CHATTANOOGA, Tenn. (AP) â¿¿ Astec Industries Inc., which makes equipment for building, paving and mining, said Monday its first-quarter net income rose 15 percent, boosted by strong international sales.
Net income rose to $10.1 million, or 44 cents per share, from $8.8 million, or 39 cents per share last year. Analysts expected net income of 42 cents per share, according to FactSet.
Revenue rose 19 percent to $230.2 million from $193.5 million last year. Analysts expected revenue of $206 million.
Domestic revenue rose 14 percent, and international revenue rose 29.2 percent.CEO J. Don Brock said the company does not expect a large U.S. government highway spending bill due to the budget crisis. But he said Astec is offsetting that by expanding internationally and serving other markets.