J. Don Brock, right, and his son Ben stand near a piece of machinery manufactured by their company, Astec Industries, in Chattanooga, Tenn.The road to recovery still has some bumps for America’s biggest asphalt equipment maker.
But Astec Industries Inc. said Tuesday it still boosted profits during the second quarter by 17 percent and, after a slowdown this fall, the company expects to see a better road ahead by year end.
The Chattanooga-based asphalt and construction equipment maker earned $11.1 million, or 48 cents per share, on sales of $248.1 million during the spring quarter. A year ago, Astec earned $9.5 million, or 41 cents per share, on sales of $238.3 million.
Analysts who follow Astec had projected, on average, the company would earn 55 cents per share in the second quarter.
Astec’s stock dipped by 6 cents per share, or 0.16 percent, to close Tuesday at $36.85 per share after announcing its second quarter results.