Loading...
•
Sep 30, 2021
Astec Q3 2021 Earnings Report
Astec's financial performance improved significantly, driven by increased sales and improved margins
Key Takeaways
Astec Industries reported a strong third quarter in 2021, with net sales increasing by 15.4% to $267.0 million and net income increasing by 481.3% to $9.3 million. The company's adjusted EPS increased to $0.50 from $0.19, and backlog reached a record $620.5 million.
Net sales increased 15.4% to $267.0 million compared to the prior year third quarter.
Gross Profit Margin of 23.3% increased 160 bps.
Net Income increased 481.3% to $9.3 million; Adjusted Net Income of $11.4 million increased 159.1% from $4.4 million.
Record Backlog of $620.5 million.
Revenue by Segment
Forward Guidance
Astec is focused on executing its strategic transformation initiative and managing global supply chain constraints, labor shortages, and steel price increases.
Positive Outlook
- Strong organic market activity and opportunities for growth.
- Record backlog.
- Strong aftermarket parts business.
- Growing international sales.
- The OneASTEC business model and our strategy to Simplify, Focus and Grow continue to drive sustainable long-term value for our stakeholders.
Challenges Ahead
- Continued global headwinds from inflation.
- Supply chain disruptions.
- Labor challenges.
- Federal highway bill has been extended for a short term versus long term period.
- Steel prices began increasing in the latter part of 2020. We have experienced further increases in steel pricing throughout 2021 and continued increases could occur into 2022.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...