Astec Industries, Inc. (Nasdaq:ASTE) today reported results for
their fourth quarter and year ended December 31, 2013. Net sales
for the fourth quarter of 2013 were $223.9 million compared to
$227.6 million for the fourth quarter of 2012, a 2% decrease.
Earnings from continuing operations for the fourth quarter of 2013
were $8.3 million or $0.36 per diluted share compared to $5.5
million or $0.24 per diluted share in the fourth quarter of 2012,
an increase of 51%.
Domestic sales increased 10% to $142.4 million for the fourth
quarter of 2013 from $129.0 million for the fourth quarter of 2012.
International sales decreased 17% to $81.5 million for the fourth
quarter of 2013 from $98.6 million for the fourth quarter of
2012.
Net sales for 2013 were $933.0 million compared to $936.3million
for 2012, a decrease of $3.3 million. Earnings from continuing
operations for 2013 were $39.0 million or $1.69 per diluted share
compared to $34.0 million or $1.48 per diluted share of 2012, a 15%
increase.
Domestic sales increased 5% to $599.1 million for 2013 from
$572.5 million for 2012. International sales were $333.9 million
for 2013 compared to $363.8 million for 2012, an 8% decrease.
The Company's domestic backlog increased 28%, from $156.6
million at December 31, 2012 to $200.5 million at December 31,
2013. The international backlog at December 31, 2013 was $89.7
million compared to $107.2 million at December 31, 2012 for a
decrease of 16%. Total backlog increased 10% to $290.2 million at
December 31, 2013 from $263.8 million at December 31, 2012.
Consolidated financial information for the quarter and year
ended December 31, 2013 and additional information related to
segment revenues and profits are attached as addenda to this press
release.
Commenting on the announcement of quarterly and annual results,
Benjamin G. Brock, Chief Executive Officer, stated, "We were
pleased with our bottom line results during the 4th Quarter of
2013, especially given the continued instability in the federal
highway funding. On a positive note, the new turn-key wood pellet
plant in Georgia is operating to our customer's satisfaction. As a
result of its performance, the customer ordered an additional two
lines for $40 million during the fourth quarter. In addition, our
aggregate processing equipment businesses performed well. On the
downside, our Underground Group, which is now focused on supplying
equipment to the oil and gas drilling industry, continued to
struggle in the quarter, and for the year. We believe this group
has developed and is producing superior products, but is battling a
soft market with low demand. We are focused on this group and
working to reverse the unfavorable trends."
Mr. Brock continued, "Orders so far in 2014 have been steady. At
the same time, we have continued to develop new products for the
energy, mining and infrastructure industries. We will display 41
new products at the ConExpo show in Las Vegas during the first week
of March. This will be the largest display in our history of
exhibiting at this event. Our balance sheet remains strong with no
debt and a strong cash position. We are continuing our acquisition
efforts and will work to add companies that represent strategic
fits for our business during 2014."
Investor Conference Call and Web Simulcast
Astec will conduct a conference call on February 25, 2014, at
10:00 A.M. Eastern Time to review its December 31, 2013 results as
well as current business conditions. The number to call for this
interactive teleconference is (877) 407-9210. International callers
should dial (201) 689-8049. Please reference Astec Industries.
The company will also provide an online Web simulcast and
rebroadcast of the conference call. The live broadcast of Astec's
conference call will be available online at the Company's website:
www.astecindustries.com/conferencecalls. An archived webcast will
be available for 90 days at www.astecindustries.com.
A replay of the conference call will be available through
midnight on Tuesday, March 11, 2014 by dialing (877) 660-6853, or
(201) 612-7415 for international callers, Conference ID# 13575987.
A transcription of the conference call will be made available under
the Investor Relations section of the Astec Industries, Inc.
website within 5 business days after the call.
Astec Industries, Inc. is a manufacturer of specialized
equipment for building and restoring the world's infrastructure.
Astec's manufacturing operations are divided into four primary
business segments: aggregate processing and mining equipment;
asphalt production equipment; mobile asphalt paving equipment; and
oil, gas and water drilling equipment (Underground Group).
Additionally, the Other Group contains one subsidiary that
manufactures equipment used for wood processing and recycling and
one that is a company-owned dealership located in Australia.
The information contained in this press release contains
"forward-looking statements" (within the meaning of the Private
Securities Litigation Reform Act of 1995) regarding the future
performance of the Company, including statements about the effects
on the Company from its backlog, the lack of highway funding, and
the opening of wood pellet plants in Georgia, efforts to improve
the operations of the Underground Group and the success of new
products. These forward-looking statements reflect management's
expectations and are based upon currently available information,
and the Company undertakes no obligation to update or revise such
statements. These statements are not guarantees of performance and
are inherently subject to risks and uncertainties, many of which
cannot be predicted or anticipated. Future events and actual
results, financial or otherwise, could differ materially from those
expressed in or implied by the forward-looking statements.
Important factors that could cause future events or actual results
to differ materially include: general uncertainty in the economy,
rising oil and liquid asphalt prices, rising steel prices,
decreased funding for highway projects, the relative
strength/weakness of the dollar to foreign currencies, production
capacity, general business conditions in the industry, demand for
the Company's products, seasonality and cyclicality in operating
results, seasonality of sales volumes or lower than expected sales
volumes, lower than expected margins on custom equipment orders,
competitive activity, tax rates and the impact of future
legislation thereon, and those other factors listed from time to
time in the Company's reports filed with the Securities and
Exchange Commission, including but not limited to the Company's
annual report on Form 10-K for the year ended December 31,
2012.
The Company plans to file its form 10-K timely by March 3,
2014.
|
|
Astec Industries,
Inc. |
Consolidated Balance
Sheets |
(in
thousands) |
(unaudited) |
|
|
Dec 31 |
Dec 31 |
|
2013 |
2012 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 35,564 |
$ 80,929 |
Investments |
17,176 |
1,334 |
Receivables, net |
94,789 |
89,048 |
Inventories |
342,313 |
312,683 |
Prepaid expenses and other |
32,569 |
20,090 |
Total current assets |
522,411 |
504,084 |
Property and equipment, net |
184,520 |
182,839 |
Other assets |
42,360 |
41,860 |
Total assets |
$ 749,291 |
$ 728,783 |
Liabilities and equity |
|
|
Current liabilities |
|
|
Accounts payable - trade |
$ 45,845 |
$ 46,210 |
Other current liabilities |
87,686 |
99,338 |
Total current liabilities |
133,531 |
145,548 |
Non-current liabilities |
35,249 |
32,501 |
Total equity |
580,511 |
550,734 |
Total liabilities and equity |
$ 749,291 |
$ 728,783 |
|
|
|
|
|
|
Astec Industries,
Inc. |
|
|
Consolidated Statements
of Income |
|
|
(in thousands, except
per share data) |
|
|
(unaudited) |
|
|
|
|
|
|
Three Months Ended |
Twelve Months Ended |
|
Dec 31 |
Dec 31 |
|
2013 |
2012 |
2013 |
2012 |
Net sales |
$ 223,861 |
$ 227,640 |
$ 932,998 |
$ 936,273 |
Cost of sales |
176,538 |
179,329 |
725,879 |
728,322 |
Gross profit |
47,323 |
48,311 |
207,119 |
207,951 |
Selling, general, administrative &
engineering expenses |
36,641 |
39,833 |
151,438 |
156,843 |
Income from operations |
10,682 |
8,478 |
55,681 |
51,108 |
Interest expense |
7 |
97 |
423 |
339 |
Other |
1,082 |
584 |
2,812 |
2,767 |
Income from continuing operations before
income taxes |
11,757 |
8,965 |
58,070 |
53,536 |
Income taxes on continuing operations |
3,492 |
3,459 |
19,028 |
19,487 |
Net income from continuing operations |
8,265 |
5,506 |
39,042 |
34,049 |
Income from discontinued operations, (net of
tax of $1,000 for the quarter and $1,817 for the year) |
-- |
2,001 |
-- |
3,401 |
Gain on disposal of discontinued operations
(net of tax of $1,979) |
-- |
3,378 |
-- |
3,378 |
Net income attributable to controlling
interest |
$ 8,265 |
$ 10,885 |
$ 39,042 |
$ 40,828 |
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share |
|
|
|
|
Net income from continuing operations |
|
|
|
|
Basic |
$ 0.36 |
$ 0.24 |
$ 1.72 |
$ 1.50 |
Diluted |
$ 0.36 |
$ 0.24 |
$ 1.69 |
$ 1.48 |
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of
tax |
|
|
|
|
Basic |
$ -- |
$ 0.24 |
$ -- |
$ 0.30 |
Diluted |
$ -- |
$ 0.23 |
$ -- |
$ 0.29 |
|
|
|
|
|
|
|
|
|
|
Net income attributable to controlling
interest |
|
|
|
|
Basic |
$ 0.36 |
$ 0.48 |
$ 1.72 |
$ 1.80 |
Diluted |
$ 0.36 |
$ 0.47 |
$ 1.69 |
$ 1.77 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
Basic |
22,765 |
22,693 |
22,749 |
22,680 |
Diluted |
23,092 |
23,057 |
23,081 |
23,051 |
|
|
Astec Industries,
Inc. |
Segment Revenues and
Profits |
For the three months
ended December 31, 2013 and 2012 |
(in
thousands) |
(unaudited) |
|
|
Asphalt Group |
Aggregate and Mining Group |
Mobile Asphalt Paving Group |
Underground Group |
All Others |
Total |
2013 Revenues |
56,198 |
80,076 |
39,985 |
14,039 |
33,563 |
223,861 |
2012 Revenues |
59,663 |
77,404 |
34,344 |
20,985 |
35,244 |
227,640 |
Change $ |
(3,465) |
2,672 |
5,641 |
(6,946) |
(1,681) |
(3,779) |
Change % |
(5.8%) |
3.5% |
16.4% |
(33.1%) |
(4.8%) |
(1.7%) |
|
|
|
|
|
|
|
2013 Gross Profit |
15,152 |
19,610 |
7,167 |
1,063 |
4,331 |
47,323 |
2013 Gross Profit % |
27.0% |
24.5% |
17.9% |
7.6% |
12.9% |
21.1% |
2012 Gross Profit |
15,978 |
18,041 |
6,396 |
2,026 |
5,870 |
48,311 |
2012 Gross Profit % |
26.8% |
23.3% |
18.6% |
9.7% |
16.7% |
21.2% |
Change |
(826) |
1,569 |
771 |
(963) |
(1,539) |
(988) |
|
|
|
|
|
|
|
2013 Profit (Loss) |
6,914 |
6,068 |
879 |
(939) |
(5,797) |
7,125 |
2012 Profit (Loss) |
7,704 |
4,852 |
1,086 |
(1,065) |
(7,524) |
5,053 |
Change $ |
(790) |
1,216 |
(207) |
126 |
1,727 |
2,072 |
Change % |
(10.3%) |
25.1% |
(19.1%) |
11.8% |
23.0% |
41.0% |
Segment revenues are reported net of intersegment
revenues. Segment gross profit is net of profit on
intersegment revenues. A reconciliation of total segment
profits to the Company's net income attributable to controlling
interest is as follows (in thousands):
|
Three months ended
December 31 |
|
2013 |
2012 |
Change $ |
Total profit for all segments |
$ 7,125 |
$ 5,053 |
$ 2,072 |
Recapture of intersegment profit |
1,159 |
490 |
669 |
Net income attributable to non-controlling
interest |
(19) |
(37) |
18 |
Net income from continuing operations |
8,265 |
5,506 |
2,759 |
Income from discontinued operations, (net of
tax of $1,000) |
-- |
2,001 |
(2,001) |
Gain on disposal of discontinued operations
(net of tax of $1,979) |
-- |
3,378 |
(3,378) |
Net income attributable to controlling
interest |
$ 8,265 |
$ 10,885 |
$ (2,620) |
|
|
Astec Industries,
Inc. |
Segment Revenues and
Profits |
For the twelve months
ended December 31, 2013 and 2012 |
(in
thousands) |
(unaudited) |
|
|
Asphalt Group |
Aggregate and Mining Group |
Mobile Asphalt Paving Group |
Underground Group |
All Others |
Total |
2013 Revenues |
237,959 |
350,514 |
168,444 |
73,104 |
102,977 |
932,998 |
2012 Revenues |
234,562 |
355,428 |
158,115 |
82,802 |
105,366 |
936,273 |
Change $ |
3,397 |
(4,914) |
10,329 |
(9,698) |
(2,389) |
(3,275) |
Change % |
1.4% |
(1.4%) |
6.5% |
(11.7%) |
(2.3%) |
(0.3%) |
|
|
|
|
|
|
|
2013 Gross Profit |
59,442 |
87,849 |
36,819 |
5,550 |
17,459 |
207,119 |
2013 Gross Profit % |
25.0% |
25.1% |
21.9% |
7.6% |
17.0% |
22.2% |
2012 Gross Profit |
54,480 |
90,554 |
34,727 |
9,864 |
18,326 |
207,951 |
2012 Gross Profit % |
23.2% |
25.5% |
22.0% |
11.9% |
17.4% |
22.2% |
Change |
4,962 |
(2,705) |
2,092 |
(4,314) |
(867) |
(832) |
|
|
|
|
|
|
|
2013 Profit (Loss) |
26,962 |
33,031 |
11,767 |
(4,902) |
(27,375) |
39,483 |
2012 Profit (Loss) |
22,012 |
34,687 |
10,721 |
(2,238) |
(30,453) |
34,729 |
Change $ |
4,950 |
(1,656) |
1,046 |
(2,664) |
3,078 |
4,754 |
Change % |
22.5% |
(4.8%) |
9.8% |
(119.0%) |
10.1% |
13.7% |
Segment revenues are reported net of intersegment
revenues. Segment gross profit is net of profit on
intersegment revenues. A reconciliation of total segment
profits to the Company's net income attributable to controlling
interest is as follows (in thousands):
|
Twelve months ended
December 31 |
|
2013 |
2012 |
Change $ |
Total profit for all segments |
$ 39,483 |
$ 34,729 |
$ 4,754 |
Elimination of intersegment profit |
(269) |
(519) |
250 |
Net income attributable to non-controlling
interest |
(172) |
(161) |
(11) |
Net income from continuing operations |
39,042 |
34,049 |
4,993 |
Income from discontinued operations, (net of
tax of $1,817) |
-- |
3,401 |
(3,401) |
Gain on disposal of discontinued operations
(net of tax of $1,979) |
-- |
3,378 |
(3,378) |
Net income attributable to controlling
interest |
$ 39,042 |
$ 40,828 |
$ (1,786) |
|
|
Astec Industries,
Inc. |
Backlog by
Segment |
December 31, 2013 and
2012 |
(in
thousands) |
(Unaudited) |
|
|
Asphalt Group |
Aggregate and Mining Group |
Mobile Asphalt Paving Group |
Underground Group |
All Others |
Total |
2013 Backlog |
153,719 |
105,022 |
6,090 |
14,573 |
10,838 |
290,242 |
2012 Backlog |
139,828 |
88,123 |
4,265 |
13,904 |
17,671 |
263,791 |
Change $ |
13,891 |
16,899 |
1,825 |
669 |
(6,833) |
26,451 |
Change % |
9.9% |
19.2% |
42.8% |
4.8% |
(38.7%) |
10.0% |
CONTACT: Benjamin G. Brock
President and C.E.O.
Phone: (423) 867-4210
Fax: (423) 867-4127
E-mail: bbrock@astecindustries.com
or
David C. Silvious
Vice President and Chief Financial Officer
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: dsilvious@astecindustries.com
or
Stephen C. Anderson
Vice President, Director of Investor Relations
& Corporate Secretary
Phone: (423) 899-5898
Fax: (423) 899-4456
E-mail: sanderson@astecindustries.com
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