Revenues for Astec Industries Inc.’s third quarter of 2010 were $177.9 million compared with $166.1 million for the third quarter of 2009 for a 7.1 percent increase. Domestic sales were $98.6 million during the third quarter of 2010 compared to $101.3 million during the third quarter of 2009 for a decrease of 2.6 percent. International sales were $79.3 million during the third quarter of 2010 compared to $64.8 million during the third quarter of 2009 for an increase of 22.4 percent.
The company reported net income attributable to controlling interest of $7.4 million for the third quarter of 2010 compared to net income attributable to controlling interest of $3.3 million for the third quarter of 2009 for an increase of 124.2 percent. Net income attributable to controlling interest for the third quarter of 2010 was $0.32 per diluted share compared to $0.15 per diluted share for the third quarter of 2009 for a 113.3 percent increase.
The company’s backlog at Sept. 30, 2010, was $145.6 million compared to $144.3 million at Sept. 30, 2009, for a 0.9 percent increase.
Commenting on the announcement, J. Don Brock, chairman and chief executive officer, stated, "We saw a marginal improvement in revenue for the third quarter, and a significant improvement in our net income. This increase was attributable to the downsizing we did in 2009, more productive fabricating and machine tools, increased parts sales and improved utilization of capacity. During the quarter, weakness in the domestic
markets was offset by increases in international sales and parts sales.
"We expect to see a continued weakness in domestic sales for the next 12 to 24 months. This could change with passage of a new Federal Highway Bill. To sustain and grow our revenue during these uncertain times, we are
increasing our sales, service and parts personnel throughout the world. We are also increasing our presence in the mining industries and growing our product offering in the energy business."
"Considering the severity of the continuing economic downturn, we are pleased with our results and feel that we are positioned to take advantage of any opportunities that may occur," Brock added.
Astec Industries, Inc. is a manufacturer of specialized equipment for building and restoring the world’s infrastructure. Astec’s equipment and manufacturing operations are divided into four primary business groups: aggregate processing and mining equipment; asphalt production equipment; mobile asphalt paving equipment; and underground boring, directional drilling and trenching equipment. The Other Group contains wood processing equipment manufacturing and Australian distribution for several of the Astec companies as well as corporate.
