Astec Industries (ASTE) Tops Q4 EPS by 14c, Revenues Miss

Astec Industries (NASDAQ: ASTE) reported Q4 EPS of $0.56, $0.14 better than the analyst estimate of $0.42. Revenue for the quarter came in at $238.9 million versus the consensus estimate of $271.12 million.

"Our fourth quarter 2020 results demonstrate a strong finish to the year as our margins expanded during the quarter, despite a decrease in net sales. The margin improvement is a direct result of the initiatives that began in 2019 and accelerated in 2020 related to our strategic transformation. We continued to improve and gain traction with our operational excellence and strategic procurement initiatives," said Barry Ruffalo, CEO of Astec. "During the quarter, we continued to execute against our strategic initiatives to Simplify, Focus and Grow the business. Under Focus, we continue to build and leverage our OneASTEC platforms, which create a strong foundation for growth. Under Grow, we completed the acquisition of Grathwol automation and brought in an experienced Vice President of Product Management for our Controls and Automation platforms. We remain focused on providing our customers industry-leading technology solutions that provide value and support our Rock to Road initiatives, which continue to gain traction."

Mr. Ruffalo continued, “In the midst of the economic challenges faced in 2020, the Astec team was exceptional and made great progress with respect to our efforts to Simplify, Focus and Grow the business. This year was a testament to our dedication and ability to perform well throughout cycles as we increased margins despite the decline in revenue. We have significantly strengthened our foundation this year and are well-positioned for future growth with a streamlined organizational structure, a strong balance sheet and ample liquidity. I want to thank the entire Astec team for their hard work and continued focus on our core values to serve our customers, especially during a challenging year. Looking ahead to 2021, we will continue to build upon our positive momentum from 2020 and further transform our business to become an even stronger and more resilient organization with continued focus on operational and commercial excellence, profitable growth and long-term stakeholder value creation.”

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

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