Astec Industries Reports First Quarter 2014 Results
22 4월 2014 - 8:00PM
Astec Industries, Inc. (Nasdaq:ASTE) today reported results for
their first quarter ended March 31, 2014.
Net sales for the first quarter of 2014 were $238.7 million
compared to $247.8 million for the first quarter of 2013, a 4%
decrease. Earnings for the first quarter of 2014 were $9.5 million
or $0.41 per diluted share compared to $13.2 million for the first
quarter of 2013 or $0.57 per diluted share, a decrease of 28% per
diluted share.
Domestic sales increased 8% to $175.5 million for the first
quarter of 2014 from $161.9 million for the first quarter of 2013.
International sales were $63.2 million for the first quarter of
2014 compared to $85.9 million for the first quarter of 2013, a
decrease of 26%.
The Company's backlog increased 8% from $276.5 million at March
31, 2013 to $299.6 million at March 31, 2014. The domestic backlog
increased 18% from $167.3 million at March 31, 2013 to $196.9
million at March 31, 2014. The international backlog at March 31,
2014 was $102.7 million, a 6% decrease from the March 31, 2013
international backlog of $109.2 million.
Consolidated financial information for the first quarter ended
March 31, 2014 and additional information related to segment
revenues and profits are attached as addenda to this press
release.
As previously discussed in the Company's annual report on Form
10-K for the year ended December 31, 2013, due to the recent
reallocation of certain product lines between some of the Company's
subsidiaries, the Company has been reevaluating its reportable
segments. This process has now been completed and the composition
of the Company's reportable segments has been changed. Recast
historical segment information is included in the financial
information attached as addenda to this press release.
Commenting on the announcement, Benjamin G. Brock, Chief
Executive Officer, stated, "We are pleased with our growth in
domestic revenues compared to last year although we continue to
experience headwinds in our international sales efforts driven by
the strong dollar and weakness in certain markets like Canada and
Australia. Although total sales decreased slightly we held our
gross margin steady which is a testament to our focus on lean
manufacturing and cost management. Our presence at ConExpo in early
March added $4 million to our S,G,A&E expenses for the quarter,
however, we were pleased by the strong attendance in our booth and
the interactions we had with customers."
Mr. Brock continued, "With the April 1st addition of Telestack
headquartered in Omagh, Northern Ireland, we have demonstrated our
commitment to further global expansion in our core products to
better serve our target industries of Infrastructure, Aggregate and
Mining, and Energy. Telestack's quality and customer service make
it a natural fit for Astec. We expect them to be immediately
accretive to earnings and to positively reinforce our backlog and
outlook for the remainder of the year."
Investor Conference Call and Web Simulcast
Astec will conduct a conference call on April 22, 2014, at 10:00
A.M. Eastern Time to review its first quarter 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, May 6, 2014 by dialing (877) 660-6853, or
(201) 612-7415 for international callers, Account #286, Conference
ID# 13580080. 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 asphalt road building; aggregate processing; oil, gas
and water well drilling; and wood processing. Astec's manufacturing
operations are divided into three primary business segments: road
building and related equipment (Infrastructure Group); aggregate
processing and mining equipment (Aggregate and Mining Group); and
equipment for the extraction and production of fuels, biomass
production, and water drilling equipment (Energy Group).
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 and the effects of general economic
and political uncertainty on our business. 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, the affect of any future
federal stimulus package, 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,
2013.
|
Astec Industries,
Inc. |
Consolidated Balance
Sheets |
(in
thousands) |
(unaudited) |
|
|
Mar 31 |
Mar 31 |
|
2014 |
2013 |
Assets |
|
|
Current assets |
|
|
Cash and cash equivalents |
$ 44,969 |
$ 73,175 |
Investments |
1,462 |
1,573 |
Receivables, net |
109,080 |
104,599 |
Inventories |
361,209 |
326,068 |
Prepaid expenses and other |
28,717 |
25,159 |
Total current assets |
545,437 |
530,574 |
Property and equipment, net |
187,895 |
186,192 |
Other assets |
41,372 |
40,890 |
Total assets |
$ 774,704 |
$ 757,656 |
Liabilities and equity |
|
|
Current liabilities |
|
|
Accounts payable - trade |
$ 59,364 |
$ 50,781 |
Other current liabilities |
93,596 |
111,451 |
Total current liabilities |
152,960 |
162,232 |
Non-current liabilities |
32,490 |
31,999 |
Total equity |
589,254 |
563,425 |
Total liabilities and equity |
$ 774,704 |
$ 757,656 |
|
|
Astec Industries,
Inc. |
Consolidated Statements
of Income |
(in thousands, except
per share data) |
(unaudited) |
|
|
Three Months Ended |
|
Mar 31 |
|
2014 |
2013 |
Net sales |
$ 238,673 |
$ 247,833 |
Cost of sales |
181,916 |
189,266 |
Gross profit |
56,757 |
58,567 |
Selling, general, administrative &
engineering expenses |
43,424 |
40,367 |
Income from operations |
13,333 |
18,200 |
Interest expense |
73 |
70 |
Other |
812 |
672 |
Income before income taxes |
14,072 |
18,802 |
Income taxes |
4,527 |
5,631 |
Net income attributable to controlling
interest |
$ 9,545 |
$ 13,171 |
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per Common Share |
|
|
Net income attributable to controlling
interest |
|
|
Basic |
$ 0.42 |
$ 0.58 |
Diluted |
$ 0.41 |
$ 0.57 |
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
Basic |
22,786 |
22,723 |
Diluted |
23,102 |
23,080 |
|
|
Astec Industries, Inc. |
Segment Revenues and
Profits |
For the three months ended
March 31, 2014 and 2013 |
(in thousands) |
(unaudited) |
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Corporate |
Total |
2014 Revenues |
98,791 |
93,108 |
46,774 |
-- |
238,673 |
2013 Revenues |
109,320 |
90,762 |
47,751 |
-- |
247,833 |
Change $ |
(10,529) |
2,346 |
(977) |
-- |
(9,160) |
Change % |
(9.6%) |
2.6% |
(2.0%) |
-- |
(3.7%) |
|
|
|
|
|
|
2014 Gross Profit |
22,679 |
23,424 |
10,642 |
12 |
56,757 |
2014 Gross Profit % |
23.0% |
25.2% |
22.8% |
-- |
23.8% |
2013 Gross Profit |
26,685 |
23,040 |
8,844 |
(2) |
58,567 |
2013 Gross Profit % |
24.4% |
25.4% |
18.5% |
-- |
23.6% |
Change |
(4,006) |
384 |
1,798 |
14 |
(1,810) |
|
|
|
|
|
|
2014 Profit (Loss) |
8,796 |
9,101 |
1,923 |
(9,117) |
10,703 |
2013 Profit (Loss) |
12,878 |
9,057 |
1,191 |
(9,260) |
13,866 |
Change $ |
(4,082) |
44 |
732 |
143 |
(3,163) |
Change % |
(31.7%) |
0.5% |
61.5% |
1.5% |
(22.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
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 March
31 |
|
|
2014 |
2013 |
Change $ |
Total profit for all
segments |
$ 10,703 |
$ 13,866 |
$ (3,163) |
Elimination of intersegment
profit |
(1,156) |
(615) |
(541) |
Net income attributable to
non-controlling interest |
(2) |
(80) |
78 |
Net income attributable to
controlling interest |
$ 9,545 |
$ 13,171 |
$ (3,626) |
|
|
Astec Industries, Inc. |
Backlog by Segment |
March 31, 2014 and 2013 |
(in thousands) |
(Unaudited) |
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Total |
2014 Backlog |
$ 144,598 |
$ 98,903 |
$ 56,135 |
$ 299,636 |
2013 Backlog |
120,244 |
93,867 |
62,414 |
276,525 |
Change $ |
24,354 |
5,036 |
(6,279) |
23,111 |
Change % |
20.3% |
5.4% |
(10.1%) |
8.4% |
|
|
Astec Industries, Inc. |
Segment Revenues and
Profits |
2013 |
(in thousands) |
(unaudited) |
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Corporate |
Total |
Q2 Revenues |
103,754 |
99,884 |
44,489 |
-- |
248,127 |
Q3 Revenues |
83,319 |
79,792 |
50,066 |
-- |
213,177 |
Q4 Revenues |
102,006 |
80,076 |
41,779 |
-- |
223,861 |
|
|
|
|
|
|
Q2 Gross Profit |
19,514 |
25,615 |
10,311 |
2 |
55,442 |
Q2 Gross Profit % |
18.8% |
25.6% |
23.2% |
-- |
22.3% |
Q3 Gross Profit |
18,552 |
19,584 |
7,667 |
(16) |
45,787 |
Q3 Gross Profit % |
22.3% |
24.5% |
15.3% |
-- |
21.5% |
Q4 Gross Profit |
20,676 |
19,610 |
7,103 |
(66) |
47,323 |
Q4 Gross Profit % |
20.3% |
24.5% |
17.0% |
-- |
21.1% |
|
|
|
|
|
|
Q2 Profit (Loss) |
6,103 |
11,141 |
2,235 |
(8,190) |
11,289 |
Q3 Profit (Loss) |
5,919 |
6,765 |
456 |
(5,935) |
7,205 |
Q4 Profit (Loss) |
7,914 |
6,068 |
123 |
(6,980) |
7,125 |
|
|
|
|
|
|
|
|
|
|
|
|
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 June 30 |
Three months ended September 30 |
Three months ended December 31 |
|
|
2013 |
2013 |
2013 |
Total profit for all
segments |
$ 11,289 |
$ 7,205 |
$ 7,125 |
Elimination of intersegment
profit |
(136) |
(678) |
1,159 |
Net income attributable to
non-controlling interest |
(61) |
(13) |
(19) |
Net income attributable to
controlling interest |
$ 11,092 |
$ 6,514 |
$ 8,265 |
|
Astec Industries, Inc. |
Backlog by Segment |
2013 |
|
(in thousands) |
(Unaudited) |
|
Infrastructure Group |
Aggregate and Mining Group |
Energy Group |
Total |
Q2 Backlog |
$ 99,605 |
$ 88,706 |
$ 52,312 |
$ 240,623 |
Q3 Backlog |
114,138 |
69,583 |
44,816 |
228,537 |
Q4 Backlog |
137,119 |
105,022 |
48,101 |
290,242 |
CONTACT: For Additional Information Contact:
Benjamin G. Brock
President and Chief Executive Officer
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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