By Mike Pare

Deputy Business Editor

Shares of many Chattanooga area companies pulled back in the third quarter, though asphalt equipment maker Astec Industries' stock climbed sharply in the period.

Astec shares rose 36 percent in the quarter as earnings were bolstered by funding for road improvements and international demand, according to the company.

Mickey Robbins of the Chattanooga financial planning firm Patten & Patten said a bright spot in the economy has been infrastructure, exports and overseas operations.

He said the retreat in housing and the turmoil in the credit markets were the big interruptions in the economy.

"That housing slowdown will be with us another year," Mr. Robbins said.

Still, consumer products maker Chattem Inc. reported a big gain in its third quarter on Thursday, driven by its $410 million acquisition of brands in January from Johnson & Johnson.

Chattem President Bob Bosworth said the company has built on the acquired products.

"We've managed to grow those businesses substantially," he said.

Mr. Bosworth also said a number of existing company products performed "exceptionally well" in the quarter.

Astec, meanwhile, finalized its acquisition of Eugene, Ore.-based Peterson Inc., a manufacturer of wood chippers and grinders.

That company will be the first in Astec's new green waste segment as soon as Astec acquires others in the same field.

Among those companies falling in the quarter were trucking company Covenant Transportation Group, towtruck maker Miller Industries and the branded apparel firm Next.

Mr. Robbins said the decline in the dollar will make it easier for companies to export. But, he said, interest rates could rise in the long run if the dollar isn't defended.

He said the turbulence in the credit markets seems to be slowly subsiding.

E-mail Mike Pare at mpare@timesfreepress.com