Astec Q3 net sales down 3.8%; diluted EPS loss of $0.29 due to $6.4M litigation charge

ASTEC INDUSTRIES INC

2023-Q3 EPS reported $0.82 revenue$1,001,000,000

Net sales $303.1M (-3.8% YoY); diluted EPS $(0.29) vs $0.03; adjusted EPS $(0.01) vs $0.28.
Gross margin improved 220 bps to 23.0%, but operating margin fell to -1.7% due to $6.4M litigation loss contingency.
Backlog $614.7M, down 36.6% from peak $969M, as order patterns normalize.
Year-to-date net sales up 8.3% to $1.0B; year-to-date adjusted EPS $1.77 vs $0.88.
Dividend of $0.13 per share paid; capital expenditures $7.9M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ASTEC INDUSTRIES INC reported three and nine months ended September 30, 2023 results: revenue Net sales decreased 3.8% to $303.1 million in the quarter. Year-to-date net sales increased 8.3% to $1.0 billion., net income Net (loss) income attributable to controlling interest (6.6) 0.7 (1,042.9) % 18.6 0.9 1,966.7 %, EPS Diluted EPS (0.29) 0.03 (1,066.7) % 0.82 0.04 1,950.0 %.

Period: three and nine months ended September 30, 2023
Revenue: Net sales decreased 3.8% to $303.1 million in the quarter. Year-to-date net sales increased 8.3% to $1.0 billion.
Net income: Net (loss) income attributable to controlling interest (6.6) 0.7 (1,042.9) % 18.6 0.9 1,966.7 %
EPS: Diluted EPS (0.29) 0.03 (1,066.7) % 0.82 0.04 1,950.0 %
Result: reported results

Exact text from the filing

2023 RESULTS Third Quarter 2023 Overview (all comparisons are made to the corresponding prior year third quarter or year-to-date period, as applicable) : • Net sales decreased 3.8% to $303.1 million in the quarter. Year-to-date net sales increased 8.3% to $1.0 billion. • Gross margin of 23.0% increased 220 basis points in the quarter. Year-to-date gross

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Source: SEC EDGAR

accession 0000792987-23-000071

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