ASTEC INDUSTRIES, INC.
(Exact Name of Registrant as Specified in Charter)
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Tennessee
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001-11595
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62-0873631
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1725 Shepherd Road
Chattanooga, Tennessee 37421
(Address of Principal Executive Offices and Zip Code)
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(423) 899-5898
(Registrant's telephone number, including area code)
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N/A
(Former name or former address, if changed since last report)
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(c) Exhibits. The following exhibits are furnished herewith:
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated February 21, 2017
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Date: February 21, 2017
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By: /s/ David C. Silvious
David C. Silvious, Chief Financial Officer,
Vice President and Treasurer
(Principal Financial and Accounting Officer)
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Index to Exhibits
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Exhibit No.
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Exhibit Description
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99.1
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Press Release, dated February 21, 2017
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Astec Industries, Inc.
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Consolidated Balance Sheets
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(in thousands)
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(unaudited)
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Dec 31
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Dec 31
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2016
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2015
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Assets
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Current assets
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Cash and cash equivalents
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$
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82,371
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$
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25,062
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Investments
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1,024
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1,539
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Receivables, net
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110,673
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101,997
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Inventories
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360,404
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384,776
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Prepaid expenses and other
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22,361
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28,423
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Total current assets
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576,833
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541,797
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Property and equipment, net
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180,538
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170,206
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Other assets
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86,230
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65,350
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Total assets
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$
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843,601
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$
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777,353
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Liabilities and equity
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Current liabilities
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Accounts payable - trade
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$
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57,297
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$
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48,385
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Other current liabilities
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111,564
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93,627
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Total current liabilities
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168,861
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142,012
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Non-current liabilities
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25,899
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25,483
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Total equity
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648,841
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609,858
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Total liabilities and equity
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$
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843,601
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$
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777,353
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Astec Industries, Inc.
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Consolidated Statements of Income
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(in thousands, except per share data)
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(unaudited)
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Three Months Ended
Dec 31 |
Twelve Months Ended
Dec 31 |
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2016
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2015
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2016
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2015
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Net sales
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$
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326,563
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$
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215,017
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$
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1,147,431
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$
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983,157
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Cost of sales
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262,091
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169,590
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882,162
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764,314
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Gross profit
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64,472
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45,427
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265,269
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218,843
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Selling, general, administrative & engineering expenses
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45,398
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40,722
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178,115
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168,856
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Income from operations
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19,074
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4,705
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87,154
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49,987
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Interest expense
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338
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389
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1,395
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1,611
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Other
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63
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1,216
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1,507
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4,428
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Income before income taxes
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18,799
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5,532
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87,266
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52,804
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Income taxes
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6,413
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1,937
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32,107
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20,007
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Net income attributable to controlling interest
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$
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12,386
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$
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3,595
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$
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55,159
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$
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32,797
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Earnings per Common Share
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Net income attributable to controlling interest
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Basic
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$
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0.54
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$
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0.16
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$
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2.40
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$
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1.43
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Diluted
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$
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0.53
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$
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0.16
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$
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2.38
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$
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1.42
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Weighted average common shares outstanding
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Basic
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23,002
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22,947
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22,992
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22,934
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Diluted
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23,154
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23,124
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23,142
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23,120
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the three months ended December 31, 2016 and 2015
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(in thousands)
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Corporate
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Total
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2016 Revenues
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$
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194,090
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$
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82,367
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$
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50,106
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$
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-
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$
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326,563
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2015 Revenues
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91,969
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85,023
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38,025
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-
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215,017
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Change $
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102,121
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(2,656
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)
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12,081
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-
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111,546
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Change %
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111.0
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%
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(3.1
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%)
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31.8
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%
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-
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51.9
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%
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2016 Gross Profit
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34,498
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19,128
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10,752
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94
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64,472
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2016 Gross Profit %
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17.8
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%
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23.2
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%
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21.5
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%
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-
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19.7
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%
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2015 Gross Profit
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18,672
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19,319
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6,831
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605
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45,427
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2015 Gross Profit %
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20.3
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%
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22.7
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%
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18.0
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%
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-
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21.1
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%
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Change
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15,826
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(191
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)
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3,921
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(511
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)
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19,045
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2016 Profit (Loss)
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20,088
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6,742
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908
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(15,247
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)
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12,491
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2015 Profit (Loss)
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4,418
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5,249
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804
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(7,470
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)
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3,001
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Change $
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15,670
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1,493
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104
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(7,777
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)
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9,490
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Change %
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354.7
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%
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28.4
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%
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12.9
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%
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(104.1
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%)
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316.2
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%
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Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment
revenues. A reconciliation of total segment profits to the Company's net income attributable to controlling interest is as follows (in thousands): |
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Three months ended December 31
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2016
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2015
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Change $
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Total profit for all segments
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$
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12,491
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$
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3,001
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$
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9,490
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Recapture (elimination) of intersegment profit
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(157
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)
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432
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(589
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)
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Net loss attributable to non-controlling interest
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52
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162
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(110
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)
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Net income attributable to controlling interest
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$
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12,386
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$
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3,595
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$
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8,791
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Astec Industries, Inc.
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Segment Revenues and Profits
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For the twelve months ended December 31, 2016 and 2015
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(in thousands)
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Corporate
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Total
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2016 Revenues
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$
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608,908
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$
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359,760
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$
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178,763
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$
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-
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$
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1,147,431
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2015 Revenues
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428,737
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370,813
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183,607
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-
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983,157
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Change $
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180,171
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(11,053
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)
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(4,844
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)
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-
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164,274
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Change %
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42.0
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%
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(3.0
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%)
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(2.6
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%)
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-
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16.7
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%
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2016 Gross Profit
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135,848
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91,352
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37,820
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249
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265,269
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2016 Gross Profit %
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22.3
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%
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25.4
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%
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21.2
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%
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-
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23.1
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%
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2015 Gross Profit
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92,964
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89,501
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35,743
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635
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218,843
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2015 Gross Profit %
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21.7
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%
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24.1
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%
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19.5
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%
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-
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22.3
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%
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Change
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42,884
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1,851
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2,077
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(386
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)
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46,426
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||||||||||||||
2016 Profit (Loss)
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71,482
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34,877
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4,145
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(55,992
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)
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54,512
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2015 Profit (Loss)
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33,890
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30,690
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3,609
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(36,623
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)
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31,566
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Change $
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37,592
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4,187
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536
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(19,369
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)
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22,946
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||||||||||||||
Change %
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110.9
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%
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13.6
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%
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14.9
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%
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(52.9
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%)
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72.7
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%
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Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment
revenues. A reconciliation of total segment profits to the Company's net income attributable to controlling interest is as follows (in thousands): |
||||||||||||||||||||
Twelve months ended December 31
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2016
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2015
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Change $
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Total profit for all segments
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$
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54,512
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$
|
31,566
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$
|
22,946
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Recapture of intersegment profit
|
476
|
400
|
76
|
|||||||||
Net loss attributable to non-controlling interest
|
171
|
831
|
(660
|
)
|
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Net income attributable to controlling interest
|
$
|
55,159
|
$
|
32,797
|
$
|
22,362
|
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Astec Industries, Inc.
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Backlog by Segment
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December 31, 2016 and 2015
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(in thousands)
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(unaudited)
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Infrastructure
Group
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Aggregate
and Mining Group |
Energy
Group
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Total
|
|||||||||||||
2016 Backlog
|
$
|
232,224
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$
|
88,951
|
$
|
36,192
|
$
|
357,367
|
||||||||
2015 Backlog
|
203,830
|
74,484
|
37,596
|
315,910
|
||||||||||||
Change $
|
28,394
|
14,467
|
(1,404
|
)
|
41,457
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|||||||||||
Change %
|
13.9
|
%
|
19.4
|
%
|
(3.7
|
%)
|
13.1
|
%
|
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