Chattanooga-based Astec Industries reports lower sales in third quarter

Chattanooga-based Astec Industries reports lower sales in third quarter

October 22nd, 2013 by Staff Report in Local - Breaking News

Astec Industries Inc. officials demonstrate a piece of paving equipment.

Photo by Staff File Photo/Times Free Press.

Astec Industries Inc., Chattanooga-based manufacturer of road paving equipment, has reported slightly lower sales and earnings from continuing operations for its third quarter.

The company said sales in the period totaled $213.2 million, down from $218.4 million in the same period a year ago.

Earnings from continuing operations amounted to $6.5 million or 28 cents per diluted share, down from $6.6 million or 29 cents a diluted share in the comparable period of last year.

Net sales for the first nine months of this year totaled $709.1 million vs. $708.6 million for the first nine months of 2012. Earnings from continuing operations for the first nine months were $30.8 million or $1.33 per diluted share, which was up from $28.5 million or $1.24 per diluted share in the similar period a year ago.

Dr. J. Don Brock, chairman and chief executive officer, sales in the "third quarter were down slightly, primarily driven by a lack of equipment sales in the aggregate and mining group. This resulted in a decrease in overhead absorption which affected our gross margin."