Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial
results for the first quarter of 2023.
"We were pleased with our first quarter
execution as we achieved double-digit sales growth in both the
Infrastructure Solutions and Material Solutions Groups," said Jaco
van der Merwe, Chief Executive Officer. "I would like to thank all
Astec employees for their hard work and dedication. They are
energized and focused on delivering results as evidenced by our
first quarter accomplishments. The realization of benefits from
prior pricing actions and solid demand across our end markets
contributed to our performance. We are off to a good start to 2023
as investments in capacity have proven beneficial and we
experienced fewer disruptions from our supply chain. After
successfully implementing the human capital management module of
our ERP system in January, we were excited to go live with our
first manufacturing site and at our corporate offices in May. With
these initial implementations, we remain confident in our ability
to complete the ERP implementation on schedule and the long-term
benefits it will deliver. Our strong balance sheet and the
multi-year federal highway bill provide stability as we continue to
grow."
|
|
GAAP |
|
Adjusted |
(in millions, except
per share and percentage data) |
|
1Q 2023 |
|
1Q 2022 |
|
Change |
|
1Q 2023 |
|
1Q 2022 |
|
Change |
Net sales |
|
$ |
347.9 |
|
|
$ |
291.2 |
|
|
19.5 |
% |
|
|
|
|
|
|
Domestic sales |
|
|
281.3 |
|
|
|
234.5 |
|
|
20.0 |
% |
|
|
|
|
|
|
International sales |
|
|
66.6 |
|
|
|
56.7 |
|
|
17.5 |
% |
|
|
|
|
|
|
Backlog |
|
|
800.2 |
|
|
|
834.7 |
|
|
(4.1 |
)% |
|
|
|
|
|
|
Domestic backlog |
|
|
685.7 |
|
|
|
707.0 |
|
|
(3.0 |
)% |
|
|
|
|
|
|
International backlog |
|
|
114.5 |
|
|
|
127.7 |
|
|
(10.3 |
)% |
|
|
|
|
|
|
Income from operations(a) |
|
|
17.6 |
|
|
|
4.0 |
|
|
340.0 |
% |
|
28.5 |
|
|
10.9 |
|
|
161.5 |
% |
Operating margin(a) |
|
|
5.1 |
% |
|
|
1.4 |
% |
|
370 bps |
|
8.2 |
% |
|
3.7 |
% |
|
450 bps |
Effective tax rate |
|
|
26.7 |
% |
|
|
18.0 |
% |
|
870 bps |
|
25.2 |
% |
|
21.0 |
% |
|
420 bps |
Net income attributable to
controlling interest |
|
|
12.1 |
|
|
|
4.1 |
|
|
195.1 |
% |
|
20.5 |
|
|
9.4 |
|
|
118.1 |
% |
Diluted EPS |
|
|
0.53 |
|
|
|
0.18 |
|
|
194.4 |
% |
|
0.90 |
|
|
0.41 |
|
|
119.5 |
% |
Adjusted EBITDA |
|
|
|
|
|
|
|
35.2 |
|
|
18.8 |
|
|
87.2 |
% |
Adjusted EBITDA margin |
|
|
|
|
|
|
|
10.1 |
% |
|
6.5 |
% |
|
360 bps |
(a)Certain reclassifications have been made to the prior period
financial information to conform to the presentation used in the
financial statements for the three months ended March 31,
2023. |
- Net sales were driven by changes in
volume, pricing and mix of sales that generated increases in
equipment sales, service and equipment installation, parts and
component sales and freight revenue. We experienced strong demand
for our products both domestically and internationally with
domestic and international sales growing 20.0% and 17.5%,
respectively.
- The backlog of orders decreased
4.1% driven by strong first quarter 2023 sales volumes compared to
a buildup of backlog through 2022 largely due to a combination of
strong demand and manufacturing throughput disruptions from supply
chain and labor constraints.
- Operating income increased as
favorable net volume, pricing and mix outpaced inflation,
manufacturing inefficiencies, increased selling, general and
administrative expenses and restructuring charges. Operating income
also benefited from a $1.9 million out of period adjustment
during the first quarter of 2023 associated with the correction of
over-accruals of inventory-related expenses in prior periods.
Selling, general and administrative expense was lower as a
percentage of sales as we leveraged investments in future growth
initiatives.
- The effective tax rate for the
quarter was higher compared to the same quarter in 2022 primarily
due to higher pretax book income and valuation allowance increases
in a domestic subsidiary partially offset by a net discrete tax
benefit related to a research and development credit.
- Adjusted net income and Adjusted
EPS exclude $8.4 million and $0.37, respectively, of incremental
costs, net of tax, primarily driven by our transformation program
initiatives to optimize our company for long term value creation,
restructuring charges related to our recent chief executive officer
transition and the execution of a limited plan to right-size and
reduce the fixed cost structure of certain overhead departments,
partially offset by a $3.4 million net gain on the sale of the
property and equipment primarily associated with our closed Tacoma
site.
Segments Results
Infrastructure Solutions - Road
building equipment, asphalt and concrete plants, thermal storage
solutions.
- Net sales of $229.9 million
increased 16.4% due to favorable net volume, pricing and mix of
sales that generated increased equipment, service and equipment
installation and parts sales.
- Segment Operating Adjusted EBITDA
of $27.3 million increased 66.5% primarily due to gross margin
impacts for net positive volume, pricing and mix as well as the
benefit of a $1.9 million out of period adjustment. The
increase was partially offset by the impact of inflation on
materials, labor and overhead costs, manufacturing inefficiencies
and higher selling, general and administrative costs. Selling,
general and administrative costs increased due to higher personnel
costs, exhibit and promotional costs related to the ConExpo
industry trade show which occurs only once every three years and
other innovation and project costs. Segment Operating Adjusted
EBITDA margin of 11.9% increased 360 basis points.
Materials Solutions -
Processing equipment to crush, screen and convey aggregates.
- Net sales of $113.9 million
increased 21.6% due to favorable net volume, pricing and mix
primarily for equipment sales.
- Segment Operating Adjusted EBITDA
of $15.3 million increased 25.4% due to increased net volume,
pricing and mix. The increase was partially offset by higher
inflation on materials, labor and overhead costs and manufacturing
inefficiencies as well as the impact of increased selling, general
and administrative costs associated with participation in the
ConExpo industry trade show. In addition, approximately $1.4
million of foreign currency transaction gains in 2022 did not recur
in the current quarter. Segment Operating Adjusted EBITDA margin of
13.4% increased 40 basis points.
Balance Sheet, Cash Flow and
Liquidity
- We ended the quarter with balance
sheet cash of $42.5 million, a 62.0% decrease from the same quarter
the prior year.
- Net cash used in operating
activities for the quarter was $19.2 million as we carried
additional inventories on hand to satisfy customer demand for our
products.
- Net cash provided by investing
activities for the quarter was $11.8 million due to the net
proceeds from the sale and purchase of property and equipment.
- Net cash consumed by financing
activities for the quarter was $16.2 million primarily due to
increased repayments net of borrowings on our outstanding debt
obligations and funding the dividend payment.
First Quarter Capital
Allocation
- Capital expenditure investments to
increase capacity and improve efficiency were $8.0 million.
- Dividend of $0.13 per share.
- No share repurchases for the
quarter. Remaining share repurchase authorization is $115.7
million.
Investor Conference Call and
Webcast
Astec will conduct a conference call and live
webcast today, May 3, 2023, at 8:30 A.M. Eastern Time, to
review its first quarter financial results as well as current
business conditions.
To access the call, dial (888) 440-4118 on
Wednesday, May 3, 2023 at least 10 minutes prior to the
scheduled time for the call. International callers should dial
(646) 960-0833.
You may also access a live webcast of the call at:
https://events.q4inc.com/attendee/323026129
You will need to give your name and company
affiliation and reference Astec. An archived webcast will be
available for ninety days at www.astecindustries.com.
A replay of the call can be accessed until May
17, 2023 by dialing (800) 770-2030, or (647) 362-9199 for
international callers, Conference ID# 8741406. A transcript 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.
About Astec
Astec, (www.astecindustries.com), is a
manufacturer of specialized equipment for asphalt road building,
aggregate processing and concrete production. Astec's
manufacturing operations are divided into two primary business
segments: Infrastructure Solutions that includes road building,
asphalt and concrete plants, thermal and storage solutions; and
Materials Solutions that include our aggregate processing
equipment. Astec also operates a line of controls and automation
products designed to deliver enhanced productivity through improved
equipment performance.
Safe Harbor Statements under the Private
Securities Litigation Reform Act of 1995
This News Release contains forward-looking
statements within the meaning of the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. Such statements
relate to, among other things, income, earnings, cash flows,
changes in operations, operating improvements, businesses in which
we operate and the United States and global economies. Statements
in this News Release that are not historical are hereby identified
as "forward-looking statements" and may be indicated by words or
phrases such as "anticipates," "supports," "plans," "projects,"
"expects," "believes," "should," "would," "could," "forecast,"
"management is of the opinion," use of the future tense and similar
words or phrases. These forward-looking statements are based
largely on management's expectations, which are subject to a number
of known and unknown risks, uncertainties and other factors
discussed and described in our most recent Annual Report on Form
10-K, including those risks described in Part I, Item 1A. Risk
Factors thereof, and in other reports filed
subsequently by us with the Securities and Exchange Commission,
which may cause actual results, financial or otherwise, to be
materially different from those anticipated, expressed or implied
by the forward-looking statements. All forward-looking statements
included in this document are based on information available to us
on the date hereof, and we assume no obligation to update any such
forward-looking statements to reflect future events or
circumstances, except as required by law.
Non-GAAP Financial Measures
In an effort to provide investors with
additional information regarding the Company's results, the Company
refers to various U.S. GAAP (U.S. generally accepted accounting
principles) and non-GAAP financial measures which management
believes provides useful information to investors. These non-GAAP
financial measures have no standardized meaning prescribed by U.S.
GAAP and therefore may not be comparable to the calculation of
similar measures for other companies. Management of the Company
does not intend these items to be considered in isolation or as a
substitute for the related GAAP measures. Nonetheless, this
non-GAAP information can be useful in understanding the Company's
operating results and the performance of its core business.
Management of the Company uses both GAAP and non-GAAP financial
measures to establish internal budgets and targets and to evaluate
the Company's financial performance against such budgets and
targets. A reconciliation of these non-GAAP measures to the most
directly comparable GAAP measure is included in the appendix to
this News Release.
For Additional Information
Contact: Steve Anderson Senior Vice President of
Administration and Investor RelationsPhone: (423)
899-5898 E-mail: sanderson@astecindustries.com
Certain reclassifications have been made to the
prior period financial information included in this News Release to
conform to the presentation used in the financial statements for
the three months ended March 31, 2023.
Astec Industries Inc.Condensed Consolidated
Statements of Operations(In millions, except shares in
thousands and per share amounts; unaudited) |
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
|
$ |
347.9 |
|
|
$ |
291.2 |
|
Cost of sales |
|
|
258.7 |
|
|
|
226.5 |
|
Gross profit |
|
|
89.2 |
|
|
|
64.7 |
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
Selling, general and
administrative expenses |
|
|
67.9 |
|
|
|
59.7 |
|
Restructuring and other asset
charges, net |
|
|
3.7 |
|
|
|
1.0 |
|
Total operating expenses |
|
|
71.6 |
|
|
|
60.7 |
|
Income from operations |
|
|
17.6 |
|
|
|
4.0 |
|
|
|
|
|
|
Other (expenses) income,
net: |
|
|
|
|
Interest expense |
|
|
(2.0 |
) |
|
|
(0.4 |
) |
Other income, net |
|
|
0.9 |
|
|
|
1.4 |
|
Income before income
taxes |
|
|
16.5 |
|
|
|
5.0 |
|
Income tax provision |
|
|
4.4 |
|
|
|
0.9 |
|
Net income |
|
|
12.1 |
|
|
|
4.1 |
|
Net loss attributable to
noncontrolling interest |
|
|
— |
|
|
|
— |
|
Net income attributable to controlling interest |
|
$ |
12.1 |
|
|
$ |
4.1 |
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
Basic |
|
$ |
0.53 |
|
|
$ |
0.18 |
|
Diluted |
|
|
0.53 |
|
|
|
0.18 |
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
Basic |
|
|
22,656 |
|
|
|
22,782 |
|
Diluted |
|
|
22,743 |
|
|
|
22,904 |
|
Astec Industries Inc.Segment Net Sales and
Operating Adjusted EBITDA(In millions;
unaudited) |
Segment net sales
are reported net of intersegment sales. |
|
|
Three Months Ended March 31, |
|
|
Infrastructure Solutions |
|
Materials Solutions |
|
Corporate and Other |
|
Total |
2023 Net sales |
|
$ |
229.9 |
|
|
$ |
113.9 |
|
|
$ |
4.1 |
|
|
$ |
347.9 |
|
2022 Net sales |
|
|
197.5 |
|
|
|
93.7 |
|
|
|
— |
|
|
|
291.2 |
|
Change $ |
|
|
32.4 |
|
|
|
20.2 |
|
|
|
4.1 |
|
|
|
56.7 |
|
Change % |
|
|
16.4 |
% |
|
|
21.6 |
% |
|
|
— |
% |
|
|
19.5 |
% |
|
|
|
|
|
|
|
|
|
2023 Segment Operating
Adjusted EBITDA |
|
|
27.3 |
|
|
|
15.3 |
|
|
|
(6.8 |
) |
|
|
35.8 |
|
2022 Segment Operating
Adjusted EBITDA |
|
|
16.4 |
|
|
|
12.2 |
|
|
|
(9.8 |
) |
|
|
18.8 |
|
Change $ |
|
|
10.9 |
|
|
|
3.1 |
|
|
|
3.0 |
|
|
|
17.0 |
|
Change % |
|
|
66.5 |
% |
|
|
25.4 |
% |
|
|
30.6 |
% |
|
|
90.4 |
% |
|
|
|
|
|
|
|
|
|
2023 Segment Operating
Adjusted EBITDA Margin |
|
|
11.9 |
% |
|
|
13.4 |
% |
|
|
|
|
2022 Segment Operating
Adjusted EBITDA Margin |
|
|
8.3 |
% |
|
|
13.0 |
% |
|
|
|
|
Change bps |
|
360 bps |
|
40 bps |
|
|
|
|
A reconciliation of total Segment Operating Adjusted EBITDA to
the Company's "Net income attributable to controlling interest" is
as follows (in millions; unaudited):
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Change $ |
Segment Operating Adjusted EBITDA |
|
$ |
35.8 |
|
|
$ |
18.8 |
|
|
$ |
17.0 |
|
Adjustments: |
|
|
|
|
|
|
Transformation program (a) |
|
|
(7.2 |
) |
|
|
(5.3 |
) |
|
|
(1.9 |
) |
Restructuring and other related charges (b) |
|
|
(7.1 |
) |
|
|
(1.0 |
) |
|
|
(6.1 |
) |
Gain on sale of property and equipment, net (c) |
|
|
3.4 |
|
|
|
— |
|
|
|
3.4 |
|
Transaction costs (d) |
|
|
— |
|
|
|
(0.6 |
) |
|
|
0.6 |
|
Interest expense, net |
|
|
(1.5 |
) |
|
|
(0.2 |
) |
|
|
(1.3 |
) |
Depreciation and
amortization |
|
|
(6.3 |
) |
|
|
(6.7 |
) |
|
|
0.4 |
|
Income tax provision |
|
|
(4.4 |
) |
|
|
(0.9 |
) |
|
|
(3.5 |
) |
Elimination of intercompany
profit |
|
|
(0.6 |
) |
|
|
— |
|
|
|
(0.6 |
) |
Net income attributable to
controlling interest |
|
$ |
12.1 |
|
|
$ |
4.1 |
|
|
$ |
8.0 |
|
|
|
|
|
|
|
|
(a) Represents costs related to our ongoing strategic
transformation initiatives recorded in "Selling, general and
administrative expenses" in the Consolidated Statements of
Operations. |
(b) Represents restructuring charges recorded in "Restructuring and
other asset charges, net" in the Consolidated Statements of
Operations. Charges incurred in 2023 are primarily associated with
the limited overhead restructuring action implemented in February
2023 and the equity modification impact of the termination of our
previous CEO. Charges incurred in 2022 were primarily associated
with the closing of our Tacoma location. |
(c) Represents the net gain on sale of property and equipment
primarily related to the sale of our Tacoma facility recorded in
"Restructuring and other asset charges, net" in the Consolidated
Statements of Operations. |
(d) Represents acquisition related costs primarily associated with
the acquisition of MINDS Automation Group, Inc. recorded in
"Selling, general and administrative expenses" in the Consolidated
Statements of Operations. |
Astec Industries Inc.Condensed Consolidated
Balance Sheets(In millions; unaudited) |
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash, cash equivalents and restricted cash |
$ |
42.5 |
|
$ |
66.0 |
Investments |
|
3.6 |
|
|
3.9 |
Trade receivables and contract assets, net |
|
172.2 |
|
|
167.1 |
Inventories, net |
|
420.1 |
|
|
393.4 |
Other current assets, net |
|
42.0 |
|
|
66.0 |
Total current assets |
|
680.4 |
|
|
696.4 |
Property, plant and equipment,
net |
|
176.7 |
|
|
173.6 |
Other long-term assets |
|
151.3 |
|
|
144.4 |
Total assets |
$ |
1,008.4 |
|
$ |
1,014.4 |
|
|
|
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
112.0 |
|
$ |
107.2 |
Customer deposits |
|
67.5 |
|
|
69.5 |
Other current liabilities |
|
92.5 |
|
|
97.3 |
Total current liabilities |
|
272.0 |
|
|
274.0 |
Long-term debt |
|
65.0 |
|
|
78.1 |
Other long-term
liabilities |
|
35.8 |
|
|
35.4 |
Total equity |
|
635.6 |
|
|
626.9 |
Total liabilities and
equity |
$ |
1,008.4 |
|
$ |
1,014.4 |
Astec Industries Inc. Condensed Consolidated
Statements of Cash Flows (In millions;
unaudited) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
12.1 |
|
|
$ |
4.1 |
|
Adjustments to reconcile net
income to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
|
6.3 |
|
|
|
6.7 |
|
Provision for credit losses |
|
0.2 |
|
|
|
0.6 |
|
Provision for warranties |
|
3.9 |
|
|
|
3.2 |
|
Deferred compensation benefit |
|
— |
|
|
|
(0.8 |
) |
Share-based compensation |
|
0.8 |
|
|
|
1.8 |
|
Deferred tax benefit |
|
(2.6 |
) |
|
|
(4.0 |
) |
Gain on disposition of property and equipment |
|
(3.4 |
) |
|
|
— |
|
Amortization of debt issuance costs |
|
0.1 |
|
|
|
— |
|
Distributions to deferred
compensation programs' participants |
|
(0.1 |
) |
|
|
(0.1 |
) |
Change in operating assets and
liabilities: |
|
|
|
(Purchase) sale of trading securities, net |
|
(0.8 |
) |
|
|
0.6 |
|
Receivables and other contract assets |
|
(4.5 |
) |
|
|
5.3 |
|
Inventories |
|
(27.2 |
) |
|
|
(53.7 |
) |
Prepaid expenses |
|
2.5 |
|
|
|
(1.0 |
) |
Other assets |
|
(5.4 |
) |
|
|
(1.4 |
) |
Accounts payable |
|
3.5 |
|
|
|
17.3 |
|
Accrued loss reserves |
|
0.4 |
|
|
|
(0.2 |
) |
Accrued employee related liabilities |
|
(0.8 |
) |
|
|
3.7 |
|
Other accrued liabilities |
|
(5.9 |
) |
|
|
(3.0 |
) |
Accrued product warranty |
|
(3.4 |
) |
|
|
(2.4 |
) |
Customer deposits |
|
(1.9 |
) |
|
|
9.3 |
|
Income taxes payable/prepaid |
|
7.0 |
|
|
|
4.4 |
|
Net cash used in operating
activities |
|
(19.2 |
) |
|
|
(9.6 |
) |
Cash flows from
investing activities: |
|
|
|
Expenditures for property and equipment |
|
(8.0 |
) |
|
|
(11.6 |
) |
Proceeds from sale of property and equipment |
|
20.0 |
|
|
|
0.2 |
|
Purchase of investments |
|
(0.2 |
) |
|
|
(0.3 |
) |
Net cash provided by (used in)
investing activities |
|
11.8 |
|
|
|
(11.7 |
) |
(Continued)
Astec Industries Inc. Condensed Consolidated
Statements of Cash Flows (Continued)(In millions;
unaudited) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
financing activities: |
|
|
|
Payment of dividends |
|
(2.9 |
) |
|
|
(2.8 |
) |
Proceeds from borrowings on credit facilities and bank loans |
|
32.1 |
|
|
|
5.4 |
|
Repayments of borrowings on credit facilities and bank loans |
|
(44.0 |
) |
|
|
(3.6 |
) |
Withholding tax paid upon vesting of share-based compensation
awards |
|
(1.4 |
) |
|
|
(1.3 |
) |
Net cash used in financing
activities |
|
(16.2 |
) |
|
|
(2.3 |
) |
Effect of exchange rates on
cash |
|
0.1 |
|
|
|
0.9 |
|
Decrease in cash, cash
equivalents and restricted cash |
|
(23.5 |
) |
|
|
(22.7 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
66.0 |
|
|
|
134.4 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
42.5 |
|
|
$ |
111.7 |
|
Astec Industries Inc.GAAP vs Non-GAAP Adjusted EPS
Reconciliations(In millions, except per share amounts;
unaudited) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Net income attributable to
controlling interest |
$ |
12.1 |
|
|
$ |
4.1 |
|
Adjustments(a): |
|
|
|
Transformation program |
|
7.2 |
|
|
|
5.3 |
|
Restructuring and other related charges |
|
7.1 |
|
|
|
1.0 |
|
Gain on sale of property and equipment, net |
|
(3.4 |
) |
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.6 |
|
Income tax impact of adjustments |
|
(2.5 |
) |
|
|
(1.6 |
) |
Adjusted net income
attributable to controlling interest |
$ |
20.5 |
|
|
$ |
9.4 |
|
|
|
|
|
Diluted EPS |
$ |
0.53 |
|
|
$ |
0.18 |
|
Adjustments(a): |
|
|
|
Transformation program |
|
0.32 |
|
|
|
0.23 |
|
Restructuring and other related charges |
|
0.31 |
|
|
|
0.04 |
|
Gain on sale of property and equipment, net |
|
(0.15 |
) |
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.03 |
|
Income tax impact of adjustments |
|
(0.11 |
) |
|
|
(0.07 |
) |
Adjusted EPS |
$ |
0.90 |
|
|
$ |
0.41 |
|
|
|
|
|
(a) Refer to the previously provided adjustment definitions
included in the reconciliation of total Segment Operating Adjusted
EBITDA to the Company's net income attributable to controlling
interest included in this News Release. The income tax impact of
the adjustments is calculated based on the statutory tax rate
applicable to each respective adjustment. |
Astec Industries Inc.EBITDA and Adjusted EBITDA
Reconciliations(In millions; unaudited) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Net sales |
$ |
347.9 |
|
|
$ |
291.2 |
|
|
|
|
|
Net income attributable to
controlling interest |
$ |
12.1 |
|
|
$ |
4.1 |
|
Interest expense, net |
|
1.5 |
|
|
|
0.2 |
|
Depreciation and
amortization |
|
6.3 |
|
|
|
6.7 |
|
Income tax provision |
|
4.4 |
|
|
|
0.9 |
|
EBITDA |
|
24.3 |
|
|
|
11.9 |
|
EBITDA margin |
|
7.0 |
% |
|
|
4.1 |
% |
|
|
|
|
Adjustments(a): |
|
|
|
Transformation program |
|
7.2 |
|
|
|
5.3 |
|
Restructuring and other related charges |
|
7.1 |
|
|
|
1.0 |
|
Gain on sale of property and equipment, net |
|
(3.4 |
) |
|
|
— |
|
Transaction costs |
|
— |
|
|
|
0.6 |
|
Adjusted EBITDA |
$ |
35.2 |
|
|
$ |
18.8 |
|
Adjusted EBITDA margin |
|
10.1 |
% |
|
|
6.5 |
% |
|
|
|
|
(a) Refer to the previously provided adjustment definitions
included in the reconciliation of total Segment Operating Adjusted
EBITDA to the Company's net income attributable to controlling
interest included in this News Release. |
Astec Industries (NASDAQ:ASTE)
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Astec Industries (NASDAQ:ASTE)
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