Astec Industries reported a 12.1% increase in net sales to $267.8 million for Q4 2021; however, the company experienced a net loss of $9.2 million, a significant decrease from the previous year's net income of $15.4 million, primarily due to supply chain disruptions, labor restrictions, and increased SG&A costs.
Net sales increased by 12.1% reaching $267.8 million.
The company experienced a net loss of $9.2 million, a 159.7% decrease.
Diluted EPS was $(0.40), a decrease compared to $0.67 in the prior year.
Record backlog of $762.6 million was achieved.
Astec anticipates that supply chain, logistic, labor, and net inflation headwinds, along with the resurgence of COVID-19, will continue to negatively impact gross profit margin in early 2022.
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