Mixed 1Q Earnings Results for Astec - Analyst Blog
23 4월 2013 - 10:46PM
Zacks
Astec Industries Inc. (ASTE) reported
first-quarter 2013 results with earnings of 57 cents per share,
rising 10% from the 52 cents in the year-earlier quarter. It was
ahead of the Zacks Consensus Estimate of 53 cents.
Operational Update
Total revenue fell 2% to $247.8 million from $252 million in the
year-ago quarter, missing the Zacks Consensus Estimate of $262
million. Domestic sales increased 4% year over year to $161.9
million while international sales declined 11% to $85.9
million.
Cost of sales slid 2% to $189.3 million in the quarter from $193.3
million in the prior-year quarter. Gross profit in the first
quarter was $58.6 million, flat year over year. Gross margin
expanded 35 basis points year over year to 23.6% in the
quarter.
Selling, general, administrative & engineering expenses were
$40.4 million in the reported quarter compared with $40.1 million
in the year-ago quarter. Income from operations remained flat at
$18 million compared with the year-ago quarter. Operating margin
remained flat at 7.3% compared with the first quarter of 2012.
Segment Performance
Revenues in the Asphalt Group segment went up 4.2% to $71.5 million
from $68.7 million in the year-ago quarter. Segment profit declined
51% to $11.1 million from $7.3 million in the prior-year
quarter.
Total revenue of the Aggregate and Mining Group segment went down
1% to $90.7 million in the quarter from $91.3 million in the
previous-year quarter. Segment profit was $9.1 million in the
quarter versus $9.5 million in the prior-year quarter, down
5.4%.
Mobile Asphalt Paving Group segment’s total revenue increased 13%
to $47.3 million from $42 million in the year-ago quarter. Segment
profit during the quarter rose 7.7% to $4.2 million from $3.9
million in the year-earlier quarter.
Underground Group reported revenues of $14.7 million versus $22.1
million in the year-ago quarter. The segment reported a loss of
$2.3 million compared with $173 million a year ago.
All Others reported total revenue of $23.5 million, down 15.8% from
$27.9 million in the year-earlier quarter. Segment loss was $8.1
million, narrower than the year-ago quarter’s loss of $9.2
million.
Financial Position
Cash and cash equivalents amounted to $73 million as of Mar 31,
2013, up from $42 million as of Mar 31, 2012. The company has no
debt on its balance sheet. Astec’s domestic backlog increased 5% to
$167.3 million as of Mar 31, 2013 from $159.7 million as of Mar 31,
2012. The international backlog decreased 6% to $109.2 million as
of Mar 31, 2013 from $116.5 million as of Mar 31, 2012.
Our Take
Astec’s customers depend on government funding for the construction
and maintenance of its infrastructural projects. Although a new
27-month Federal highway funding bill was passed in Jul 2012, it
was too late in the 2012 construction season to have an impact.
Owing to the uncertainty in Federal infrastructure, customers have
tightened their budgets. However, with the Federal highway funding
bill in place, Astec will benefit from the pick up in
construction.
Astec continues to invest significantly in manufacturing new
products and upgrading the existing products, which will benefit
the company, moving forward. Astec will benefit from a recovery in
the economy and the pent up demand for equipment.
Chattanooga, TN-based Astec is a manufacturer of specialized
equipment for building and restoring the world's infrastructure.
Astec’s peers in the same industry are Terex Corp.
(TEX), Joy Global, Inc. (JOY) and The
Manitowoc Company, Inc. (MTW).
Astec currently retains a short-term Zacks Rank #4 (Sell).
ASTEC INDS INC (ASTE): Free Stock Analysis Report
JOY GLOBAL INC (JOY): Free Stock Analysis Report
MANITOWOC INC (MTW): Free Stock Analysis Report
TEREX CORP (TEX): Free Stock Analysis Report
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Astec Industries (NASDAQ:ASTE)
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