Astec Industries (NASDAQ:ASTE) is a key player in the design, engineering, manufacturing, and marketing of equipment and components for nonresidential construction: mainly road building, aggregate processing, oil and gas drilling, wood processing, and related construction activities worldwide. It operates in five groups: aggregate and mining, asphalt, mobile asphalt and paving, oil and gas, and other.
ASTE's growth is highly dependent on road and highway construction, and can be measured by increases in state and federal budgets and partially predicted by, for example, leading indicators such as federal highway obligations and contract awards. According to the Federal Highway Administration (FHA), as of the third quarter 2013, contract awards had increased approximately 5% YTD, reversing a...
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