Astec Industries releases fourth quarter, year-end financials

Astec Industries releases fourth quarter, year-end financials

February 22nd, 2011 by Brittany Cofer in Local - Breaking News

Kenny Morgan, left, and Junior Clavidy install ceramic liners into an asphalt storage silo at Astec Inc. in this file photo.

Kenny Morgan, left, and Junior Clavidy install ceramic...

Astec Industries, the Chattanooga-based manufacturer of road-building equipment, released its 2010 fourth quarter and year-end results today.

Net sales in the fourth quarter increased 7.3 percent to $190.8 million, compared to $177.9 million in the year-ago period.

Net income attributable to controlling interest for the fourth quarter was $6 million (26 cents per diluted share), compared to a net loss attributable to controlling interest of $15.5 million (69 cents per share) in the 2009 fourth quarter.

"We are very pleased with the 2010 sales level," said Dr. J. Don Brock, Astec's chairman and chief executive, in a news release. "The recession that started in September 2008 was deep and fast. Our management right sized their business under extremely difficult conditions. For significant domestic growth, we need a responsible six-year highway bill which should give customers the vision to make larger capital investments."

Read tomorrow's Chattanooga Times Free Press for complete coverage.