Astec Industries Q1 Adj. Profit Declines

(RTTNews) - Astec Industries, Inc. (ASTE) reported first-quarter adjusted EPS of $0.41 decreased 18.0% compared to $0.50, prior year. Adjusted operating income of $12.3 million decreased 8.2% from last year. Adjusted operating margin was 4.2%, decreased 50 basis points from 4.7%.

Net income was $4.1 million compared to $8.5 million, a year ago. EPS was $0.18 compared to $0.37. Net sales were $291.2 million, up 2.4% compared to $284.4 million, prior year.

Barry Ruffalo, CEO of Astec, said: "Demand remained robust and backlog continued to reach record levels in the first quarter of 2022. Customer sentiment remains positive for 2022 and the multi-year federal Infrastructure Investment and Jobs Act is a long-term tailwind for the road construction industry."