J. Don BrockASTEC EARNINGS2012 Astec earnings, third quarter:* Net sales: $227 million, up 6 percent* Earnings: $6.9 million, or 30 cents per share, down 12 percent2011 Astec earnings, third quarter:* Net sales: $214.6 million* Earnings: $7.7 millionFirst nine months of 2012:* Net sales: $747.6 million, up 8 percent* Earnings: $29.5 million, or $1.28 per share, down 8 percentFirst nine months of 2011:* Net sales: $692.6 million* Earnings: $32 millionSource: Astec
Astec Industries chief J. Don Brock said Friday that the U.S. economy remains stalled with no end in sight, despite some national gains in employment and GDP growth.
“I’ve never seen as many customers who are as negative about this market as we’ve seen this year,” Brock said.
The chairman and CEO of Chattanooga-based Astec said continued uncertainty from Washington, D.C., over the coming fiscal cliff has forced his business customers to pinch pennies.
“When you don’t know, you don’t buy,” he said.