Astec 1Q Net Income Rises On International Sales

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.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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