, the Company
recorded charges totaling $90.6 million resulting from a write-off
related to the Hazlehurst wood pellet plant, an inventory valuation
adjustment, the exit of a subsidiary business in Germany and an
impairment of goodwill. The following financial information for the
fourth quarters and full years ended December 31, 2018 and 2017
excludes all of the impact of wood pellet plant activity, as well
as the other fourth quarter 2018 charges, on the Company’s results
during those periods:
Net sales for the fourth quarter of 2018 were $317.0 million
compared to $306.8 million for the fourth quarter of 2017, a 3.3%
increase. Domestic sales increased 3.5% to $248.2 million for the
fourth quarter of 2018 from $239.8 million for the same period of
2017.
Net income for the fourth quarter of 2018 was $14.0 million or
$0.61 per diluted share, compared to net income of $13.2 million or
$0.57 per diluted share for the same period of 2017, an increase in
earnings per share of 7.0%.
Net sales for 2018 were $1.246 billion compared to $1.177
billion for 2017, an increase of 5.9%. Domestic sales increased
7.2% to $990.6 million for 2018 from $924.3 million for 2017.
Net income for 2018 was $67.3 million or $2.92 per diluted
share, compared to net income of $57.7 million or $2.49 per diluted
share for the same period in 2017, an increase in earnings per
share of 17.4%.
Commenting on the quarterly and full year
results, Richard J. Dorris, Interim Chief Executive Officer,
stated, “We are pleased with the 17.4% growth in adjusted earnings
for the full year. Our core businesses remain strong and we
continue to gain positive momentum. While results in our
Infrastructure Group for the fourth quarter and year reflect our
decision to exit the wood pellet plant business and a decrease in
international sales, we are optimistic about opportunities for this
segment in the coming year. We saw a good mix of activity across
commercial and private construction driving performance in our
Aggregate and Mining Group both domestically and internationally
for the year, while 2018 sales growth in our Energy Group was
driven by improved domestic sales. While we remain focused on
execution in our individual segments, we continue to make progress
in our strategic sourcing initiative and anticipate it will yield
positive results in our procurement operations once it is completed
in the second quarter. We are also working to identify further
manufacturing cost optimization opportunities and look forward to
providing more details as we move forward with these projects.”
Mr. Dorris continued, “During the past year,
Astec’s Board and management team have taken decisive steps to
improve the Company’s financial performance and ensure capital is
directed to the areas that we believe will drive the greatest value
for all shareholders. We made decisions to exit the wood pellet
plant business, recording a write-off of our Hazlehurst plant in
the fourth quarter, and discontinued operations at our
underperforming subsidiary in Germany. While these actions resulted
in one-time charges being recognized in the fourth quarter, we are
confident these actions have strengthened our business for the
future. We remain focused on executing our strategy and growing our
leadership position in the manufacturing of equipment for the
infrastructure, aggregate, mining and energy industries.”
The Company’s backlog at December 31, 2018 was
$345.0 million compared to $411.5 million at December 31, 2017, a
decrease of $66.5 million or 16.2%. Domestic backlog decreased
22.4% to $260.7 million at December 31, 2018 from $335.9 million at
December 31, 2017, reflecting a $60.2 million reduction in pellet
plant related backlog. International backlog increased 11.5% to
$84.2 million at December 31, 2018 from $75.6 million at December
31, 2017. Excluding pellet plant backlogs, the Company’s December
31, 2018 backlog decreased $6.3 million, or 1.5%, compared to
December 31, 2017.
Consolidated financial information for the
fourth quarter and year ended December 31, 2018 and additional
information related to segment revenues and profits are attached as
addenda to this press release.
The Company identified certain material
weaknesses in its internal control over financial reporting.
As a result, the Company needs additional time to complete
the compilation of information and finalization of its assessment
of the effectiveness of internal control over financial reporting
for its consolidated financial statements and related disclosures
to be filed as part of the 2018 Form 10-K. The Company will
file a Form 12b-25 with the Securities and Exchange Commission in
order to extend the due date of its 2018 Annual Report on Form 10-K
for 15 days, as permitted by Rule 12b-25 under the Securities
Exchange Act.
Investor Conference Call and Web Simulcast
Astec will conduct a conference call today at
10:00 A.M Eastern Time to review its fourth quarter and full year
results as well as current business conditions. The number to call
for this interactive teleconference is (866) 682-6100.
International callers should dial (862) 298-0702.
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 Friday, March 15, 2019 by dialing
(877) 481-4010, or (919) 882-2331 for international callers,
Conference ID #43156. A transcript 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.,
(www.astecindustries.com), is a manufacturer of specialized
equipment for asphalt road building; aggregate processing; oil, gas
and water well drilling and concrete production. Astec's
manufacturing operations are divided into three primary business
segments: road building, (Infrastructure Group); aggregate
processing and mining equipment (Aggregate and Mining Group); and
equipment for the extraction and production of fuels and water
drilling equipment (Energy Group).
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 (i) the introduction of new asphalt
plant models, (ii) international demand, (iii) manufacturing cost
optimization, (iv) its backlog activity, and (v) the Company’s
strategic sourcing initiatives. 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, oil,
gas 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, 2017.
For Additional Information Contact:
David C. Silvious Vice President and Chief Financial
Officer Phone: (423) 899-5898 Fax: (423) 899-4456
E-mail: dsilvious@astecindustries.com
Or
Stephen C. Anderson Vice President, Director of Investor
Relations & Corporate Secretary Phone: (423)
899-5898 Fax: (423) 899-4456
E-mail: sanderson@astecindustries.com
|
|
|
|
|
Astec Industries, Inc. |
|
|
Condensed Consolidated Balance
Sheets |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
Dec-18 |
Dec-18 |
|
|
|
|
2018 |
|
|
2017 |
|
|
|
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ |
25,821 |
|
$ |
62,280 |
|
|
|
Investments |
|
1,946 |
|
|
1,624 |
|
|
|
Receivables, net |
|
133,979 |
|
|
119,952 |
|
|
|
Inventories |
|
355,944 |
|
|
391,379 |
|
|
|
Prepaid expenses and other |
|
43,301 |
|
|
27,734 |
|
|
|
Total current assets |
|
560,991 |
|
|
602,969 |
|
|
|
Property and equipment, net |
|
192,448 |
|
|
190,396 |
|
|
|
Other assets |
|
102,018 |
|
|
96,214 |
|
|
|
Total assets |
$ |
855,457 |
|
$ |
889,579 |
|
|
|
Liabilities and equity |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable - trade |
$ |
70,614 |
|
$ |
60,417 |
|
|
|
Other current liabilities |
|
118,617 |
|
|
118,729 |
|
|
|
Total current liabilities |
|
189,231 |
|
|
179,146 |
|
|
|
Long-term debt, less current maturities |
|
59,709 |
|
|
1,575 |
|
|
|
Non-current liabilities |
|
21,227 |
|
|
22,093 |
|
|
|
Total equity |
|
585,290 |
|
|
686,765 |
|
|
|
Total liabilities and equity |
$ |
855,457 |
|
$ |
889,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec Industries, Inc. |
|
|
Condensed Consolidated Statements of
Operations |
|
|
(in thousands, except per share
data) |
|
|
(unaudited) |
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31 |
Dec 31 |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net sales |
$ |
317,005 |
|
$ |
312,375 |
|
$ |
1,171,599 |
|
$ |
1,184,739 |
|
Cost of sales |
|
318,636 |
|
|
249,625 |
|
|
1,035,833 |
|
|
941,610 |
|
Gross profit (loss) |
|
(1,631 |
) |
|
62,750 |
|
|
135,766 |
|
|
243,129 |
|
Selling, general, administrative & engineering expenses |
|
54,732 |
|
|
44,756 |
|
|
209,127 |
|
|
187,592 |
|
Restructuring and asset impairment charges |
|
13,060 |
|
|
- |
|
|
13,060 |
|
|
- |
|
Income (loss) from operations |
|
(69,423 |
) |
|
17,994 |
|
|
(86,421 |
) |
|
55,537 |
|
Interest expense |
|
(557 |
) |
|
(202 |
) |
|
(1,045 |
) |
|
(840 |
) |
Other |
|
11 |
|
|
702 |
|
|
1,783 |
|
|
2,725 |
|
Income (loss) before income taxes |
|
(69,969 |
) |
|
18,494 |
|
|
(85,683 |
) |
|
57,422 |
|
Income taxes |
|
(22,932 |
) |
|
7,572 |
|
|
(25,234 |
) |
|
19,627 |
|
Net income (loss) attributable to controlling interest |
$ |
(47,037 |
) |
$ |
10,922 |
|
$ |
(60,449 |
) |
$ |
37,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per Common Share |
|
|
|
|
Net
income (loss) attributable to controlling interest |
|
|
|
|
Basic |
$ |
(2.08 |
) |
$ |
0.47 |
|
$ |
(2.64 |
) |
$ |
1.64 |
|
Diluted |
$ |
(2.08 |
) |
$ |
0.47 |
|
$ |
(2.64 |
) |
$ |
1.63 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding |
|
|
|
|
Basic |
|
22,582 |
|
|
23,033 |
|
|
22,902 |
|
|
23,025 |
|
Diluted |
|
22,582 |
|
|
23,194 |
|
|
22,902 |
|
|
23,184 |
|
|
|
|
|
|
|
|
|
Astec Industries, Inc. |
|
|
Segment Revenues and Profits (Losses) |
|
|
For the three months ended December 31, 2018 and
2017 |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Corporate |
Total |
|
|
2018 Revenues |
124,930 |
|
|
116,064 |
|
|
76,011 |
|
|
- |
|
317,005 |
|
|
|
2017 Revenues |
146,666 |
|
|
96,515 |
|
|
69,194 |
|
|
- |
|
312,375 |
|
|
|
Change $ |
(21,736) |
|
|
19,549 |
|
|
6,817 |
|
|
- |
|
4,630 |
|
|
|
Change % |
(14.8%) |
|
|
20.3% |
|
|
9.9% |
|
|
- |
|
1.5% |
|
|
|
|
|
|
|
|
|
|
|
2018 Gross Profit (Loss) |
(41,462) |
|
|
30,347 |
|
|
9,375 |
|
|
109 |
|
(1,631) |
|
|
|
2018 Gross Profit (Loss) % |
(33.2%) |
|
|
26.1% |
|
|
12.3% |
|
|
- |
|
(0.5%) |
|
|
|
2017 Gross Profit |
26,632 |
|
|
19,140 |
|
|
16,601 |
|
|
377 |
|
62,750 |
|
|
|
2017 Gross Profit % |
18.2% |
|
|
19.8% |
|
|
24.0% |
|
|
- |
|
20.1% |
|
|
|
Change |
(68,094) |
|
|
11,207 |
|
|
(7,226) |
|
|
(268) |
|
(64,381) |
|
|
|
|
|
|
|
|
|
|
|
2018 Profit (Loss) |
(69,833) |
|
|
10,796 |
|
|
(13,336) |
|
|
22,015 |
|
(50,358) |
|
|
|
2017 Profit (Loss) |
11,096 |
|
|
6,388 |
|
|
5,864 |
|
|
(13,297) |
|
10,051 |
|
|
|
Change $ |
(80,929) |
|
|
4,408 |
|
|
(19,200) |
|
|
35,312 |
|
(60,409) |
|
|
|
Change % |
(729.4%) |
|
|
69.0% |
|
|
(327.4%) |
|
|
265.6% |
|
(601.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
revenues are reported net of intersegment revenues. Segment
gross profit (loss) is net of profit on intersegment |
|
|
|
revenues. A reconciliation of total segment profits
(losses) to the Company's net income (loss) attributable to
controlling interest is as follows (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31 |
|
|
|
|
|
|
2018 |
|
|
2017 |
|
Change $ |
|
|
|
Total
profit (loss) for all segments |
$ |
(50,358) |
|
$ |
10,051 |
|
$ |
(60,409) |
|
|
|
|
Recapture
of intersegment profit |
|
3,263 |
|
|
803 |
|
|
2,460 |
|
|
|
|
Net loss
attributable to non-controlling interest |
|
58 |
|
|
68 |
|
|
(10) |
|
|
|
|
Net income (loss) attributable to controlling
interest |
$ |
(47,037) |
|
$ |
10,922 |
|
$ |
(57,959) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec Industries, Inc. |
|
|
Segment Revenues and Profits (Losses) |
|
|
For the twelve months ended December 31, 2018 and
2017 |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Corporate |
Total |
|
|
2018 Revenues |
442,289 |
|
|
453,164 |
|
|
276,146 |
|
|
- |
|
1,171,599 |
|
|
|
2017 Revenues |
553,691 |
|
|
403,720 |
|
|
227,328 |
|
|
- |
|
1,184,739 |
|
|
|
Change $ |
(111,402) |
|
|
49,444 |
|
|
48,818 |
|
|
- |
|
(13,140) |
|
|
|
Change % |
(20.1%) |
|
|
12.2% |
|
|
21.5% |
|
|
- |
|
(1.1%) |
|
|
|
|
|
|
|
|
|
|
|
2018 Gross Profit (Loss) |
(37,357) |
|
|
112,972 |
|
|
59,751 |
|
|
400 |
|
135,766 |
|
|
|
2018 Gross Profit (Loss) % |
(8.4%) |
|
|
24.9% |
|
|
21.6% |
|
|
- |
|
11.6% |
|
|
|
2017 Gross Profit |
93,027 |
|
|
93,792 |
|
|
55,774 |
|
|
536 |
|
243,129 |
|
|
|
2017 Gross Profit % |
16.8% |
|
|
23.2% |
|
|
24.5% |
|
|
- |
|
20.5% |
|
|
|
Change |
(130,384) |
|
|
19,180 |
|
|
3,977 |
|
|
(136) |
|
(107,363) |
|
|
|
|
|
|
|
|
|
|
|
2018 Profit (Loss) |
(112,954) |
|
|
45,464 |
|
|
3,070 |
|
|
1,586 |
|
(62,834) |
|
|
|
2017 Profit (Loss) |
26,641 |
|
|
35,748 |
|
|
16,219 |
|
|
(40,963) |
|
37,645 |
|
|
|
Change $ |
(139,595) |
|
|
9,716 |
|
|
(13,149) |
|
|
42,549 |
|
(100,479) |
|
|
|
Change % |
(524.0%) |
|
|
27.2% |
|
|
(81.1%) |
|
|
103.9% |
|
(266.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
revenues are reported net of intersegment revenues. Segment
gross profit (loss) is net of profit on intersegment |
|
|
|
revenues. A reconciliation of total segment profits
(losses) to the Company's net income (loss) attributable to
controlling interest is as follows (in thousands): |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended December 31 |
|
|
|
|
|
|
2018 |
|
|
2017 |
|
Change $ |
|
|
|
Total
profit (loss) for all segments |
$ |
(62,834) |
|
$ |
37,645 |
|
$ |
(100,479) |
|
|
|
|
Recapture
(elimination) of intersegment profit |
|
2,090 |
|
|
(55) |
|
|
2,145 |
|
|
|
|
Net loss
attributable to non-controlling interest |
|
295 |
|
|
205 |
|
|
90 |
|
|
|
|
Net income (loss) attributable to controlling
interest |
$ |
(60,449) |
|
$ |
37,795 |
|
$ |
(98,244) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec Industries, Inc. |
|
|
|
Backlog by Segment |
|
|
|
December 31, 2018 and 2017 |
|
|
|
(in thousands) |
|
|
|
(unaudited) |
|
|
|
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Total |
|
|
|
2018 Backlog |
149,437 |
|
|
130,691 |
|
|
64,834 |
|
|
344,962 |
|
|
|
|
2017 Backlog |
239,495 |
|
|
116,987 |
|
|
54,987 |
|
|
411,469 |
|
|
|
|
Change $ |
(90,058) |
|
|
13,704 |
|
|
9,847 |
|
|
(66,507) |
|
|
|
|
Change % |
(37.6%) |
|
|
11.7% |
|
|
17.9% |
|
|
(16.2%) |
|
|
|
|
|
|
|
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GLOSSARY
In its earnings release, Astec refers to various
GAAP (U.S. generally accepted accounting principles) and non-GAAP
financial measures. These non-GAAP measures may not be
comparable to similarly titled measures being disclosed by other
companies. Non-GAAP financial measures should be considered
in addition to, and not in lieu of, GAAP financial measures.
Nonetheless, this non-GAAP information can be useful in
understanding the Company’s operating results and the performance
of its core businesses.
The amounts described below are unaudited,
reported in thousands of U.S. dollars (except share data), and as
of or for the periods indicated.
|
|
|
|
|
|
|
Q4
2018 |
As Reported (GAAP) |
Pellet Plant Impairment |
Inventory Valuation Provision |
German Subsidiary Liquidation |
Goodwill Impairment |
As Adjusted (Non-GAAP) |
Net Sales |
317,005 |
|
- |
|
- |
|
- |
|
- |
|
317,005 |
|
Domestic Sales |
248,183 |
|
- |
|
- |
|
- |
|
- |
|
248,183 |
|
GM |
(1,631) |
|
(65,706) |
|
(10,763) |
|
(1,106) |
|
- |
|
75,944 |
|
GM% |
-0.5% |
|
- |
|
- |
|
- |
|
- |
|
24.0% |
|
Op Income |
(69,423) |
|
(65,706) |
|
(10,763) |
|
(2,976) |
|
(11,190) |
|
21,212 |
|
Income Tax (Benefit)
Expense (1) |
(22,932) |
|
(20,486) |
|
(2,826) |
|
(3,557) |
|
(2,759) |
|
6,696 |
|
Net (Loss) Income |
(47,037) |
|
(45,220) |
|
(7,937) |
|
581 |
|
(8,431) |
|
13,970 |
|
EPS |
(2.08) |
|
(2.00) |
|
(0.35) |
|
0.03 |
|
(0.37) |
|
0.61 |
|
|
|
|
|
|
|
|
FYE
2018 |
|
|
|
|
|
|
Net Sales |
1,171,599 |
|
(74,778) |
|
- |
|
- |
|
- |
|
1,246,377 |
|
Domestic Sales |
915,814 |
|
(74,778) |
|
- |
|
- |
|
- |
|
990,592 |
|
GM |
135,766 |
|
(149,317) |
|
(10,763) |
|
(1,106) |
|
- |
|
296,952 |
|
GM% |
11.6% |
|
- |
|
- |
|
- |
|
- |
|
23.8% |
|
Op Income |
(86,421) |
|
(149,317) |
|
(10,763) |
|
(2,976) |
|
(11,190) |
|
87,825 |
|
Income Tax (Benefit)
Expense (1) |
(25,234) |
|
(37,360) |
|
(2,826) |
|
(3,557) |
|
(2,759) |
|
21,268 |
|
Net (Loss) Income |
(60,449) |
|
(111,957) |
|
(7,937) |
|
581 |
|
(8,431) |
|
67,295 |
|
EPS |
(2.64) |
|
(4.89) |
|
(0.35) |
|
0.03 |
|
(0.37) |
|
2.92 |
|
|
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
|
|
|
|
|
|
|
|
|
|
Q4
2017 |
As Reported (GAAP) |
|
Pellet Plant Impairment |
As Adjusted (Non-GAAP) |
|
|
|
|
Net Sales |
312,375 |
|
|
5,617 |
|
306,758 |
|
|
|
|
|
Domestic Sales |
245,412 |
|
|
5,617 |
|
239,795 |
|
|
|
|
|
GM |
62,750 |
|
|
(3,452) |
|
66,202 |
|
|
|
|
|
GM% |
20.1% |
|
|
(61.5%) |
|
21.6% |
|
|
|
|
|
Op Income |
17,994 |
|
|
(3,452) |
|
21,446 |
|
|
|
|
|
Income Tax (Benefit)
Expense (1) |
7,572 |
|
|
(1,216) |
|
8,788 |
|
|
|
|
|
Net (Loss) Income |
10,923 |
|
|
(2,236) |
|
13,159 |
|
|
|
|
|
EPS |
0.47 |
|
|
(0.10) |
|
0.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FYE
2017 |
|
|
|
|
|
|
|
|
Net Sales |
1,184,739 |
|
|
7,987 |
|
1,176,752 |
|
|
|
|
|
Domestic Sales |
932,294 |
|
|
7,987 |
|
924,307 |
|
|
|
|
|
GM |
243,129 |
|
|
(30,550) |
|
273,679 |
|
|
|
|
|
GM% |
20.5% |
|
|
(382.5%) |
|
23.3% |
|
|
|
|
|
Op Income |
55,537 |
|
|
(30,550) |
|
86,087 |
|
|
|
|
|
Income Tax (Benefit)
Expense (1) |
19,627 |
|
|
(10,644) |
|
30,271 |
|
|
|
|
|
Net (Loss) Income |
37,795 |
|
|
(19,906) |
|
57,701 |
|
|
|
|
|
EPS |
1.63 |
|
|
(0.86) |
|
2.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax effect on
adjustments is calculated using the applicable jurisdictional
blended tax rate |
|
|
|
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