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Astec Industries, Inc. (ASTE) Reports Third Quarter of 2010 Financial Results

|Includes: Astec Industries, Inc. (ASTE)

Astec Industries, Inc. reported year over year increases in sales and net income in the third quarter of 2010. The company also reported a backlog of $145.6 million at the end of the quarter, up one percent from last year’s third quarter.

Astec Industries, Inc. reported sales of $177.9 million in the quarter ending 9/30/2010, compared to sales of $166.1 million in the corresponding quarter of 2009.

Domestic sales fell slightly on a year over basis to $98.6 million in the quarter that just ended, from $101.3 million in the third quarter of 2009. Astec Industries, Inc. saw a large jump in International sales, reporting $79.3 million in the third quarter of 2010, compared to $64.8 million in the same quarter of 2009.

Astec Industries, Inc. reported net income attributable to controlling interest of $7.4 million, or $0.32 per diluted share, in the third quarter of 2010. The company reported net income attributable to controlling interest of $3.3 million, or $0.15 per diluted share, in the same quarter of 2009.

Management said that the company benefited from the cost cutting instituted during the recession and strong international sales in the third quarter.

Don Brock, the CEO of Astec Industries, Inc., said, “We saw a marginal improvement in revenue for the third quarter, and a significant improvement in our net income. This increase was attributable to the downsizing we did in 2009, more productive fabricating and machine tools, increased parts sales and improved utilization of capacity.”

For more information on the company, go to astecindustries.com

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