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Astec Industries Reports First Quarter 2014 Results

Stocks in this article: ASTE

CHATTANOOGA, Tenn., April 22, 2014 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq:ASTE) today reported results for their first quarter ended March 31, 2014.

Net sales for the first quarter of 2014 were $238.7 million compared to $247.8 million for the first quarter of 2013, a 4% decrease. Earnings for the first quarter of 2014 were $9.5 million or $0.41 per diluted share compared to $13.2 million for the first quarter of 2013 or $0.57 per diluted share, a decrease of 28% per diluted share.

Domestic sales increased 8% to $175.5 million for the first quarter of 2014 from $161.9 million for the first quarter of 2013. International sales were $63.2 million for the first quarter of 2014 compared to $85.9 million for the first quarter of 2013, a decrease of 26%.

The Company's backlog increased 8% from $276.5 million at March 31, 2013 to $299.6 million at March 31, 2014. The domestic backlog increased 18% from $167.3 million at March 31, 2013 to $196.9 million at March 31, 2014. The international backlog at March 31, 2014 was $102.7 million, a 6% decrease from the March 31, 2013 international backlog of $109.2 million.

Consolidated financial information for the first quarter ended March 31, 2014 and additional information related to segment revenues and profits are attached as addenda to this press release.

As previously discussed in the Company's annual report on Form 10-K for the year ended December 31, 2013, due to the recent reallocation of certain product lines between some of the Company's subsidiaries, the Company has been reevaluating its reportable segments. This process has now been completed and the composition of the Company's reportable segments has been changed. Recast historical segment information is included in the financial information attached as addenda to this press release.

Commenting on the announcement, Benjamin G. Brock, Chief Executive Officer, stated, "We are pleased with our growth in domestic revenues compared to last year although we continue to experience headwinds in our international sales efforts driven by the strong dollar and weakness in certain markets like Canada and Australia. Although total sales decreased slightly we held our gross margin steady which is a testament to our focus on lean manufacturing and cost management. Our presence at ConExpo in early March added $4 million to our S,G,A&E expenses for the quarter, however, we were pleased by the strong attendance in our booth and the interactions we had with customers."

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