Tennessee
|
|
001-11595
|
|
62-0873631
|
(State or other jurisdiction
|
|
(Commission
|
|
(IRS Employer
|
of incorporation)
|
|
File Number)
|
|
Identification No.)
|
1725 Shepherd Rd., Chattanooga, TN | ||||
(Address of principal executive offices) | ||||
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
(d)
|
Exhibits
|
|
99.1
|
Press release dated October 24, 2017 issued by the Company
|
|
|
Astec Industries, Inc.
(Registrant)
|
|||||
Date: October 24, 2017
|
|
|
By:
|
|
/s/ David C. Silvious
|
||
|
|
|
David C. Silvious
|
||||
|
|
|
Chief Financial Officer,
Vice President and Treasurer
|
99.1
|
Earnings release dated October 24, 2017 issued by the Company
|
Astec Industries, Inc.
|
||||||||
Condensed Consolidated Balance Sheets
|
||||||||
(in thousands)
|
||||||||
(unaudited)
|
||||||||
Sept 30
|
Sept 30
|
|||||||
2017
|
2016
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
66,379
|
$
|
52,474
|
||||
Investments
|
1,655
|
713
|
||||||
Receivables, net
|
109,693
|
111,753
|
||||||
Inventories
|
399,346
|
399,718
|
||||||
Prepaid expenses and other
|
32,825
|
25,909
|
||||||
Total current assets
|
609,898
|
590,567
|
||||||
Property and equipment, net
|
180,703
|
178,167
|
||||||
Other assets
|
86,411
|
93,105
|
||||||
Total assets
|
$
|
877,012
|
$
|
861,839
|
||||
Liabilities and equity
|
||||||||
Current liabilities
|
||||||||
Accounts payable - trade
|
$
|
60,107
|
$
|
53,496
|
||||
Other current liabilities
|
117,129
|
136,710
|
||||||
Total current liabilities
|
177,236
|
190,206
|
||||||
Non-current liabilities
|
24,574
|
26,702
|
||||||
Total equity
|
675,202
|
644,931
|
||||||
Total liabilities and equity
|
$
|
877,012
|
$
|
861,839
|
||||
Astec Industries, Inc.
|
||||||||||||||||
Condensed Consolidated Statements of Income
|
||||||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Three Months Ended
Sept 30 |
Nine Months Ended
Sept 30 |
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net sales
|
$
|
252,054
|
$
|
247,752
|
$
|
872,364
|
$
|
820,868
|
||||||||
Cost of sales
|
212,970
|
192,363
|
691,985
|
620,071
|
||||||||||||
Gross profit
|
39,084
|
55,389
|
180,379
|
200,797
|
||||||||||||
Selling, general, administrative & engineering expenses
|
45,494
|
43,950
|
142,836
|
132,716
|
||||||||||||
Income (loss) from operations
|
(6,410
|
)
|
11,439
|
37,543
|
68,081
|
|||||||||||
Interest expense
|
188
|
264
|
638
|
1,057
|
||||||||||||
Other
|
1,149
|
508
|
2,023
|
1,443
|
||||||||||||
Income (loss) before income taxes
|
(5,449
|
)
|
11,683
|
38,928
|
68,467
|
|||||||||||
Income taxes
|
(2,782
|
)
|
4,845
|
12,055
|
25,694
|
|||||||||||
Net income (loss) attributable to controlling interest
|
$
|
(2,667
|
)
|
$
|
6,838
|
$
|
26,873
|
$
|
42,773
|
|||||||
Earnings per Common Share
|
||||||||||||||||
Net income (loss) attributable to controlling interest
|
||||||||||||||||
Basic
|
$
|
(0.12
|
)
|
$
|
0.30
|
$
|
1.17
|
$
|
1.86
|
|||||||
Diluted
|
$
|
(0.12
|
)
|
$
|
0.30
|
$
|
1.16
|
$
|
1.85
|
|||||||
Weighted average common shares outstanding
|
||||||||||||||||
Basic
|
23,029
|
23,001
|
23,023
|
22,989
|
||||||||||||
Diluted
|
23,029
|
23,145
|
23,180
|
23,138
|
||||||||||||
Astec Industries, Inc.
|
||||||||||||||||||||
Segment Revenues and Profits
|
||||||||||||||||||||
For the three months ended September 30, 2017 and 2016 | ||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining Group |
Energy
Group
|
Corporate
|
Total
|
||||||||||||||||
2017 Revenues
|
98,676
|
99,474
|
53,904
|
-
|
252,054
|
|||||||||||||||
2016 Revenues
|
109,227
|
85,819
|
52,706
|
-
|
247,752
|
|||||||||||||||
Change $
|
(10,551
|
)
|
13,655
|
1,198
|
-
|
4,302
|
||||||||||||||
Change %
|
(9.7
|
%)
|
15.9
|
%
|
2.3
|
%
|
-
|
1.7
|
%
|
|||||||||||
2017 Gross Profit
|
1,773
|
23,838
|
13,422
|
51
|
39,084
|
|||||||||||||||
2017 Gross Profit %
|
1.8
|
%
|
24.0
|
%
|
24.9
|
%
|
-
|
15.5
|
%
|
|||||||||||
2016 Gross Profit
|
24,929
|
20,935
|
9,473
|
52
|
55,389
|
|||||||||||||||
2016 Gross Profit %
|
22.8
|
%
|
24.4
|
%
|
18.0
|
%
|
-
|
22.4
|
%
|
|||||||||||
Change
|
(23,156
|
)
|
2,903
|
3,949
|
(1
|
)
|
(16,305
|
)
|
||||||||||||
2017 Profit (Loss)
|
(12,529
|
)
|
9,565
|
4,460
|
(2,975
|
)
|
(1,479
|
)
|
||||||||||||
2016 Profit (Loss)
|
9,858
|
7,651
|
805
|
(11,610
|
)
|
6,704
|
||||||||||||||
Change $
|
(22,387
|
)
|
1,914
|
3,655
|
8,635
|
(8,183
|
)
|
|||||||||||||
Change %
|
(227.1
|
%)
|
25.0
|
%
|
454.0
|
%
|
74.4
|
%
|
(122.1
|
%)
|
||||||||||
Segment revenues are reported net of intersegment revenues. Segment gross profit is net of profit on intersegment
|
||||||||||||||||||||
revenues. A reconciliation of total segment profits (losses) to the Company's net income (loss) attributable to controlling interest is as follows (in thousands):
|
||||||||||||||||||||
Three months ended September 30
|
||||||||||||||||||||
2017
|
2016
|
Change $
|
||||||||||||||||||
Total profit (loss) for all segments
|
$
|
(1,479
|
)
|
$
|
6,704
|
$
|
(8,183
|
)
|
||||||||||||
Recapture (elimination) of intersegment profit
|
(1,224
|
)
|
131
|
(1,355
|
)
|
|||||||||||||||
Net loss attributable to non-controlling interest
|
36
|
3
|
33
|
|||||||||||||||||
Net income (loss) attributable to controlling interest
|
$
|
(2,667
|
)
|
$
|
6,838
|
$
|
(9,505
|
)
|
||||||||||||
Astec Industries, Inc.
|
||||||||||||||||||||
Segment Revenues and Profits
|
||||||||||||||||||||
For the nine months ended September 30, 2017 and 2016 | ||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||
(unaudited)
|
||||||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining Group |
Energy
Group
|
Corporate
|
Total
|
||||||||||||||||
2017 Revenues
|
407,025
|
307,205
|
158,134
|
-
|
872,364
|
|||||||||||||||
2016 Revenues
|
414,817
|
277,393
|
128,658
|
-
|
820,868
|
|||||||||||||||
Change $
|
(7,792
|
)
|
29,812
|
29,476
|
-
|
51,496
|
||||||||||||||
Change %
|
(1.9
|
%)
|
10.7
|
%
|
22.9
|
%
|
-
|
6.3
|
%
|
|||||||||||
2017 Gross Profit
|
66,394
|
74,652
|
39,173
|
160
|
180,379
|
|||||||||||||||
2017 Gross Profit %
|
16.3
|
%
|
24.3
|
%
|
24.8
|
%
|
-
|
20.7
|
%
|
|||||||||||
2016 Gross Profit
|
101,349
|
72,224
|
27,069
|
155
|
200,797
|
|||||||||||||||
2016 Gross Profit %
|
24.4
|
%
|
26.0
|
%
|
21.0
|
%
|
-
|
24.5
|
%
|
|||||||||||
Change
|
(34,955
|
)
|
2,428
|
12,104
|
5
|
(20,418
|
)
|
|||||||||||||
2017 Profit (Loss)
|
15,545
|
29,360
|
10,355
|
(27,666
|
)
|
27,594
|
||||||||||||||
2016 Profit (Loss)
|
51,394
|
28,135
|
3,237
|
(40,745
|
)
|
42,021
|
||||||||||||||
Change $
|
(35,849
|
)
|
1,225
|
7,118
|
13,079
|
(14,427
|
)
|
|||||||||||||
Change %
|
(69.8
|
%)
|
4.4
|
%
|
219.9
|
%
|
32.1
|
%
|
(34.3
|
%)
|
||||||||||
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):
|
||||||||||||||||||||
Nine months ended September 30
|
||||||||||||||||||||
2017
|
2016
|
Change $
|
||||||||||||||||||
Total profit for all segments
|
$
|
27,594
|
$
|
42,021
|
$
|
(14,427
|
)
|
|||||||||||||
Recapture (elimination) of intersegment profit
|
(858
|
)
|
633
|
(1,491
|
)
|
|||||||||||||||
Net loss attributable to non-controlling interest
|
137
|
119
|
18
|
|||||||||||||||||
Net income attributable to controlling interest
|
$
|
26,873
|
$
|
42,773
|
$
|
(15,900
|
)
|
|||||||||||||
Astec Industries, Inc.
|
||||||||||||||||
Backlog by Segment
|
||||||||||||||||
September 30, 2017 and 2016
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Infrastructure
Group
|
Aggregate
and Mining Group |
Energy
Group
|
Total
|
|||||||||||||
2017 Backlog
|
248,893
|
74,625
|
61,936
|
385,454
|
||||||||||||
2016 Backlog
|
286,895
|
61,409
|
40,956
|
389,260
|
||||||||||||
Change $
|
(38,002
|
)
|
13,216
|
20,980
|
(3,806
|
)
|
||||||||||
Change %
|
(13.2
|
%)
|
21.5
|
%
|
51.2
|
%
|
(1.0
|
%)
|
||||||||