Astec Industries net sales decrease 4% in Q1 2014, domestic sales rise 8%
The company reported that net sales for the quarter, which ended March 31, were $238.7 million, down 4 percent from the $247.8 million in net sales in the first quarter of 2013. Additionally, earnings were down year-over-year. The company reported $9.5 million in earnings or $0.41 per diluted share for the first quarter of this year — a 28-percent drop per diluted share from the $13.2 million in earnings or $.57 per diluted share in the first quarter of 2013.
Domestic sales were up this quarter, though the company saw a decrease in international sales. Astec Industries reported $175.5 million in domestic sales for the first quarter of 2014 — an 8-percent increase over the 161.9 million in domestic sales in the first quarter of the previous year. International sales were down 26 percent. The company reported $63.2 million in international sales for the first quarter of 2014, compared to $85.9 million a year ago.
The company’s backlog was up 8 percent from $276.5 million in the first quarter of 2013 to $299.6 million in the same period of 2014.
The domestic backlog was also up, while the international backlog fell year over year. The company reported a domestic backlog of $167.3 million for the quarter, which is 18 percent higher than the $167.3 million reported a year ago. The international backlog was down 6 percent from $109.2 million in the first quarter of 2013 to $102.7 million in the same period of 2014.
Astec Industries CEO Benjamin G. Brock says that, despite a decrease in total sales, he is encouraged by the company’s gross margin as well as ConExpo-Con/Agg sales.
“Although total sales decreased slightly we held our gross margin steady which is a testament to our focus on lean manufacturing and cost management,” Brock says. “Our presence at ConExpo in early March added $4 million to our S,G,A&E expenses for the quarter, however, we were pleased by the strong attendance in our booth and the interactions we had with customers.”
Brock also notes that the company’s latest product — the Telestack, which was released April 1 — is expected to boost earnings this year: “We expect them to be immediately accretive to earnings and to positively reinforce our backlog and outlook for the remainder of the year.”
From our partners
The new Sandvik Ranger surface drill rig offers renowned drilling efficiency with up to 20% lower fuel consumption
Known to many by their former name, Ranger, Sandvik’s DX series surface top hammer drill rigs all feature a revolving…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Caterpillar splits with Navistar, will design and build its own vocational trucks in Texas420 Views
- MSHA highlights second quarter metal/non-metal accidents308 Views
- Lafarge NA sells $450 million in assets to Summit Materials260 Views
- A 20-year-old died while swimming in a New York quarry231 Views
- Dolese Bros. spend millions to upgrade another facility in Oklahoma221 Views