Chattanooga Tennessee Based Company Reports Loss Of 61 Cents Per Share

Astec Industries Reports Earnings for the Fourth Quarter and Full Year Ended December

Chattanooga, Tennessee-Based Company Reports Loss of 61 Cents Per Share

Astec Industries, a Chattanooga, Tennessee-based company, reported a loss of 61 cents per share for the quarter ended December 31, 2023. The company's earnings were impacted by a number of factors, including a decline in demand for its products and higher input costs.

Adjusted Earnings Beat Expectations

Excluding certain non-recurring items, Astec Industries reported adjusted earnings of 87 cents per share, beating analysts' expectations. The company's adjusted earnings were driven by strong performance in its infrastructure and utilities businesses.

Balance Sheet Strength

As of December 31, 2023, Astec Industries had $445 million in cash and cash equivalents, a decrease of 121% compared to the previous quarter. The company's strong balance sheet provides it with financial flexibility to navigate the current economic environment.

Outlook

Astec Industries is optimistic about the future and expects to see improved performance in the coming year. The company is benefiting from a number of factors, including increased infrastructure spending and growing demand for its products in emerging markets.

Conference Call Information

Astec Industries will host a conference call to discuss its fourth-quarter and full-year 2023 financial results on August 7, 2024, at 8:30 AM Eastern Time. Investors and analysts are invited to participate in the call by dialing 1-800-XXX-XXXX.