Astec Industries (ASTE) Tops Q1 EPS by 8c

Astec Industries (NASDAQ: ASTE) reported Q1 EPS of $0.65, $0.08 better than the analyst estimate of $0.57. Revenue for the quarter came in at $288.7 million versus the consensus estimate of $257.95 million.

Commenting on the announcement, Benjamin G. Brock, Chief Executive Officer, stated, "We were pleased with our results for the first quarter. Our customers in the United States continue to experience a good private construction market and states continue to implement mechanisms to raise funds for highway funding as Congress continues to struggle to develop and pass a long-term highway bill. While we expect another short-term extension of the current federal highway bill, we still believe there is a desire in Washington to pass a long-term highway bill this year."

Mr. Brock continued, "Our backlog was off 6% versus last year. All of the decline was contained in international backlog primarily due to the strength of the United States dollar and the slowdown in mining globally. Despite our backlog being down versus the first quarter of 2014, our backlog remains strong and we are optimistic on our first half 2015. We remain focused on growing and improving our international sales and we will be in a good position when the currency exchange rates improve and the global mining industry rebounds."

For earnings history and earnings-related data on Astec Industries (ASTE) click here.

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