Equipment Type

ASTEC Industries Q3 Revenue Report - Up 47%

Net sales increase 47 percent in first nine months of this year
 

October 25, 2016

Management statement: Benjamin G. Brock, president and CEO, said, “We were pleased to improve our earnings by 200 percent in the third quarter versus the third quarter of last year. We were able to secure and ship orders at a more profitable rate during the quarter mainly due to favorable infrastructure and wood pellet equipment activity.” Mr. Brock continued, “Despite our strong overall performance, we still face several challenges. Low oil and natural gas prices have hurt our Energy Group sales. The mining slowdown has hurt our Aggregate and Mining Group sales. The strong U.S. Dollar continues to affect our ability to export from our U.S. based operations. Nonetheless, our year-to-date revenues are up 7 percent and our year-to-date earnings are up 47 percent versus last year. These positive results are mainly due to good domestic markets for our equipment targeted at the infrastructure and wood pellet industries and execution of our margin improvement plans at our operating subsidiaries. Finally, we are also pleased to report that our backlog is up 55 percent versus last year indicating continued strong demand for our products."

Source: ASTEC Industries 10/25/16

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