Business
Astec Reports Third Quarter 2021 Results
Third Quarter 2021 Highlights (all comparisons are made to the prior year third quarter): Net Sales increased 15.4% to $267.0 millionGross Profit Margin of
About this update from Astec Industries, Inc.
[{"type":"text","content":"Third Quarter 2021 Highlights (all comparisons are made to the prior year third quarter): Net Sales increased 15.4% to $267.0 millionGross Profit Margin of 23.3% increased 160 bpsNet Income increased 481.3% to $9.3 million; Adjusted Net Income of $11.4 million increased 159.1% from $4.4 millionDiluted EPS of $0.41 compared to $0.07; Adjusted EPS of $0.50 increased from $0.19 Record Backlog of $620.5 million CHATTANOOGA, Tenn., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial results for the third quarter of 2021. Third quarter of 2021 net sales of $267.0 million increased 15.4% compared to $231.4 million for the third quarter of 2020. Domestic sales increased $20.7 million or 11.4% due mainly to pricing initiatives, stronger asphalt plant sales, incremental concrete plant sales from acquired businesses and increases in aftermarket parts sales, partially offset by reduced sales from the exit of our oil and gas drilling product lines. International sales increased $14.9 million or 29.6% primarily due to COVID-19 related temporary site closures in the prior year. International sales increased primarily to customers in Canada, Australia, Brazil and Asia. Backlog as of September 30, 2021 of $620.5 million increased $402.0 million, or 184.0% compared to the backlog of $218.5 million a year ago. Domestic backlog increased by 236.2% to $508.6 million while international backlog increased by 66.5% to $111.9 million. Operating profit of $6.7 million in the third quarter of 2021 increased 844.4% compared to an operating loss of $0.9 million in the third quarter of 2020. Third quarter of 2021 adjusted operating income of $9.4 million, increased 147.4% compared to $3.8 million for the third quarter of 2020. Adjusted operating margin of 3.5% increased 180 basis points from 1.7% in third quarter 2020 primarily due to increased sales and gross profit. The additional operating profit partially offset increased costs for centralization and infrastructure efforts associated with our ongoing transformation initiatives. The income tax rate for the quarter was (43.1)% compared to (300.0)% in the prior year primarily due to valuation allowance releases in Brazil and net research and development credits. Adjusted third quarter tax rate was (23.9)% compared to (10.0)% in the third quarter of 2020. Net...