Chattanooga: Astec Industries has historical quarterly highs in revenues, profits

Astec Industries Inc. has reported that its third quarter results saw historical quarterly highs in revenues and net income.

The Chattanooga-based manufacturer of road-building equipment said revenues in its latest quarter totaled $237.4 million, a 15.1 percent gain from $206.2 million in the same quarter a year ago.

Astec said quarterly net income amounted to $16 million, a 37.9 percent increase from last year’s $11.6 million. Net income per diluted share totaled 71 cents versus 51 cents in the same quarter of 2007.

“With our present backlog, we expect a strong finish for the year,” reported Dr. J. Don Brock, Astec’s chairman and CEO.

He also said that “growth in the energy and mining portions of our business and the strong possibility of a stimulus package for roads and bridges gives us hope of continued strength and growth in 2009.”

See tomorrow’s Chattanooga Times Free Press for complete coverage.