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.