Astec Industries (ASTE) Reports In-Line Q4 EPS

Astec Industries (NASDAQ: ASTE) reported Q4 EPS of $0.53, in-line with the analyst estimate of $0.53. Revenue for the quarter came in at $326.6 million versus the consensus estimate of $270.82 million.

Commenting on the announcement of quarterly and annual results, Benjamin G. Brock, Chief Executive Officer, stated, “We were pleased with our results for the fourth quarter and for the year. We were able to grow revenues and net income both quarter over quarter and year over year. At the same time, we were able to grow our backlog at December 31, 2016 to $357.4 million, a December record.”

Mr. Brock continued, “The domestic market was strong for our Infrastructure Group’s products targeted at the road construction industry and the group also recognized better than expected wood pellet plant revenues. Our Aggregate and Mining group started to see an improvement in the domestic market for products targeted at traditional rock quarries while the mining market continued to be slow. Our Energy Group products targeted at specialized industrial markets saw an increase during the quarter, while we experienced a slight increase in quote and order activity in the oil and gas markets.”

Mr. Brock concluded, “Given these positive developments, and our order activity in January, we are optimistic about 2017. Our backlog at January 31, 2017 was $386.3 million, a record high for January. Some of these orders are for new equipment designs that have the potential to carry lower margin and/or higher than normal warranty expense in the first half of this year. However, the introduction of new products is essential for our future. While the increase in order activity is a good sign for the year ahead, we still face significant challenges on U.S. exports given the continued strength of the U.S. dollar.”

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

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