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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% | 42.92 | 36.88 | 68.67 | 0 | 09:09:45 |
ASTEC INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Charter)
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Tennessee
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001-11595
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62-0873631
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1725 Shepherd Road
Chattanooga, Tennessee 37421
(Address of Principal Executive Offices and Zip Code)
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(423) 899-5898
(Registrant's telephone number, including area code)
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N/A
(Former name or former address, if changed since last report)
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(c) Exhibits. The following exhibits are furnished herewith:
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated July 21, 2015
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Date:July 21, 2015
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By: /s/ David C. Silvious
David C. Silvious, Chief Financial Officer,
Vice President and Treasurer
(Principal Financial and Accounting Officer)
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Index to Exhibits
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated July 21, 2015
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Astec Industries, Inc.
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Condensed Consolidated Balance Sheets
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(in thousands)
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(unaudited)
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June 30
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June 30
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2015
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2014
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Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$
|
16,353
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$
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18,624
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Investments
|
2,726
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1,375
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Receivables, net
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118,248
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119,694
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Inventories
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382,841
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364,098
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Prepaid expenses and other
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46,569
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32,582
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Total current assets
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566,737
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536,373
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Property and equipment, net
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174,971
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193,552
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Other assets
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62,083
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73,214
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Total assets
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$
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803,791
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$
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803,139
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Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$
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52,471
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$
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57,592
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Other current liabilities
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92,412
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102,440
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Total current liabilities
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144,883
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160,032
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Non-current liabilities
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39,718
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39,188
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Total equity
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619,190
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603,919
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||||||
Total liabilities and equity
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$
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803,791
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$
|
803,139
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Astec Industries, Inc.
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Condensed Consolidated Statements of Income
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(in thousands, except per share data)
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(unaudited)
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Three Months Ended
June 30
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Six Months Ended
June 30 |
|||||||||||||||
2015
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2014
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2015
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2014
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Net sales
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$
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268,042
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$
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277,256
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$
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556,791
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$
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515,929
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||||||||
Cost of sales
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205,809
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215,078
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428,512
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396,994
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||||||||||||
Gross profit
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62,233
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62,178
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128,279
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118,935
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||||||||||||
Selling, general, administrative & engineering expenses
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43,308
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40,247
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87,112
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83,672
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||||||||||||
Income from operations
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18,925
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21,931
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41,167
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35,263
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||||||||||||
Interest expense
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420
|
109
|
717
|
182
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||||||||||||
Other
|
420
|
736
|
2,368
|
1,550
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||||||||||||
Income before income taxes
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18,925
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22,558
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42,818
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36,631
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||||||||||||
Income taxes
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7,120
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8,061
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15,909
|
12,589
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||||||||||||
Net income attributable to controlling interest
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$
|
11,805
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$
|
14,497
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$
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26,909
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$
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24,042
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Earnings per Common Share
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||||||||||||||||
Net income attributable to controlling interest
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Basic
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$
|
0.51
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$
|
0.64
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$
|
1.17
|
$
|
1.05
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Diluted
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$
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0.51
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$
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0.63
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$
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1.16
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$
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1.04
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||||||||
Weighted average common shares outstanding
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||||||||||||||||
Basic
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22,942
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22,822
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22,923
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22,804
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||||||||||||
Diluted
|
23,119
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23,099
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23,117
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23,101
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||||||||||||
Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended June 30, 2015 and 2014
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(in thousands)
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Corporate
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Total
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||||||||||||||||
2015 Revenues
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116,097
|
98,829
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53,116
|
-
|
268,042
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|||||||||||||||
2014 Revenues
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118,585
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106,691
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51,980
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-
|
277,256
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|||||||||||||||
Change $
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(2,488
|
)
|
(7,862
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)
|
1,136
|
-
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(9,214
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)
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||||||||||||
Change %
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(2.1
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%)
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(7.4
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%)
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2.2
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%
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-
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(3.3
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%)
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|||||||||||
2015 Gross Profit
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27,242
|
24,985
|
9,998
|
8
|
62,233
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|||||||||||||||
2015 Gross Profit %
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23.5
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%
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25.3
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%
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18.8
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%
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-
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23.2
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%
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|||||||||||
2014 Gross Profit
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25,089
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25,694
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11,390
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5
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62,178
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|||||||||||||||
2014 Gross Profit %
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21.2
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%
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24.1
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%
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21.9
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%
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-
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22.4
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%
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|||||||||||
Change
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2,153
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(709
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)
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(1,392
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)
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3
|
55
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|||||||||||||
2015 Profit (Loss)
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11,845
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10,056
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701
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(10,334
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)
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12,268
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||||||||||||||
2014 Profit (Loss)
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11,808
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11,158
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2,946
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(11,323
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)
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14,589
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Change $
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37
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(1,102
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)
|
(2,245
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)
|
989
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(2,321
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)
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Change %
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0.3
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%
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(9.9
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%)
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(76.2
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%)
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8.7
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%
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(15.9
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%)
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Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment revenues.
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A reconciliation of total segment profits to the Company's net income attributable to controlling interest is as follows (in thousands):
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Three months ended June 30
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2015
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2014
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Change $
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Total profit for all segments
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$
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12,268
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$
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14,589
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$
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(2,321
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)
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Elimination of intersegment profit
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(610
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)
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(99
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)
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(511
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)
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Net loss attributable to non-controlling interest
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147
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7
|
140
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Net income attributable to controlling interest
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$
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11,805
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$
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14,497
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$
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(2,692
|
)
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the six months ended June 30, 2015 and 2014
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(in thousands)
|
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Corporate
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Total
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||||||||||||||||
2015 Revenues
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251,143
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205,241
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100,407
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-
|
556,791
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|||||||||||||||
2014 Revenues
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217,376
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199,799
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98,754
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-
|
515,929
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|||||||||||||||
Change $
|
33,767
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5,442
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1,653
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-
|
40,862
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|||||||||||||||
Change %
|
15.5
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%
|
2.7
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%
|
1.7
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%
|
-
|
7.9
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%
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|||||||||||
2015 Gross Profit
|
58,188
|
50,957
|
19,117
|
17
|
128,279
|
|||||||||||||||
2015 Gross Profit %
|
23.2
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%
|
24.8
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%
|
19.0
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%
|
-
|
23.0
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%
|
|||||||||||
2014 Gross Profit
|
47,768
|
49,119
|
22,032
|
16
|
118,935
|
|||||||||||||||
2014 Gross Profit %
|
22.0
|
%
|
24.6
|
%
|
22.3
|
%
|
-
|
23.1
|
%
|
|||||||||||
Change
|
10,420
|
1,838
|
(2,915
|
)
|
1
|
9,344
|
||||||||||||||
2015 Profit (Loss)
|
27,356
|
21,650
|
864
|
(22,300
|
)
|
27,570
|
||||||||||||||
2014 Profit (Loss)
|
20,604
|
20,259
|
4,870
|
(20,441
|
)
|
25,292
|
||||||||||||||
Change $
|
6,752
|
1,391
|
(4,006
|
)
|
(1,859
|
)
|
2,278
|
|||||||||||||
Change %
|
32.8
|
%
|
6.9
|
%
|
(82.3
|
%)
|
(9.1
|
%)
|
9.0
|
%
|
||||||||||
Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment revenues.
|
|||||
A reconciliation of total segment profits to the Company's net income attributable to controlling interest is as follows (in thousands):
|
Six months ended June 30
|
||||||||||||
2015
|
2014
|
Change $
|
||||||||||
Total profit for all segments
|
$
|
27,570
|
$
|
25,292
|
$
|
2,278
|
||||||
Elimination of intersegment profit
|
(996
|
)
|
(1,256
|
)
|
260
|
|||||||
Net loss attributable to non-controlling interest
|
335
|
6
|
329
|
|||||||||
Net income attributable to controlling interest
|
$
|
26,909
|
$
|
24,042
|
$
|
2,867
|
||||||
Astec Industries, Inc.
|
||
Backlog by Segment
|
||
June 30, 2015 and 2014
|
||
(in thousands)
|
||
(Unaudited)
|
Infrastructure
Group
|
Aggregate
and Mining Group |
Energy
Group
|
Total
|
|||||||||||||
2015 Backlog
|
106,376
|
74,445
|
48,653
|
229,474
|
||||||||||||
2014 Backlog
|
109,380
|
89,147
|
65,568
|
264,095
|
||||||||||||
Change $
|
(3,004
|
)
|
(14,702
|
)
|
(16,915
|
)
|
(34,621
|
)
|
||||||||
Change %
|
(2.7
|
%)
|
(16.5
|
%)
|
(25.8
|
%)
|
(13.1
|
%)
|
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1 Year Astec Industries Chart |
1 Month Astec Industries Chart |
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