Business
Astec Reports Record Fourth Quarter, Full Year 2024 Results
Fourth Quarter 2024 Overview (all comparisons are made to the corresponding prior year fourth quarter unless otherwise specified): Record net sales of $359.0
About this update from Astec Industries, Inc.
[{"type":"text","content":"Fourth Quarter 2024 Overview (all comparisons are made to the corresponding prior year fourth quarter unless otherwise specified): Record net sales of $359.0 millionStrong net income of $21.1 million; Adjusted net income of $27.2 millionEBITDA of $40.0 million; Record adjusted EBITDA of $47.9 millionDiluted EPS of $0.92; Record adjusted EPS of $1.19Operating cash flow of $36.6 million; Free cash flow of $32.1 million CHATTANOOGA, Tenn., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial results for the fourth quarter and full year ended December 31, 2024. \"I am pleased to report strong net income and quarterly records for net sales, adjusted EBITDA and adjusted earnings per share. Our efforts around aftermarket, operational excellence and our OneASTEC procurement team are starting to deliver results,\" said Jaco van der Merwe, Chief Executive Officer. \"I would like to thank all Astec employees for their hard work and dedication. Our results show what our team is capable of.\" Brian Harris, Chief Financial Officer, commented, \"Our focus on working capital management resulted in operating cash flows and free cash flow in the quarter of $36.6 million and $32.1 million, respectively, reduced net debt of $30.0 million and improved liquidity of $228.1 million. Solid earnings and a strong balance sheet position us well for the future. Many of our customers reported record fourth quarters and are cautiously optimistic. For the full year 2025, we expect further progress in consistent and profitable growth to produce adjusted EBITDA in the range of $105 million to $125 million.\" (in millions, except per share and percentage data)4Q 2024 4Q 2023 Change YTD 4Q 2024 YTD 4Q 2023 ChangeNet sales$359.0 $337.2 6.5 % $1,305.1 $1,338.2 (2.5)%Infrastructure Solutions 248.8 222.3 11.9 % 837.4 800.4 4.6 %Material Solutions 110.2 114.9 (4.1)% 467.7 537.8 (13.0)%Backlog 419.6 569.8 (26.4)% 419.6 569.8 (26.4)%Infrastructure Solutions 305.5 364.7 (16.2)% 305.5 364.7 (16.2)%Material Solutions 114.1 205.1 (44.4)% 114.1 205.1 (44.4)%Income from operations 34.8 18.9 84.1 % 23.2 48.6 (52.3)%Operating margin 9.7% 5.6% 410 bps 1.8% 3.6% (180)bpsEffective tax rate 33.1% 14.9% 1,820 bps 70.5% 21.3% 4,920 bpsNet income attributable to controlling interest 21.1 14.9 41.6 % 4.3 33.5 (87.2)%Diluted EPS 0.92 0.65 ...