Astec Industries reported sales and earnings gains for 1Q 2015.
Net sales were $288.7 million, up 21 percent. Earnings were $15.1 million, up 59 percent per diluted share.
Domestic sales increased 20 percent to $211.0 million, and international sales were $77.7 million, up 23 percent.
The Company’s backlog decreased 6 percent from $309.6 million at March 31, 2014 to $291.2 million at March 31, 2015. The domestic backlog increased 2 percent from $197.3 million at March 31, 2014 to $201.0 million at March 31, 2015. The international backlog at March 31, 2015 was $90.2 million, a 20 percent decrease from the March 31, 2014 international backlog of $112.3 million.
CEO Benjamin G. Brock expressed pleasure with the results.
“Our customers in the United States continue to experience a good private construction market, and states continue to implement mechanisms to raise funds for highway funding as Congress continues to struggle to develop and pass a long-term highway bill. While we expect another short-term extension of the current federal highway bill, we still believe there is a desire in Washington to pass a long-term highway bill this year.
Brock said the global mining affects the company's backlog.
"Our backlog was off 6 percent versus last year," he said. "All of the decline was contained in international backlog primarily due to the strength of the United States dollar and the slowdown in mining globally. Despite our backlog being down versus the first quarter of 2014, our backlog remains strong and we are optimistic on our first half 2015. We remain focused on growing and improving our international sales and we will be in a good position when the currency exchange rates improve and the global mining industry rebounds.”