Astec Industries: 2Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ Astec Industries Inc. (ASTE) on Tuesday reported second-quarter net income of $23.4 million, after reporting a loss in the same period a year earlier.
The Chattanooga, Tennessee-based company said it had profit of $1.03 per share. Earnings, adjusted for non-recurring gains, came to 36 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The maker of equipment for building, paving and mining posted revenue of $304.8 million in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $300 million.
Astec Industries shares have risen 3% since the beginning of the year. The stock has dropped 49% in the last 12 months.