Astec reports Q3 adjusted EPS (1c), consensus 62c

Reports Q3 revenue $303.1M, consensus $332.77M. “During the third quarter, order activity normalized amidst ongoing positive sentiment from customers” said Jaco van der Merwe, Chief Executive Officer. “Solid operating performance in the third quarter was masked by a $6.4 million litigation loss contingency in the Materials Solutions group. Combined with the outstanding performance in the first half of the year, year-to-date increases have been generated in net sales, operating margin and earnings per share over the same period in the prior year. Our focused execution on our long-term strategic goals is creating a performance culture that was demonstrated in our results. There is much work to do, however our strong balance sheet, expanding parts and component sales and a multi-year federal highway spending bill for road construction provide stability as we drive the business forward.”