Business
Astec Reports Second Quarter 2024 Results
Second Quarter 2024 Overview (all comparisons are made to the corresponding prior year second quarter unless otherwise specified): Net sales of $345.5 million
About this update from Astec Industries, Inc.
[{"type":"text","content":"Second Quarter 2024 Overview (all comparisons are made to the corresponding prior year second quarter unless otherwise specified): Net sales of $345.5 million decreased 1.3% from the record sales in the prior year.Implied orders increased 5.9% sequentially from the first quarter.Inventory initiatives drove $28.7 million sequential reduction from the first quarter.Diluted EPS of $(0.61), which included an $0.89 per share impact related to goodwill impairment, compared to $0.58; Adjusted EPS of $0.61 compared to $0.87. Backlog of $531.1 million as of June 30, 2024.Federal highway bill spending in the early stages of deployment, with only ~ 20% funds disbursed and 38% committed. Total state budgets are up 12% year-over-year in fiscal year 2024 following an 11% increase in fiscal year 2023. CHATTANOOGA, Tenn., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial results for the second quarter ended June 30, 2024. \"We are pleased with the trajectory of our second quarter performance, specifically, the overall 5.9% increase in implied orders in spite of difficult market conditions for our Materials Solutions segment. Our Infrastructure Solutions segment not only experienced an 11.0% increase in sales during the quarter, but also saw a robust increase in implied orders, due to high demand across the construction industry, especially for asphalt and concrete plants. Our Materials Solutions segment experienced a decline in sales, driven by continued finance capacity constraints with contractors and dealers and longer product conversions, but saw positive movement in implied orders,\" said Jaco van der Merwe, Chief Executive Officer. \"We anticipate market dynamics to improve across both groups in the latter half of the year and anticipate benefits from our transformation programs in future operating results.\" Mr. van der Merwe continued, \"Looking ahead, we are encouraged by the outlook for both interest rates and in the domestic road building market. Further, we are taking proactive steps to drive further cost efficiencies and these actions, coupled with pricing and operational enhancements, will support our continued focus on margin improvement.\" GAAP Adjusted(in millions, except per share and percentage data)2Q 2024 2Q 2023 Change 2Q 2024 2Q 2023 ChangeNet sales$345.5 $350.0 (1.3) % ...