Business
Astec Reports Fourth Quarter 2022 Results
Fourth Quarter 2022 Highlights (all comparisons are made to the prior year fourth quarter): Net sales increased 31.2% to $349.9 millionOperating margin of
About this update from Astec Industries, Inc.
[{"type":"text","content":"Fourth Quarter 2022 Highlights (all comparisons are made to the prior year fourth quarter): Net sales increased 31.2% to $349.9 millionOperating margin of 0.9% increased 320 bpsDiluted loss per share of $(0.04) compared to $(0.44); Adjusted EPS of $0.34 compared to a loss of $(0.06) per shareBacklog increased 19.7% to $912.7 millionRepurchased $4.0 million of shares CHATTANOOGA, Tenn., March 01, 2023 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial results for the fourth quarter and full year of 2022. \"We had a solid finish to the year as demand for our products remained robust in the fourth quarter and top line growth was achieved by realizing the benefits of pricing actions, volume and mix,\" said Jaco van der Merwe, Chief Executive Officer of Astec. \"As a leader in the markets we serve, we capitalized on the success of our commercial teams by delivering double-digit percentages of net sales growth in both Infrastructure Solutions and Materials Solutions, improving 27% and 39%, respectively. Investments in personnel and tools to improve output are paying off, and we were able to improve consolidated margins. We are on schedule to deliver our initial implementations of our standardized enterprise resource planning and related systems, which will further enhance efficiency. We remain committed to our Simplify, Focus and Grow and Built To Connect strategies and are well-positioned to drive additional long-term, sustainable value to our customers and shareholders.\" (in millions, except per share and percentage data) 4Q 2022 4Q 2021 (a) Change 2022 2021 (a) ChangeNet sales $349.9 $266.6 31.2 % $1,274.5 $1,095.5 16.3 %Domestic sales 282.0 213.3 32.2 % 1,014.3 842.1 20.4 %International sales 67.9 53.3 27.4 % 260.2 253.4 2.7 %Backlog 912.7 762.6 19.7 % 912.7 762.6 19.7 %Domestic backlog 773.3 627.0 23.3 % 773.3 627.0 23.3 %International backlog 139.4 135.6 2.8 % 139.4 135.6 2.8 %Income (loss) from operations 3.3 (6.2) 153.2 % 7.5 19.9 (62.3)%Operating margin 0.9 % (2.3)% 320 bps 0.6 % 1.8 % (120 bps)Effective tax rate 144.8 % 17.5 % 12,730 bps 113.6 % (15.2)% 12,880 bpsNet (loss) income attributable to controlling interest (1.0) (10.0) 90.0 % (0.1) 15.8 (100.6)%Diluted EPS (0.04) (0.44) 90.9 % — 0.69 (100.0)% Adjusted (Non-GAAP) Adjusted income (loss) from operations 14.7 0.2 7,250.0 % 44.0 35...