Astec Industries, Inc., boosted fourth quarter profits from continuing operations by 51 percent over the year ago level despite continued uncertainty about highway construction funding.
The Chattanooga-based paving equipment maker said today it earned $8.3 million, or 36 cents per share, on sales of $223.9 million from continuing operations. In the same period a year earlier, Asetc earned $5.5 million, or 24 cents per share, on sales of $227.6 million.
Earnings in the fourth quarter were 5 cents per share better than analysts expectations for the period inspite of lower sales during the last three months of 2013.
Astec CEO Benjamin G. Brock said orders so far in 2014 "have been steady" and the company is developing new products for energy, mining and other infrastructure development. Astec plans to display 41 new products at the ConExpo show in Las Vegas in early March - the largest new introduction of products ever for Astec.
"We were pleased with our bottom line results during the fourth quarter of 2013, especially given the continued instability in the federal highway funding," Brock said. "We are continuing our acquisition efforts and will work to add companies that represent strategic fits for our business during 2014."