A Chattanooga-based manufacturer of equipment for the road construction industry is monitoring the effects of heavy rain, federal funding for highways and President Donald Trump’s “one big beautiful bill” as it navigates the economic climate.
“Currently, there are a number of external tailwinds and headwinds in the market in which we operate,” Jaco van der Merwe, the CEO of Astec Industries, said during an earnings call.
On Wednesday, the company reported solid financial results for the period covering April through June. The report comes a few weeks after the company disclosed a workforce reduction at its Chattanooga plant on Manufacturers Road. Astec reported net sales of $330.3 million in the second quarter with a net income of $16.7 million.
The company recently acquired TerraSource Holdings, a producer of material processing equipment, for $245 million.
During its earnings calls, Astec only takes questions from research analysts and investors. The company has not revealed how many employees were affected by the layoffs, but Steve Anderson, the vice president of investor relations, said in an email the company has attempted to find places at other facilities for those affected.