Astec earnings up on higher sales

Astec Industries.
Astec Industries.

Astec Industries Inc. today reported fourth quarter sales jumped on higher revenues, and its backlog for future work grew as well.

Earnings for the quarter were $12.4 million or 53 cents per diluted share compared to $3.6 million or 16 cents per diluted share in the fourth quarter of 2015, an increase of 231 percent, according to the Chattanooga-based asphalt equipment maker.

Net sales for the fourth quarter were $326.6 million versus $215 million a year ago, up 52 percent, the company reported.

Domestic sales grew 65 percent to $265 million for the fourth quarter from $160.3 million a year ago. International sales increased 13 percent to $61.6 million for the fourth quarter from $54.7 million in 2015, the company said.

The company's domestic backlog increased 13 percent to $294.8 million at the end of 2016.

For the full year, net sales were $1.14 billion compared to $983.2 million for 2015, a 17 percent increase. Earnings for 2016 were $55.2 million or $2.38 per diluted share compared to $32.8 million or $1.42 per diluted share for 2015, a 68 percent increase, the company reported.

Benjamin G. Brock, Astec's chief executive, said officials are pleased with results for the fourth quarter and the year.

"We were able to grow revenues and net income both quarter over quarter and year over year," he said in a statement.

See more in Wednesday's Times Free Press.

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