Astec Inds Inc Stock Price, News & Analysis

Astec Industries reported a 14.6% increase in net sales to $318.2 million for Q2 2022 but suffered a net loss of $3.9 million, a 147.0% decrease from a net income of $8.3 million in Q2 2021. The gross profit margin dropped to 19.0%, down 480 bps. Despite challenges from inflation and supply chain disruptions, the company achieved a record backlog of $837.4 million, reflecting a 92.0% increase. Adjusted EPS fell to $0.19, a 58.7% decrease from the previous year. Ongoing strategic transformations aim to enhance future operations and profitability.

Astec Industries, Inc. (NASDAQ:ASTE) will host a conference call on August 2, 2022, to discuss its second quarter financial results. The results will be released at 7:00 a.m. Eastern Time, followed by the live call at 8:30 a.m. Key executives, including CEO Barry A. Ruffalo and CFO Rebecca A. Weyenberg, will present during the call. Participants can access the conference by dialing (888) 440-4118 or through a live webcast. An archived webcast will be available for 90 days after the call. For more information, visit astecindustries.com.

Astec Industries (Nasdaq: ASTE) will participate in the Stifel 2022 Cross Sector Insight Conference on June 8, 2022. Barry A. Ruffalo, President and CEO, along with Stephen C. Anderson, Senior VP of Investor Relations, will present during the conference and engage in 1x1 meetings, which will be conducted virtually. The ASTEC presentation is scheduled from 10:55 AM to 11:25 AM Eastern time. Access to the presentation is available through a provided link. Astec specializes in manufacturing equipment for asphalt road building, aggregate processing, and concrete production.

Astek Industries reported a 2.4% increase in net sales for Q1 2022, reaching $291.2 million. However, net income dropped 51.8% to $4.1 million, and diluted EPS fell to $0.18, down from $0.37. The gross profit margin decreased by 130 basis points to 22.7%. Notably, the backlog reached a record $834.7 million, up 98.4% from the previous year. Challenges from supply chain issues and a COVID-19 impact on workforce efficiency continue to affect operations. The company is focused on a strategic transformation while managing rising costs and labor shortages.

Astec Industries, Inc. (NASDAQ:ASTE) will release its First Quarter financial results on May 4, 2022, at approximately 7:00 A.M. ET. A conference call to discuss the results will follow at 8:30 A.M. ET on the same day, hosted by CEO Barry A. Ruffalo, CFO Rebecca A. Weyenberg, and SVP Stephen C. Anderson. Interested participants can access the call by dialing (833) 420-0404 or via live webcast. An archived version of the call will be available for 90 days. For more information, visit Astec's official website.

Astec Industries (NASDAQ: ASTE) has entered into a definitive agreement to acquire MINDS Automation Group Inc., a specialist in plant automation control systems for the asphalt industry. Based in British Columbia, Canada, MINDS offers advanced, customizable technology across various regions, including the U.S. and Europe. Astec's President and CEO, Barry Ruffalo, highlighted the strategic importance of this acquisition, which aligns with Astec's growth strategy and commitment to innovation. MINDS' leadership will remain with Astec to support the advancement of automation technologies.

Astec Industries (NASDAQ: ASTE) has announced a definitive agreement to acquire MINDS Automation Group Inc., a leader in plant automation for the asphalt industry. This strategic acquisition aims to enhance Astec's digital platform, integrating MINDS' advanced control systems with existing products. MINDS will continue to operate under its leadership, promoting innovation and efficiency in asphalt production. Astec aims to leverage its strong balance sheet to invest in long-term growth through this acquisition.