Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial
results for the third quarter of 2023.
"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."
(in millions, except per share and percentage
data) |
3Q 2023 |
|
3Q 2022 |
|
Change |
YTD 3Q 2023 |
|
YTD 3Q 2022 |
|
Change |
Net sales |
$ |
303.1 |
|
|
$ |
315.2 |
|
|
(3.8)% |
$ |
1,001.0 |
|
|
$ |
924.6 |
|
|
8.3% |
Domestic sales |
|
229.6 |
|
|
|
249.4 |
|
|
(7.9)% |
|
797.3 |
|
|
|
732.3 |
|
|
8.9% |
International sales |
|
73.5 |
|
|
|
65.8 |
|
|
11.7% |
|
203.7 |
|
|
|
192.3 |
|
|
5.9% |
Backlog |
|
614.7 |
|
|
|
969.0 |
|
|
(36.6)% |
|
614.7 |
|
|
|
969.0 |
|
|
(36.6)% |
Domestic backlog |
|
510.6 |
|
|
|
812.7 |
|
|
(37.2)% |
|
510.6 |
|
|
|
812.7 |
|
|
(37.2)% |
International backlog |
|
104.1 |
|
|
|
156.3 |
|
|
(33.4)% |
|
104.1 |
|
|
|
156.3 |
|
|
(33.4)% |
(Loss) income from operations(a) |
|
(5.2 |
) |
|
|
1.9 |
|
|
(373.7)% |
|
29.7 |
|
|
|
4.2 |
|
|
607.1% |
Operating margin(a) |
(1.7)% |
|
|
0.6 |
% |
|
(230)bps |
|
3.0 |
% |
|
|
0.5 |
% |
|
250bps |
Effective tax rate |
|
8.5 |
% |
|
|
58.3 |
% |
|
(4,980)bps |
|
25.7 |
% |
|
|
53.3 |
% |
|
(2,760)bps |
Net (loss) income attributable to controlling interest |
|
(6.6 |
) |
|
|
0.7 |
|
|
(1,042.9)% |
|
18.6 |
|
|
|
0.9 |
|
|
1,966.7% |
Diluted EPS |
|
(0.29 |
) |
|
|
0.03 |
|
|
(1,066.7)% |
|
0.82 |
|
|
|
0.04 |
|
|
1,950.0% |
|
|
|
|
|
|
|
|
|
|
|
Adjusted (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
Adjusted income from operations(a) |
|
3.1 |
|
|
|
9.5 |
|
|
(67.4)% |
|
57.8 |
|
|
|
29.3 |
|
|
97.3% |
Adjusted operating margin(a) |
|
1.0 |
% |
|
|
3.0 |
% |
|
(200)bps |
|
5.8 |
% |
|
|
3.2 |
% |
|
260bps |
Adjusted effective tax rate |
|
108.3 |
% |
|
|
28.4 |
% |
|
7,990bps |
|
24.3 |
% |
|
|
24.8 |
% |
|
(50)bps |
Adjusted net (loss) income attributable to controlling
interest |
|
(0.2 |
) |
|
|
6.5 |
|
|
(103.1)% |
|
40.2 |
|
|
|
20.2 |
|
|
99.0% |
Adjusted EPS |
|
(0.01 |
) |
|
|
0.28 |
|
|
(103.6)% |
|
1.77 |
|
|
|
0.88 |
|
|
101.1% |
Adjusted EBITDA |
|
10.0 |
|
|
|
16.6 |
|
|
(39.8)% |
|
77.4 |
|
|
|
48.6 |
|
|
59.3% |
Adjusted EBITDA margin |
|
3.3 |
% |
|
|
5.3 |
% |
|
(200)bps |
|
7.7 |
% |
|
|
5.3 |
% |
|
240bps |
|
(a)Certain reclassifications have been made to the prior period
financial information to conform to the presentation used in the
financial statements for the three and nine months ended September
30, 2023 |
All comparisons are made to the prior year third
quarter:
- Net sales decreased as a decline in
equipment sales was partially offset by an increase in parts and
component sales. A decline in domestic sales was partially offset
by an increase in international sales, primarily in Australia.
Sales reported by our foreign subsidiaries in U.S. dollars for the
third quarter of 2023 would have been $1.1 million higher had third
quarter 2023 foreign exchange rates been the same as third quarter
2022 rates.
- Our backlog continues to trend
toward normalized levels as order rates stabilize. Historically
high levels of backlog were experienced in the second half of 2021
and 2022 as customer order patterns adjusted to supply chain
constraints.
- Operating margin declined 230 basis
points as an improvement in gross margin was more than offset by
increased selling, general and administrative expenses.
- The increase in selling, general
and administrative expenses was primarily due to a $6.4 million
loss contingency associated with a jury verdict in an equipment
dispute. A judgment has not been entered by the trial court. Once
rendered, the Company will evaluate the judgment, including whether
to appeal any judgment entered by the court.
- Adjusted net income and Adjusted
EPS exclude $6.4 million and $0.28, respectively, of incremental
costs, net of tax, primarily driven by our transformation program
initiatives to optimize our company for long term value
creation.
Segments Results
Infrastructure Solutions - Road
building equipment, asphalt and concrete plants, thermal storage
solutions.
- Net sales of $190.8 million
decreased 5.5% due to a decline in equipment sales partially offset
by an increase in parts and component sales.
- Segment Operating Adjusted EBITDA
of $16.5 million compared to $17.6 million for the same period in
the prior year. Segment Operating Adjusted EBITDA margin of 8.6%
decreased 10 basis points.
Materials Solutions -
Processing equipment to crush, screen and convey aggregates.
- Net sales of $110.5 million
decreased slightly by 1.2% as equipment and parts and component
sales remained steady.
- Segment Operating Adjusted EBITDA
of $8.3 million decreased 36.6% despite a 260 basis point increase
in gross margin. Segment Operating Adjusted EBITDA margin of 7.5%
decreased 420 basis points. These declines were primarily
associated with the previously noted $6.4 million litigation loss
contingency.
Balance Sheet, Cash Flow and
Liquidity
- We ended the quarter with balance
sheet cash of $73.8 million.
- Net cash used in operating
activities for the nine months ended September 30, 2023 was $18.8
million as we carried additional inventories on hand to satisfy
customer demand for our products.
- Net cash consumed by investing
activities for the nine months ended September 30, 2023 was $3.9
million due to the net expenditures for property and
equipment.
- Net cash provided by financing
activities for the nine months ended September 30, 2023 was $30.8
million primarily due to increased net borrowings on credit
facilities and bank loans.
Third Quarter Capital
Allocation
- Capital expenditure investments to
increase capacity and improve efficiency were $7.9 million.
- Dividend payment of $0.13 per
share.
Investor Conference Call and
Webcast
Astec will conduct a conference call and live
webcast today, November 1, 2023, at 8:30 A.M. Eastern Time, to
review its third quarter financial results as well as current
business conditions.
To access the call, dial (888) 440-4118 on
Wednesday, November 1, 2023 at least 10 minutes prior to the
scheduled time for the call. International callers should dial
(646) 960-0833.
You may also access a live webcast of the call at:
https://events.q4inc.com/attendee/499226418
You will need to give your name and company
affiliation and reference Astec. An archived webcast will be
available for ninety days at www.astecindustries.com.
A replay of the call can be accessed until
November 15, 2023 by dialing (800) 770-2030, or (647) 362-9199 for
international callers, Conference ID# 8741406. A transcript of the
conference call will be made available under the Investor Relations
section of the Astec Industries, Inc. website within 5 business
days after the call.
About Astec
Astec, (www.astecindustries.com), is a
manufacturer of specialized equipment for asphalt road building,
aggregate processing and concrete production. Astec's
manufacturing operations are divided into two primary business
segments: Infrastructure Solutions that includes road building,
asphalt and concrete plants, thermal and storage solutions; and
Materials Solutions that include our aggregate processing
equipment. Astec also operates a line of controls and automation
products designed to deliver enhanced productivity through improved
equipment performance.
Safe Harbor Statements under the Private
Securities Litigation Reform Act of 1995
This News Release contains forward-looking
statements within the meaning of the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. Such statements
relate to, among other things, income, earnings, cash flows,
changes in operations, operating improvements, businesses in which
we operate and the United States and global economies. Statements
in this News Release that are not historical are hereby identified
as "forward-looking statements" and may be indicated by words or
phrases such as "anticipates," "supports," "plans," "projects,"
"expects," "believes," "should," "would," "could," "forecast,"
"management is of the opinion," use of the future tense and similar
words or phrases. These forward-looking statements are based
largely on management's expectations, which are subject to a number
of known and unknown risks, uncertainties and other factors
discussed and described in our most recent Annual Report on Form
10-K, including those risks described in Part I, Item 1A. Risk
Factors thereof, and in other reports filed
subsequently by us with the Securities and Exchange Commission,
which may cause actual results, financial or otherwise, to be
materially different from those anticipated, expressed or implied
by the forward-looking statements. All forward-looking statements
included in this document are based on information available to us
on the date hereof, and we assume no obligation to update any such
forward-looking statements to reflect future events or
circumstances, except as required by law.
Non-GAAP Financial Measures
In an effort to provide investors with
additional information regarding the Company's results, the Company
refers to various U.S. GAAP (U.S. generally accepted accounting
principles) and non-GAAP financial measures which management
believes provides useful information to investors. These non-GAAP
financial measures have no standardized meaning prescribed by U.S.
GAAP and therefore may not be comparable to the calculation of
similar measures for other companies. Management of the Company
does not intend these items to be considered in isolation or as a
substitute for the related GAAP measures. Nonetheless, this
non-GAAP information can be useful in understanding the Company's
operating results and the performance of its core business.
Management of the Company uses both GAAP and non-GAAP financial
measures to establish internal budgets and targets and to evaluate
the Company's financial performance against such budgets and
targets. A reconciliation of these non-GAAP measures to the most
directly comparable GAAP measure is included in this News
Release.
For Additional Information
Contact: Steve Anderson Senior Vice President of
Administration and Investor RelationsPhone: (423)
899-5898 E-mail: sanderson@astecindustries.com
Certain reclassifications have been made to the
prior period financial information included in this News Release to
conform to the presentation used in the financial statements for
the three and nine months ended September 30, 2023.
Astec Industries
Inc.Condensed Consolidated Statements of
Operations(In millions, except shares in thousands
and per share amounts; unaudited)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
|
$ |
303.1 |
|
|
$ |
315.2 |
|
|
$ |
1,001.0 |
|
|
$ |
924.6 |
|
Cost of sales |
|
|
233.5 |
|
|
|
249.7 |
|
|
|
759.3 |
|
|
|
731.5 |
|
Gross profit |
|
|
69.6 |
|
|
|
65.5 |
|
|
|
241.7 |
|
|
|
193.1 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
74.3 |
|
|
|
63.5 |
|
|
|
206.7 |
|
|
|
184.4 |
|
Restructuring, impairment and other asset charges, net |
|
|
0.5 |
|
|
|
0.1 |
|
|
|
5.3 |
|
|
|
4.5 |
|
Total operating expenses |
|
|
74.8 |
|
|
|
63.6 |
|
|
|
212.0 |
|
|
|
188.9 |
|
(Loss) income from operations |
|
|
(5.2 |
) |
|
|
1.9 |
|
|
|
29.7 |
|
|
|
4.2 |
|
|
|
|
|
|
|
|
|
|
Other expenses, net: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(2.4 |
) |
|
|
(0.6 |
) |
|
|
(6.4 |
) |
|
|
(1.6 |
) |
Other income (expenses), net |
|
|
0.5 |
|
|
|
(0.1 |
) |
|
|
2.0 |
|
|
|
(1.1 |
) |
(Loss) income before income taxes |
|
|
(7.1 |
) |
|
|
1.2 |
|
|
|
25.3 |
|
|
|
1.5 |
|
Income tax (benefit) provision |
|
|
(0.6 |
) |
|
|
0.7 |
|
|
|
6.5 |
|
|
|
0.8 |
|
Net (loss) income |
|
|
(6.5 |
) |
|
|
0.5 |
|
|
|
18.8 |
|
|
|
0.7 |
|
Net (income) loss attributable to noncontrolling interest |
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(0.2 |
) |
|
|
0.2 |
|
Net (loss) income attributable to controlling interest |
|
$ |
(6.6 |
) |
|
$ |
0.7 |
|
|
$ |
18.6 |
|
|
$ |
0.9 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.29 |
) |
|
$ |
0.03 |
|
|
$ |
0.82 |
|
|
$ |
0.04 |
|
Diluted |
|
|
(0.29 |
) |
|
|
0.03 |
|
|
|
0.82 |
|
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
22,747 |
|
|
|
22,837 |
|
|
|
22,709 |
|
|
|
22,824 |
|
Diluted |
|
|
22,747 |
|
|
|
22,916 |
|
|
|
22,776 |
|
|
|
22,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec Industries
Inc.Segment Net Sales and Operating Adjusted
EBITDA(In millions, except percentage data;
unaudited)
Segment net sales are reported net of
intersegment sales.
|
Three Months Ended September 30, |
|
Infrastructure Solutions |
|
Materials Solutions |
|
Corporate and Other |
|
Total |
2023 Net sales |
$ |
190.8 |
|
|
$ |
110.5 |
|
|
$ |
1.8 |
|
|
$ |
303.1 |
|
2022 Net sales |
|
201.9 |
|
|
|
111.8 |
|
|
|
1.5 |
|
|
|
315.2 |
|
Change $ |
|
(11.1 |
) |
|
|
(1.3 |
) |
|
|
0.3 |
|
|
|
(12.1 |
) |
Change % |
(5.5)% |
|
(1.2)% |
|
|
20.0 |
% |
|
(3.8)% |
|
|
|
|
|
|
|
|
2023 Segment Operating Adjusted EBITDA |
|
16.5 |
|
|
|
8.3 |
|
|
|
(14.4 |
) |
|
|
10.4 |
|
2022 Segment Operating Adjusted EBITDA |
|
17.6 |
|
|
|
13.1 |
|
|
|
(14.2 |
) |
|
|
16.5 |
|
Change $ |
|
(1.1 |
) |
|
|
(4.8 |
) |
|
|
(0.2 |
) |
|
|
(6.1 |
) |
Change % |
(6.3)% |
|
(36.6)% |
|
(1.4)% |
|
(37.0)% |
|
|
|
|
|
|
|
|
2023 Segment Operating Adjusted EBITDA Margin |
|
8.6 |
% |
|
|
7.5 |
% |
|
|
|
|
2022 Segment Operating Adjusted EBITDA Margin |
|
8.7 |
% |
|
|
11.7 |
% |
|
|
|
|
Change bps |
(10)bps |
|
(420)bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
Infrastructure Solutions |
|
Materials Solutions |
|
Corporate and Other |
|
Total |
2023 Net sales |
$ |
638.8 |
|
|
$ |
354.6 |
|
|
$ |
7.6 |
|
|
$ |
1,001.0 |
|
2022 Net sales |
|
609.0 |
|
|
|
312.9 |
|
|
|
2.7 |
|
|
|
924.6 |
|
Change $ |
|
29.8 |
|
|
|
41.7 |
|
|
|
4.9 |
|
|
|
76.4 |
|
Change % |
|
4.9 |
% |
|
|
13.3 |
% |
|
|
181.5 |
% |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
2023 Segment Operating Adjusted EBITDA |
|
70.5 |
|
|
|
41.9 |
|
|
|
(33.5 |
) |
|
|
78.9 |
|
2022 Segment Operating Adjusted EBITDA |
|
49.9 |
|
|
|
34.8 |
|
|
|
(36.3 |
) |
|
|
48.4 |
|
Change $ |
|
20.6 |
|
|
|
7.1 |
|
|
|
2.8 |
|
|
|
30.5 |
|
Change % |
|
41.3 |
% |
|
|
20.4 |
% |
|
|
7.7 |
% |
|
|
63.0 |
% |
|
|
|
|
|
|
|
|
2023 Segment Operating Adjusted EBITDA Margin |
|
11.0 |
% |
|
|
11.8 |
% |
|
|
|
|
2022 Segment Operating Adjusted EBITDA Margin |
|
8.2 |
% |
|
|
11.1 |
% |
|
|
|
|
Change bps |
280bps |
|
70bps |
|
|
|
|
We present certain non-GAAP information that can
be useful in understanding our operating results and the
performance of our core business. We use both GAAP and non-GAAP
financial measures to establish internal budgets and targets and to
evaluate financial performance against such budgets and targets. We
exclude the costs and related tax effects of the following items as
we do not believe they are indicative of our core business
operations:
- Transformation program -
Incremental costs related to the execution of our ongoing strategic
transformation initiatives which may include personnel costs,
third-party consultant costs, duplicative systems usage fees,
administrative costs, accelerated depreciation and amortization on
certain long-lived assets and other similar type charges.
Transformation program initiatives includes our multi-year phased
implementation of a standardized enterprise resource planning
system across the global organization and a lean manufacturing
initiative at one of our largest manufacturing sites. These costs
are included in "Cost of sales" and "Selling, general and
administrative expenses", as appropriate, in the Consolidated
Statements of Operations.
- Restructuring and other related
charges - Charges related to restructuring activities which
primarily include personnel termination actions and reorganization
efforts to simplify and consolidate our operations. These
activities include the termination of our previous CEO, the limited
overhead restructuring action implemented in February 2023, the
closing of our Tacoma location in Q1 2022 and ongoing litigation
costs for our exited Enid location. These costs are recorded in
"Restructuring, impairment and other asset charges, net" in the
Consolidated Statements of Operations.
- Asset impairment - Asset impairment
charges, to the extent that they are experienced, are recorded in
"Restructuring, impairment and other asset charges, net" in the
Consolidated Statements of Operations. These include charges
associated with abandoned in-process internally developed software
that was determined to be impaired in the second quarter of both
2023 and 2022. Additional charges in 2022 relate to the
determination that prepaid charges related to certain manufacturing
equipment contracted to be constructed by a third-party vendor
would not be recovered.
- (Loss) gain on sale of property and
equipment, net - Gains or losses recognized on the disposal of
property and equipment that are recorded in "Restructuring,
impairment and other asset charges, net" in the Consolidated
Statements of Operations. We may sell or dispose of assets in the
normal course of our business operations as they are no longer
needed or used.
- Transaction costs - Transaction
costs associated with the acquisition or integration of acquired
businesses. These costs are typically included in "Selling, general
and administrative expenses" in the Consolidated Statements of
Operations. Transaction costs primarily relate to the acquisition
and integration costs associated with the acquisition of MINDS
Automation Group, Inc. that was completed on April 1, 2022.
A reconciliation of total Segment Operating
Adjusted EBITDA to the Company's "Net (loss) income attributable to
controlling interest" is as follows (in millions; unaudited):
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
Change $ |
|
|
2023 |
|
|
|
2022 |
|
|
Change $ |
Segment Operating Adjusted EBITDA |
|
$ |
10.4 |
|
|
$ |
16.5 |
|
|
$ |
(6.1 |
) |
|
$ |
78.9 |
|
|
$ |
48.4 |
|
|
$ |
30.5 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Transformation program |
|
|
(7.7 |
) |
|
|
(7.0 |
) |
|
|
(0.7 |
) |
|
|
(22.5 |
) |
|
|
(18.7 |
) |
|
|
(3.8 |
) |
Restructuring and other related charges |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(7.6 |
) |
|
|
(1.5 |
) |
|
|
(6.1 |
) |
Asset impairment |
|
|
— |
|
|
|
(0.4 |
) |
|
|
0.4 |
|
|
|
(0.8 |
) |
|
|
(3.4 |
) |
|
|
2.6 |
|
(Loss) gain on sale of property and equipment, net |
|
|
(0.4 |
) |
|
|
0.4 |
|
|
|
(0.8 |
) |
|
|
3.1 |
|
|
|
0.4 |
|
|
|
2.7 |
|
Transaction costs |
|
|
— |
|
|
|
(0.5 |
) |
|
|
0.5 |
|
|
|
— |
|
|
|
(1.9 |
) |
|
|
1.9 |
|
Interest expense, net |
|
|
(1.9 |
) |
|
|
(0.3 |
) |
|
|
(1.6 |
) |
|
|
(4.9 |
) |
|
|
(0.9 |
) |
|
|
(4.0 |
) |
Depreciation and amortization |
|
|
(7.1 |
) |
|
|
(7.3 |
) |
|
|
0.2 |
|
|
|
(19.6 |
) |
|
|
(20.9 |
) |
|
|
1.3 |
|
Income tax benefit (provision) |
|
|
0.6 |
|
|
|
(0.7 |
) |
|
|
1.3 |
|
|
|
(6.5 |
) |
|
|
(0.8 |
) |
|
|
(5.7 |
) |
Elimination of intercompany profit |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(1.3 |
) |
|
|
— |
|
|
|
(1.3 |
) |
Net (income) loss attributable to noncontrolling interest |
|
|
(0.1 |
) |
|
|
0.2 |
|
|
|
(0.3 |
) |
|
|
(0.2 |
) |
|
|
0.2 |
|
|
|
(0.4 |
) |
Net (loss) income attributable to controlling interest |
|
$ |
(6.6 |
) |
|
$ |
0.7 |
|
|
$ |
(7.3 |
) |
|
$ |
18.6 |
|
|
$ |
0.9 |
|
|
$ |
17.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Astec Industries
Inc.Condensed Consolidated Balance
Sheets(In millions; unaudited)
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash, cash equivalents and restricted cash |
$ |
73.8 |
|
$ |
66.0 |
Investments |
|
5.7 |
|
|
3.9 |
Trade receivables and contract assets, net |
|
174.7 |
|
|
167.1 |
Inventories, net |
|
450.1 |
|
|
393.4 |
Other current assets, net |
|
42.0 |
|
|
66.0 |
Total current assets |
|
746.3 |
|
|
696.4 |
Property, plant and equipment, net |
|
181.0 |
|
|
173.6 |
Other long-term assets |
|
147.1 |
|
|
144.4 |
Total assets |
$ |
1,074.4 |
|
$ |
1,014.4 |
|
|
|
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
114.3 |
|
$ |
107.2 |
Customer deposits |
|
60.6 |
|
|
69.5 |
Other current liabilities |
|
107.3 |
|
|
97.3 |
Total current liabilities |
|
282.2 |
|
|
274.0 |
Long-term debt |
|
122.0 |
|
|
78.1 |
Other long-term liabilities |
|
35.4 |
|
|
35.4 |
Total equity |
|
634.8 |
|
|
626.9 |
Total liabilities and equity |
$ |
1,074.4 |
|
$ |
1,014.4 |
|
|
|
|
|
|
Astec Industries Inc.
Condensed Consolidated Statements of Cash Flows
(In millions; unaudited)
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
Net income |
$ |
18.8 |
|
|
$ |
0.7 |
|
Adjustments to reconcile net income to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
19.6 |
|
|
|
20.9 |
|
Provision for credit losses |
|
0.6 |
|
|
|
0.9 |
|
Provision for warranties |
|
14.4 |
|
|
|
9.3 |
|
Deferred compensation expense (benefit) |
|
0.2 |
|
|
|
(1.1 |
) |
Share-based compensation |
|
3.5 |
|
|
|
5.4 |
|
Deferred tax benefit |
|
(2.1 |
) |
|
|
(12.6 |
) |
Gain on disposition of property and equipment, net |
|
(3.1 |
) |
|
|
(0.4 |
) |
Asset impairment charges |
|
0.8 |
|
|
|
3.4 |
|
Amortization of debt issuance costs |
|
0.2 |
|
|
|
— |
|
Distributions to deferred compensation programs' participants |
|
(1.5 |
) |
|
|
(0.9 |
) |
Change in operating assets and liabilities: |
|
|
|
Purchase of trading securities, net |
|
(1.4 |
) |
|
|
(0.7 |
) |
Receivables and other contract assets |
|
(5.8 |
) |
|
|
(25.0 |
) |
Inventories |
|
(59.7 |
) |
|
|
(98.9 |
) |
Prepaid expenses |
|
8.3 |
|
|
|
0.9 |
|
Other assets |
|
(9.6 |
) |
|
|
(10.3 |
) |
Accounts payable |
|
7.1 |
|
|
|
25.3 |
|
Accrued loss reserves |
|
1.2 |
|
|
|
0.3 |
|
Accrued employee related liabilities |
|
9.3 |
|
|
|
10.0 |
|
Other accrued liabilities |
|
(0.8 |
) |
|
|
1.7 |
|
Accrued product warranty |
|
(9.6 |
) |
|
|
(8.6 |
) |
Customer deposits |
|
(8.2 |
) |
|
|
21.1 |
|
Income taxes payable/prepaid |
|
(1.0 |
) |
|
|
1.8 |
|
Net cash used in operating activities |
|
(18.8 |
) |
|
|
(56.8 |
) |
Cash flows from investing activities: |
|
|
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
(17.8 |
) |
Expenditures for property and equipment |
|
(25.0 |
) |
|
|
(27.6 |
) |
Proceeds from sale of property and equipment |
|
20.2 |
|
|
|
0.7 |
|
Purchase of investments |
|
(0.8 |
) |
|
|
(0.8 |
) |
Sale of investments |
|
1.7 |
|
|
|
0.5 |
|
Net cash used in investing activities |
|
(3.9 |
) |
|
|
(45.0 |
) |
|
|
|
|
|
|
|
|
Astec Industries Inc.
Condensed Consolidated Statements of Cash Flows
(Continued)(In millions; unaudited)
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from financing activities: |
|
|
|
Payment of dividends |
|
(8.9 |
) |
|
|
(8.3 |
) |
Proceeds from borrowings on credit facilities and bank loans |
|
221.4 |
|
|
|
50.1 |
|
Repayments of borrowings on credit facilities and bank loans |
|
(180.2 |
) |
|
|
(42.5 |
) |
Sale of Company stock by deferred compensation programs, net |
|
0.1 |
|
|
|
0.2 |
|
Withholding tax paid upon vesting of share-based compensation
awards |
|
(1.6 |
) |
|
|
(1.8 |
) |
Repurchase of Company stock |
|
— |
|
|
|
(6.1 |
) |
Net cash provided by (used in) financing activities |
|
30.8 |
|
|
|
(8.4 |
) |
Effect of exchange rates on cash |
|
(0.3 |
) |
|
|
(3.4 |
) |
Increase (decrease) in cash, cash equivalents and restricted
cash |
|
7.8 |
|
|
|
(113.6 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
66.0 |
|
|
|
134.4 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
73.8 |
|
|
$ |
20.8 |
|
|
|
|
|
|
|
|
|
Astec Industries
Inc.GAAP vs Non-GAAP Adjusted EPS
Reconciliations(In millions, except per share
amounts; unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net (loss) income attributable to controlling interest |
$ |
(6.6 |
) |
|
$ |
0.7 |
|
|
$ |
18.6 |
|
|
$ |
0.9 |
|
Adjustments: |
|
|
|
|
|
|
|
Transformation program |
|
7.8 |
|
|
|
7.0 |
|
|
|
22.8 |
|
|
|
18.7 |
|
Restructuring and other related charges |
|
0.1 |
|
|
|
0.1 |
|
|
|
7.6 |
|
|
|
1.5 |
|
Asset impairment |
|
— |
|
|
|
0.4 |
|
|
|
0.8 |
|
|
|
3.4 |
|
Loss (gain) on sale of property and equipment, net |
|
0.4 |
|
|
|
(0.4 |
) |
|
|
(3.1 |
) |
|
|
(0.4 |
) |
Transaction costs |
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
1.9 |
|
Income tax impact of adjustments |
|
(1.9 |
) |
|
|
(1.8 |
) |
|
|
(6.5 |
) |
|
|
(5.8 |
) |
Adjusted net (loss) income attributable to controlling
interest |
$ |
(0.2 |
) |
|
$ |
6.5 |
|
|
$ |
40.2 |
|
|
$ |
20.2 |
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
(0.29 |
) |
|
$ |
0.03 |
|
|
$ |
0.82 |
|
|
$ |
0.04 |
|
Adjustments: |
|
|
|
|
|
|
|
Transformation program |
|
0.34 |
|
|
|
0.31 |
|
|
|
1.00 |
|
|
|
0.82 |
|
Restructuring and other related charges(a) |
|
— |
|
|
|
— |
|
|
|
0.34 |
|
|
|
0.06 |
|
Asset impairment |
|
— |
|
|
|
0.02 |
|
|
|
0.04 |
|
|
|
0.15 |
|
Loss (gain) on sale of property and equipment, net |
|
0.02 |
|
|
|
(0.02 |
) |
|
|
(0.14 |
) |
|
|
(0.02 |
) |
Transaction costs |
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.08 |
|
Income tax impact of adjustments |
|
(0.08 |
) |
|
|
(0.08 |
) |
|
|
(0.29 |
) |
|
|
(0.25 |
) |
Adjusted EPS |
$ |
(0.01 |
) |
|
$ |
0.28 |
|
|
$ |
1.77 |
|
|
$ |
0.88 |
|
|
|
|
|
|
|
|
|
(a) Calculation includes the impact of a rounding adjustment |
|
Astec Industries
Inc.EBITDA and Adjusted EBITDA
Reconciliations(In millions, except percentage
data; unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
$ |
303.1 |
|
|
$ |
315.2 |
|
|
$ |
1,001.0 |
|
|
$ |
924.6 |
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to controlling interest |
$ |
(6.6 |
) |
|
$ |
0.7 |
|
|
$ |
18.6 |
|
|
$ |
0.9 |
|
Interest expense, net |
|
1.9 |
|
|
|
0.3 |
|
|
|
4.9 |
|
|
|
0.9 |
|
Depreciation and amortization |
|
7.1 |
|
|
|
7.3 |
|
|
|
19.6 |
|
|
|
20.9 |
|
Income tax (benefit) provision |
|
(0.6 |
) |
|
|
0.7 |
|
|
|
6.5 |
|
|
|
0.8 |
|
EBITDA |
|
1.8 |
|
|
|
9.0 |
|
|
|
49.6 |
|
|
|
23.5 |
|
EBITDA margin |
|
0.6 |
% |
|
|
2.9 |
% |
|
|
5.0 |
% |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Transformation program |
|
7.7 |
|
|
|
7.0 |
|
|
|
22.5 |
|
|
|
18.7 |
|
Restructuring and other related charges |
|
0.1 |
|
|
|
0.1 |
|
|
|
7.6 |
|
|
|
1.5 |
|
Asset impairment |
|
— |
|
|
|
0.4 |
|
|
|
0.8 |
|
|
|
3.4 |
|
Loss (gain) on sale of property and equipment, net |
|
0.4 |
|
|
|
(0.4 |
) |
|
|
(3.1 |
) |
|
|
(0.4 |
) |
Transaction costs |
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
1.9 |
|
Adjusted EBITDA |
$ |
10.0 |
|
|
$ |
16.6 |
|
|
$ |
77.4 |
|
|
$ |
48.6 |
|
Adjusted EBITDA margin |
|
3.3 |
% |
|
|
5.3 |
% |
|
|
7.7 |
% |
|
|
5.3 |
% |
Astec Industries (NASDAQ:ASTE)
過去 株価チャート
から 4 2024 まで 5 2024
Astec Industries (NASDAQ:ASTE)
過去 株価チャート
から 5 2023 まで 5 2024