published Friday, October 26th, 2012

Chattanooga-based Astec sales up, earnings down

Follow us on Twitter for the latest breaking news
  • photo
    Astec Industries Inc. officials demonstrate a piece of paving equipment.
    Photo by Staff File Photo.
    enlarge photo

Chattanooga-based asphalt equipment maker Astec Industries Inc. today reported higher third quarter net sales, though earnings fell compared to the same period a year ago.

Net sales grew to $227 million compared to $214.6 million for the third quarter of 2011, a 6 percent increase, according to Astec.

Third quarter quarter earnings were $6.9 million, 30 cents per diluted share, versus $7.7 million, or 34 cents per diluted share a year ago, the company said.

Pre-tax earnings for the third quarter were $10.1 million compared to $9.3 million a year ago.

"While we were able to grow sales at 6 percent for the third quarter, our gross margin remained flat,” said Dr. J. Don Brock, Astec’s chairman and chief executive officer, in a statement. “Our pre-tax earnings were up 9 percent during the quarter but our after-tax earnings were impacted by the lack of a research and development credit which was in effect in 2011 but has yet to be approved by Congress for 2012."

See Saturday’s Times Free Press for full story.

about Staff Report...

Get breaking news from the Times Free Press on Twitter at www.twitter.com/timesfreepress or by visiting us on Facebook or Twitter at the right:

Other National Articles

videos »         

photos »         

e-edition »

advertisement
advertisement

Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.