Chattanooga-based Astec reports narrower net loss

Astec Industries is a Chattanooga-based asphalt and road building equipment maker.
Astec Industries is a Chattanooga-based asphalt and road building equipment maker.

Chattanooga-based asphalt equipment maker Astec Industries on Wednesday reported a net loss for the fourth quarter of $19.2 million, or 85 cents per diluted share, amid softness in North American sales.

But, the company's fourth quarter loss narrowed compared to a year ago when its net loss was $47 million, or $2.08 per diluted share, according to Astec.

Barry Ruffalo, CEO of Astec, said the North American market was partially offset by an increase in international sales.

"Despite the temporary headwinds, I am encouraged by the progress we are making towards our strategic initiatives to simplify, focus and grow the organization," he said.

Ruffalo said the company has taken "important steps" to restructure the company and streamline business units to increase internal transparency and improve the decision-making process.

"These collective actions are important in building the foundation for the future success of Astec Industries," he said.

Still, excluding unusual items and restructuring charges, adjusted net income of $9 million decreased 35.4% compared to the same period a year ago. Adjusted earnings per share of 40 cents fell 34.4% compared to 61 cents last year, the company reported.

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