Business
ASTEC Announces Business Update and Fourth Quarter and Full Year 2021 Earnings Call
CHATTANOOGA, Tenn., Feb. 07, 2022 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) today announced the following unaudited, preliminary fourth
About this update from Astec Industries, Inc.
[{"type":"text","content":"CHATTANOOGA, Tenn., Feb. 07, 2022 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) today announced the following unaudited, preliminary fourth quarter 2021 performance details. Astec Industries, Inc. (“Astec” or the “Company”) experienced strong demand and achieved record backlog in the fourth quarter of 2021 as the Company continued to serve its customers despite macro driven headwinds. Preliminary results show revenue of $267.8 million for the fourth quarter of 2021, a 12.1% increase compared to the fourth quarter of 2020. However, gross profit margin in the fourth quarter of 2021 was negatively impacted by 350 basis points compared to the fourth quarter of the prior year as a result of manufacturing challenges due to supply chain and logistic disruptions as well as pandemic related labor restrictions combined with net inflation. As a result, the Company incurred higher expenses in an effort to continue to meet elevated customer demand. Based on available information at this time, these challenges continue to persist in the first quarter of fiscal year 2022. While the above macro-driven headwinds negatively impacted gross profit during the fourth quarter, Astec continues to execute its Simplify, Focus and Grow strategy and capture strong and growing demand. The Company remains focused on providing its customers with exceptional value, superior service and innovative industry-leading technology solutions. Astec is in the process of completing its accounting processes and preparing its fourth quarter and full year 2021 financial statements. The financial results presented in this release are preliminary and are based on current expectations and may be adjusted as a result of, among other things, completion of our financial closing procedures and audit procedures and other developments that may arise between now and the time these financial results are finalized. Final results, and additional detail, will be provided in the Company’s fourth quarter and full year 2021 earnings news release. Fourth Quarter and Full Year 2021 Earnings Call Astec will host a fourth quarter and full year 2021 earnings call and live webcast on February 28, 2022, at 8:30 A.M. Eastern Time to review its fourth quarter 2021 results as well as current business conditions. About Astec Astec (www.astecindustries.com) is a manufacturer of specialized...