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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Astec Industries Inc | NASDAQ:ASTE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.72 | 33.87 | 42.46 | 0 | 09:05:27 |
"Our execution with a focus on creating stability and profitability was effective as we achieved sales growth and margin expansion in the second quarter compared to the same quarter in 2022," said Jaco van der Merwe, Chief Executive Officer. "I commend our employees for their dedication and hard work. Consistent with our first quarter results, we realized prior pricing actions to offset inflation. Backlog trended downward in the quarter supported by fulfilling parts orders more efficiently, experiencing fewer supply chain disruptions and driving manufacturing lead times. Our ERP implementation continues to be on schedule and on budget as we transform how we connect people, products and processes to operate more efficiently as OneASTEC. We have now integrated our first manufacturing site and corporate in addition to our human capital management modules. We are encouraged by our results as we execute our strategic initiatives. Our strong balance sheet and the multi-year federal highway bill are expected to continue to provide stability as we grow."
GAAP | Adjusted | |||||||||||||||||||
(in millions, except per share and percentage data) | 2Q 2023 | 2Q 2022 | Change | 2Q 2023 | 2Q 2022 | Change | ||||||||||||||
Net sales | $ | 350.0 | $ | 318.2 | 10.0 | % | ||||||||||||||
Domestic sales | 286.4 | 248.4 | 15.3 | % | ||||||||||||||||
International sales | 63.6 | 69.8 | (8.9 | )% | ||||||||||||||||
Backlog | 688.8 | 837.4 | (17.7 | )% | ||||||||||||||||
Domestic backlog | 588.2 | 705.1 | (16.6 | )% | ||||||||||||||||
International backlog | 100.6 | 132.3 | (24.0 | )% | ||||||||||||||||
Income from operations (a) | 17.3 | (1.7 | ) | 1117.6 | % | 26.2 | 8.9 | 194.4 | % | |||||||||||
Operating margin (a) | 4.9 | % | (0.5 | )% | 540 bps | 7.5 | % | 2.8 | % | 470 bps | ||||||||||
Effective tax rate | 17.0 | % | 17.0 | % | — bps | 19.4 | % | 27.1 | % | (770 bps) | ||||||||||
Net income (loss) attributable to controlling interest | 13.1 | (3.9 | ) | 435.9 | % | 19.9 | 4.3 | 362.8 | % | |||||||||||
Diluted EPS | 0.58 | (0.17 | ) | 441.2 | % | 0.87 | 0.19 | 357.9 | % | |||||||||||
Adjusted EBITDA | 32.2 | 13.2 | 143.9 | % | ||||||||||||||||
Adjusted EBITDA margin | 9.2 | % | 4.1 | % | 510 bps | |||||||||||||||
(a) Certain reclassifications have been made to the prior period financial information to conform to the presentation used in the financial statements for the three months ended June 30, 2023. | ||||||||||||||||||||
Segments Results
Infrastructure Solutions – Road building equipment, asphalt and concrete plants, thermal storage solutions.
Materials Solutions – Processing equipment to crush, screen and convey aggregates.
Balance Sheet, Cash Flow and Liquidity
Second Quarter Capital Allocation
Investor Conference Call and Webcast
Astec will conduct a conference call and live webcast today, August 2, 2023, at 8:30 A.M. Eastern Time, to review its second quarter financial results as well as current business conditions.
To access the call, dial (888) 440-4118 on Wednesday, August 2, 2023 at least 10 minutes prior to the scheduled time for the call. International callers should dial (646) 960-0833.
You may also access a live webcast of the call at: https://events.q4inc.com/attendee/312063797.
You will need to give your name and company affiliation and reference Astec. An archived webcast will be available for ninety days at www.astecindustries.com.
A replay of the call can be accessed until August 16, 2023 by dialing (800) 770-2030, or (647) 362-9199 for international callers, Conference ID# 8741406. A transcript of the conference call will be made available under the Investor Relations section of the Astec Industries, Inc. website within 5 business days after the call.
About Astec
Astec, (www.astecindustries.com), is a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Astec's manufacturing operations are divided into two primary business segments: Infrastructure Solutions that includes road building, asphalt and concrete plants, thermal and storage solutions; and Materials Solutions that include our aggregate processing equipment. Astec also operates a line of controls and automation products designed to deliver enhanced productivity through improved equipment performance.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995
This News Release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, businesses in which we operate and the United States and global economies. Statements in this News Release that are not historical are hereby identified as "forward-looking statements" and may be indicated by words or phrases such as "anticipates," "supports," "plans," "projects," "expects," "believes," "should," "would," "could," "forecast," "management is of the opinion," use of the future tense and similar words or phrases. These forward-looking statements are based largely on management's expectations, which are subject to a number of known and unknown risks, uncertainties and other factors discussed and described in our most recent Annual Report on Form 10-K, including those risks described in Part I, Item 1A. Risk Factors thereof, and in other reports filed subsequently by us with the Securities and Exchange Commission, which may cause actual results, financial or otherwise, to be materially different from those anticipated, expressed or implied by the forward-looking statements. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements to reflect future events or circumstances, except as required by law.
Non-GAAP Financial Measures
In an effort to provide investors with additional information regarding the Company's results, the Company refers to various U.S. GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures which management believes provides useful information to investors. These non-GAAP financial measures have no standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to the calculation of similar measures for other companies. Management of the Company does not intend these items to be considered in isolation or as a substitute for the related GAAP measures. Nonetheless, this non-GAAP information can be useful in understanding the Company's operating results and the performance of its core business. Management of the Company uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in this News Release.
For Additional Information Contact: Steve Anderson Senior Vice President of Administration and Investor RelationsPhone: (423) 899-5898 E-mail: sanderson@astecindustries.com
Certain reclassifications have been made to the prior period financial information included in this News Release to conform to the presentation used in the financial statements for the three and six months ended June 30, 2023.
Astec Industries Inc. | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(In millions, except shares in thousands and per share amounts; unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net sales | $ | 350.0 | $ | 318.2 | $ | 697.9 | $ | 609.4 | ||||||||
Cost of sales | 267.1 | 255.3 | 525.8 | 481.8 | ||||||||||||
Gross profit | 82.9 | 62.9 | 172.1 | 127.6 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative expenses | 64.5 | 61.2 | 132.4 | 120.9 | ||||||||||||
Restructuring, impairment and other asset charges, net | 1.1 | 3.4 | 4.8 | 4.4 | ||||||||||||
Total operating expenses | 65.6 | 64.6 | 137.2 | 125.3 | ||||||||||||
Income (loss) from operations | 17.3 | (1.7 | ) | 34.9 | 2.3 | |||||||||||
Other expenses, net: | ||||||||||||||||
Interest expense | (2.0 | ) | (0.6 | ) | (4.0 | ) | (1.0 | ) | ||||||||
Other income (expenses), net | 0.6 | (2.4 | ) | 1.5 | (1.0 | ) | ||||||||||
Income (loss) before income taxes | 15.9 | (4.7 | ) | 32.4 | 0.3 | |||||||||||
Income tax provision (benefit) | 2.7 | (0.8 | ) | 7.1 | 0.1 | |||||||||||
Net income (loss) | 13.2 | (3.9 | ) | 25.3 | 0.2 | |||||||||||
Net income attributable to noncontrolling interest | (0.1 | ) | — | (0.1 | ) | — | ||||||||||
Net income (loss) attributable to controlling interest | $ | 13.1 | $ | (3.9 | ) | $ | 25.2 | $ | 0.2 | |||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.58 | $ | (0.17 | ) | $ | 1.11 | $ | 0.01 | |||||||
Diluted | 0.58 | (0.17 | ) | 1.11 | 0.01 | |||||||||||
Weighted average shares outstanding | ||||||||||||||||
Basic | 22,724 | 22,851 | 22,690 | 22,817 | ||||||||||||
Diluted | 22,769 | 22,851 | 22,772 | 22,924 | ||||||||||||
Astec Industries Inc. | |||||||||||||||||||||||||||||||
Segment Net Sales and Operating Adjusted EBITDA | |||||||||||||||||||||||||||||||
(In millions; unaudited) | |||||||||||||||||||||||||||||||
Segment net sales are reported net of intersegment sales. | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||
InfrastructureSolutions | MaterialsSolutions | Corporateand Other | Total | InfrastructureSolutions | MaterialsSolutions | Corporateand Other | Total | ||||||||||||||||||||||||
2023 Net sales | $ | 218.1 | $ | 130.2 | $ | 1.7 | $ | 350.0 | $ | 448.0 | $ | 244.1 | $ | 5.8 | $ | 697.9 | |||||||||||||||
2022 Net sales | 209.6 | 107.4 | 1.2 | 318.2 | 407.1 | 201.1 | 1.2 | 609.4 | |||||||||||||||||||||||
Change $ | 8.5 | 22.8 | 0.5 | 31.8 | 40.9 | 43.0 | 4.6 | 88.5 | |||||||||||||||||||||||
Change % | 4.1 | % | 21.2 | % | 41.7 | % | 10.0 | % | 10.0 | % | 21.4 | % | 383.3 | % | 14.5 | % | |||||||||||||||
2023 Segment Operating Adjusted EBITDA | 26.7 | 18.3 | (12.3 | ) | 32.7 | 54.0 | 33.6 | (19.1 | ) | 68.5 | |||||||||||||||||||||
2022 Segment Operating Adjusted EBITDA | 15.9 | 9.5 | (12.3 | ) | 13.1 | 32.3 | 21.7 | (22.1 | ) | 31.9 | |||||||||||||||||||||
Change $ | 10.8 | 8.8 | — | 19.6 | 21.7 | 11.9 | 3.0 | 36.6 | |||||||||||||||||||||||
Change % | 67.9 | % | 92.6 | % | — | % | 149.6 | % | 67.2 | % | 54.8 | % | 13.6 | % | 114.7 | % | |||||||||||||||
2023 Segment Operating Adjusted EBITDA Margin | 12.2 | % | 14.1 | % | 12.1 | % | 13.8 | % | |||||||||||||||||||||||
2022 Segment Operating Adjusted EBITDA Margin | 7.6 | % | 8.8 | % | 7.9 | % | 10.8 | % | |||||||||||||||||||||||
Change bps | 460 bps | 530 bps | 420 bps | 300 bps | |||||||||||||||||||||||||||
We present certain non-GAAP information that can be useful in understanding our operating results and the performance of our core business. We use both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate financial performance against such budgets and targets. We exclude the costs and related tax effects of the following items as we do not believe they are indicative of our core business operations:
A reconciliation of total Segment Operating Adjusted EBITDA to the Company's "Net income (loss) attributable to controlling interest" is as follows (in millions; unaudited):
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | Change $ | 2023 | 2022 | Change $ | ||||||||||||||||||
Segment Operating Adjusted EBITDA | $ | 32.7 | $ | 13.1 | $ | 19.6 | $ | 68.5 | $ | 31.9 | $ | 36.6 | |||||||||||
Adjustments: | |||||||||||||||||||||||
Transformation program | (7.6 | ) | (6.4 | ) | (1.2 | ) | (14.8 | ) | (11.7 | ) | (3.1 | ) | |||||||||||
Restructuring and other related charges | (0.4 | ) | (0.4 | ) | — | (7.5 | ) | (1.4 | ) | (6.1 | ) | ||||||||||||
Asset impairment | (0.8 | ) | (3.0 | ) | 2.2 | (0.8 | ) | (3.0 | ) | 2.2 | |||||||||||||
Gain on sale of property and equipment, net | 0.1 | — | 0.1 | 3.5 | — | 3.5 | |||||||||||||||||
Transaction costs | — | (0.8 | ) | 0.8 | — | (1.4 | ) | 1.4 | |||||||||||||||
Interest expense, net | (1.5 | ) | (0.4 | ) | (1.1 | ) | (3.0 | ) | (0.6 | ) | (2.4 | ) | |||||||||||
Depreciation and amortization | (6.2 | ) | (6.9 | ) | 0.7 | (12.5 | ) | (13.6 | ) | 1.1 | |||||||||||||
Income tax (provision) benefit | (2.7 | ) | 0.8 | (3.5 | ) | (7.1 | ) | (0.1 | ) | (7.0 | ) | ||||||||||||
(Elimination) recapture of intercompany profit | (0.4 | ) | 0.1 | (0.5 | ) | (1.0 | ) | 0.1 | (1.1 | ) | |||||||||||||
Net income attributable to noncontrolling interest | (0.1 | ) | — | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Net income (loss) attributable to controlling interest | $ | 13.1 | $ | (3.9 | ) | $ | 17.0 | $ | 25.2 | $ | 0.2 | $ | 25.0 | ||||||||||
Astec Industries Inc. | |||||
Condensed Consolidated Balance Sheets | |||||
(In millions; unaudited) | |||||
June 30, 2023 | December 31, 2022 | ||||
Assets | |||||
Current assets: | |||||
Cash, cash equivalents and restricted cash | $ | 44.5 | $ | 66.0 | |
Investments | 4.0 | 3.9 | |||
Trade receivables and contract assets, net | 157.6 | 167.1 | |||
Inventories, net | 429.5 | 393.4 | |||
Other current assets, net | 40.3 | 66.0 | |||
Total current assets | 675.9 | 696.4 | |||
Property, plant and equipment, net | 180.4 | 173.6 | |||
Other long-term assets | 154.1 | 144.4 | |||
Total assets | $ | 1,010.4 | $ | 1,014.4 | |
Liabilities | |||||
Current liabilities: | |||||
Accounts payable | $ | 109.2 | $ | 107.2 | |
Customer deposits | 57.7 | 69.5 | |||
Other current liabilities | 97.2 | 97.3 | |||
Total current liabilities | 264.1 | 274.0 | |||
Long-term debt | 62.0 | 78.1 | |||
Other long-term liabilities | 36.8 | 35.4 | |||
Total equity | 647.5 | 626.9 | |||
Total liabilities and equity | $ | 1,010.4 | $ | 1,014.4 | |
Astec Industries Inc. | |||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In millions; unaudited) | |||||||
Six Months Ended June 30, | |||||||
2023 | 2022 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 25.3 | $ | 0.2 | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Depreciation and amortization | 12.5 | 13.6 | |||||
Provision for credit losses | 0.2 | 0.2 | |||||
Provision for warranties | 10.6 | 6.4 | |||||
Deferred compensation expense (benefit) | 0.1 | (0.9 | ) | ||||
Share-based compensation | 2.2 | 3.4 | |||||
Deferred tax benefit | (4.7 | ) | (8.0 | ) | |||
Gain on disposition of property and equipment, net | (3.5 | ) | — | ||||
Asset impairment charges, net | 0.8 | 3.0 | |||||
Amortization of debt issuance costs | 0.2 | — | |||||
Distributions to deferred compensation programs' participants | (0.4 | ) | (0.4 | ) | |||
Change in operating assets and liabilities: | |||||||
Purchase of trading securities, net | (1.1 | ) | (0.5 | ) | |||
Receivables and other contract assets | 9.7 | (21.5 | ) | ||||
Inventories | (37.2 | ) | (71.5 | ) | |||
Prepaid expenses | 5.7 | (3.8 | ) | ||||
Other assets | (8.3 | ) | (4.8 | ) | |||
Accounts payable | 1.3 | 22.7 | |||||
Accrued loss reserves | 0.6 | 0.5 | |||||
Accrued employee related liabilities | 1.6 | 6.1 | |||||
Other accrued liabilities | (7.4 | ) | 2.6 | ||||
Accrued product warranty | (6.0 | ) | (5.2 | ) | |||
Customer deposits | (11.4 | ) | 14.2 | ||||
Income taxes payable/prepaid | 6.7 | 1.8 | |||||
Net cash used in operating activities | (2.5 | ) | (41.9 | ) | |||
Cash flows from investing activities: | |||||||
Acquisitions, net of cash acquired | — | (17.8 | ) | ||||
Expenditures for property and equipment | (17.1 | ) | (18.8 | ) | |||
Proceeds from sale of property and equipment | 20.1 | 0.2 | |||||
Purchase of investments | (0.5 | ) | (0.6 | ) | |||
Sale of investments | 0.1 | 0.1 | |||||
Net cash provided by (used in) investing activities | 2.6 | (36.9 | ) | ||||
(Continued) | |||||||
Astec Industries Inc. | |||||||
Condensed Consolidated Statements of Cash Flows (Continued) | |||||||
(In millions; unaudited) | |||||||
Six Months Ended June 30, | |||||||
2023 | 2022 | ||||||
Cash flows from financing activities: | |||||||
Payment of dividends | (5.9 | ) | (5.5 | ) | |||
Proceeds from borrowings on credit facilities and bank loans | 113.6 | 28.5 | |||||
Repayments of borrowings on credit facilities and bank loans | (128.1 | ) | (25.3 | ) | |||
Sale of Company stock by deferred compensation programs, net | — | 0.2 | |||||
Withholding tax paid upon vesting of share-based compensation awards | (1.6 | ) | (1.6 | ) | |||
Net cash used in financing activities | (22.0 | ) | (3.7 | ) | |||
Effect of exchange rates on cash | 0.4 | (1.3 | ) | ||||
Decrease in cash, cash equivalents and restricted cash | (21.5 | ) | (83.8 | ) | |||
Cash, cash equivalents and restricted cash, beginning of period | 66.0 | 134.4 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 44.5 | $ | 50.6 | |||
Astec Industries Inc. | |||||||||||||||
GAAP vs Non-GAAP Adjusted EPS Reconciliations | |||||||||||||||
(In millions, except per share amounts; unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net income (loss) attributable to controlling interest | $ | 13.1 | $ | (3.9 | ) | $ | 25.2 | $ | 0.2 | ||||||
Adjustments: | |||||||||||||||
Transformation program | 7.8 | 6.4 | 15.0 | 11.7 | |||||||||||
Restructuring and other related charges | 0.4 | 0.4 | 7.5 | 1.4 | |||||||||||
Asset impairment | 0.8 | 3.0 | 0.8 | 3.0 | |||||||||||
Gain on sale of property and equipment, net | (0.1 | ) | — | (3.5 | ) | — | |||||||||
Transaction costs | — | 0.8 | — | 1.4 | |||||||||||
Income tax impact of adjustments | (2.1 | ) | (2.4 | ) | (4.6 | ) | (4.0 | ) | |||||||
Adjusted net income attributable to controlling interest | $ | 19.9 | $ | 4.3 | $ | 40.4 | $ | 13.7 | |||||||
Diluted EPS | $ | 0.58 | $ | (0.17 | ) | $ | 1.11 | $ | 0.01 | ||||||
Adjustments: | |||||||||||||||
Transformation program | 0.34 | 0.28 | 0.66 | 0.51 | |||||||||||
Restructuring and other related charges(a) | 0.01 | 0.02 | 0.32 | 0.06 | |||||||||||
Asset impairment(a) | 0.03 | 0.13 | 0.03 | 0.13 | |||||||||||
Gain on sale of property and equipment, net | — | — | (0.15 | ) | — | ||||||||||
Transaction costs | — | 0.04 | — | 0.06 | |||||||||||
Income tax impact of adjustments | (0.09 | ) | (0.11 | ) | (0.20 | ) | (0.17 | ) | |||||||
Adjusted EPS | $ | 0.87 | $ | 0.19 | $ | 1.77 | $ | 0.60 | |||||||
(a) Calculation includes the impact of a rounding adjustment | |||||||||||||||
Astec Industries Inc. | |||||||||||||||
EBITDA and Adjusted EBITDA Reconciliations | |||||||||||||||
(In millions; unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Net sales | $ | 350.0 | $ | 318.2 | $ | 697.9 | $ | 609.4 | |||||||
Net income (loss) attributable to controlling interest | $ | 13.1 | $ | (3.9 | ) | $ | 25.2 | $ | 0.2 | ||||||
Interest expense, net | 1.5 | 0.4 | 3.0 | 0.6 | |||||||||||
Depreciation and amortization | 6.2 | 6.9 | 12.5 | 13.6 | |||||||||||
Income tax provision (benefit) | 2.7 | (0.8 | ) | 7.1 | 0.1 | ||||||||||
EBITDA | 23.5 | 2.6 | 47.8 | 14.5 | |||||||||||
EBITDA margin | 6.7 | % | 0.8 | % | 6.8 | % | 2.4 | % | |||||||
Adjustments: | |||||||||||||||
Transformation program | 7.6 | 6.4 | 14.8 | 11.7 | |||||||||||
Restructuring and other related charges | 0.4 | 0.4 | 7.5 | 1.4 | |||||||||||
Asset impairment | 0.8 | 3.0 | 0.8 | 3.0 | |||||||||||
Gain on sale of property and equipment, net | (0.1 | ) | — | (3.5 | ) | — | |||||||||
Transaction costs | — | 0.8 | — | 1.4 | |||||||||||
Adjusted EBITDA | $ | 32.2 | $ | 13.2 | $ | 67.4 | $ | 32.0 | |||||||
Adjusted EBITDA margin | 9.2 | % | 4.1 | % | 9.7 | % | 5.3 | % |
1 Year Astec Industries Chart |
1 Month Astec Industries Chart |
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