Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial
results for the fourth quarter and full year of 2022.
"We had a solid finish to the year as demand for
our products remained robust in the fourth quarter and top line
growth was achieved by realizing the benefits of pricing actions,
volume and mix," said Jaco van der Merwe, Chief Executive Officer
of Astec. "As a leader in the markets we serve, we capitalized on
the success of our commercial teams by delivering double-digit
percentages of net sales growth in both Infrastructure Solutions
and Materials Solutions, improving 27% and 39%, respectively.
Investments in personnel and tools to improve output are paying
off, and we were able to improve consolidated margins. We are on
schedule to deliver our initial implementations of our standardized
enterprise resource planning and related systems, which will
further enhance efficiency. We remain committed to our Simplify,
Focus and Grow and Built To Connect strategies and are
well-positioned to drive additional long-term, sustainable value to
our customers and shareholders."
(in millions, except per share and percentage
data) |
|
4Q 2022 |
|
4Q 2021 (a) |
|
Change |
|
|
2022 |
|
|
2021 (a) |
|
Change |
Net sales |
|
$ |
349.9 |
|
|
$ |
266.6 |
|
|
31.2 |
% |
|
$ |
1,274.5 |
|
|
$ |
1,095.5 |
|
|
16.3 |
% |
Domestic sales |
|
|
282.0 |
|
|
|
213.3 |
|
|
32.2 |
% |
|
|
1,014.3 |
|
|
|
842.1 |
|
|
20.4 |
% |
International sales |
|
|
67.9 |
|
|
|
53.3 |
|
|
27.4 |
% |
|
|
260.2 |
|
|
|
253.4 |
|
|
2.7 |
% |
Backlog |
|
|
912.7 |
|
|
|
762.6 |
|
|
19.7 |
% |
|
|
912.7 |
|
|
|
762.6 |
|
|
19.7 |
% |
Domestic backlog |
|
|
773.3 |
|
|
|
627.0 |
|
|
23.3 |
% |
|
|
773.3 |
|
|
|
627.0 |
|
|
23.3 |
% |
International backlog |
|
|
139.4 |
|
|
|
135.6 |
|
|
2.8 |
% |
|
|
139.4 |
|
|
|
135.6 |
|
|
2.8 |
% |
Income (loss) from operations |
|
|
3.3 |
|
|
|
(6.2 |
) |
|
153.2 |
% |
|
|
7.5 |
|
|
|
19.9 |
|
|
(62.3 |
)% |
Operating margin |
|
|
0.9 |
% |
|
|
(2.3 |
)% |
|
320 |
bps |
|
|
0.6 |
% |
|
|
1.8 |
% |
|
(120 |
bps) |
Effective tax rate |
|
|
144.8 |
% |
|
|
17.5 |
% |
|
12,730 |
bps |
|
|
113.6 |
% |
|
|
(15.2 |
)% |
|
12,880 |
bps |
Net (loss) income attributable to controlling interest |
|
|
(1.0 |
) |
|
|
(10.0 |
) |
|
90.0 |
% |
|
|
(0.1 |
) |
|
|
15.8 |
|
|
(100.6 |
)% |
Diluted EPS |
|
|
(0.04 |
) |
|
|
(0.44 |
) |
|
90.9 |
% |
|
|
— |
|
|
|
0.69 |
|
|
(100.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted (Non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income (loss) from operations |
|
|
14.7 |
|
|
|
0.2 |
|
|
7,250.0 |
% |
|
|
44.0 |
|
|
|
35.8 |
|
|
22.9 |
% |
Adjusted operating margin |
|
|
4.2 |
% |
|
|
0.1 |
% |
|
410 |
bps |
|
|
3.5 |
% |
|
|
3.3 |
% |
|
20 |
bps |
Adjusted effective tax rate |
|
|
47.6 |
% |
|
|
(44.4 |
)% |
|
9,200 |
bps |
|
|
32.8 |
% |
|
|
7.6 |
% |
|
2,520 |
bps |
Adjusted net income (loss) attributable to controlling
interest |
|
|
7.8 |
|
|
|
(1.4 |
) |
|
657.1 |
% |
|
|
28.0 |
|
|
|
31.7 |
|
|
(11.7 |
)% |
Adjusted EPS |
|
|
0.34 |
|
|
|
(0.06 |
) |
|
666.7 |
% |
|
|
1.23 |
|
|
|
1.38 |
|
|
(10.9 |
)% |
Adjusted EBITDA |
|
|
22.2 |
|
|
|
7.0 |
|
|
217.1 |
% |
|
|
70.8 |
|
|
|
65.1 |
|
|
8.8 |
% |
Adjusted EBITDA margin |
|
|
6.3 |
% |
|
|
2.6 |
% |
|
370 |
bps |
|
|
5.6 |
% |
|
|
5.9 |
% |
|
(30 |
bps) |
(a) Certain prior period amounts have been revised to correct
immaterial errors. See accompanying financial statement for
additional details. |
|
- Net sales were driven by volume,
pricing and mix that generated increases in both domestic and
international equipment and parts sales. International sales
increased in nearly all international markets in which we
sell.
- Operating margin increased as
higher net sales outpaced inflation, manufacturing inefficiencies,
increased expenses for selling, general and administrative,
research and development and restructuring. Selling, general and
administrative expense were lower as a percentage of sales as we
leveraged investments in future growth initiatives.
- The effective tax rate for the
quarter was higher compared to the same quarter in 2021 primarily
due to a discrete income tax expense for establishing a valuation
allowance at our Brazilian subsidiary, partially offset by benefits
of research and development net tax credits and from the foreign
derived intangible income deduction.
- Adjusted net income and Adjusted
EPS exclude $8.8 million and $0.38, respectively, of incremental
costs, net of tax, primarily driven by our transformation program
initiatives to optimize our company for long term value creation
and restructuring charges related to our recent chief executive
officer transition. Excluding the discrete income tax effect of the
Brazil valuation allowance, Adjusted EPS would have been
$0.58.
Segments
Results
Infrastructure Solutions - Road
building equipment, asphalt and concrete plants, thermal storage
solutions.
- Net sales of $238.4 million
increased 27.1% due to strong domestic and stable international
demand, pricing and mix that generated increased equipment and
parts sales.
- Segment Operating Adjusted EBITDA
of $23.1 million increased 79.1% primarily due to higher net sales
and a 110 basis point improvement in gross profit margin partially
offset by manufacturing inefficiencies and increased research and
development costs. Segment Operating Adjusted EBITDA margin of 9.7%
increased 280 basis points.
Materials Solutions -
Processing equipment to crush, screen and convey aggregates.
- Net sales of $109.8 million
increased 39.0% due to favorable volume, pricing and mix in both
equipment and parts sales.
- Segment Operating Adjusted EBITDA
of $9.7 million increased 246.4% due to increased net sales
partially offset by a 50 basis point decline in gross profit margin
resulting from manufacturing inefficiencies. Segment Operating
Adjusted EBITDA margin of 8.8% increased 530 basis points.
Balance Sheet, Cash Flow and
Liquidity
- We ended the year with balance
sheet cash of $66.0 million, a 50.9% decrease from the prior year
end.
- Net cash used in operating
activities for the year was $73.9 million as we carried additional
inventories on hand to satisfy growth in customer demand for our
products.
- Net cash used in investing
activities for the year was $53.2 million including the investments
in property and equipment to facilitate growth as well as an
acquisition, net of cash acquired.
- Net cash provided by financing
activities for the year was $60.1 million driven by net proceeds
from borrowings partially offset by the payment of dividends and
repurchase of stock.
Fourth Quarter
Capital Allocation
- Capital expenditure investments to
increase capacity and improve efficiency were $13.1 million.
- Dividend of $0.13 per share.
- Repurchased approximately $4.0
million of shares. Remaining authorization is $115.7 million.
Leadership Change
As previously announced on January 6, 2023, Mr.
Barry A. Ruffalo's employment as President and Chief Executive
Officer was terminated and he was succeeded by Mr. Jaco van der
Merwe. In accordance with the terms of Mr. Ruffalo's separation
agreement, we recorded $4.4 million of restructuring related costs
in the fourth quarter of 2022. Additional costs are anticipated to
be incurred in the first quarter of 2023 for this separation
related to the modification of Mr. Ruffalo's equity awards as well
as third-party transition support costs.
Management continually reviews our
organizational structure and operations to ensure they are
optimized and aligned with achieving our near-term and long-term
operational and profitability targets. In connection with this
review, in February 2023, we implemented a limited restructuring
plan to right-size and reduce the fixed cost structure of our
overhead departments. We anticipate charges of $3.0 million to $4.0
million for employee termination costs, excluding equity award
modifications, to be incurred primarily in the first quarter of
2023. No further actions are currently planned. However, additional
actions may be taken as a result of management’s ongoing business
reviews.
Investor Conference Call and
Webcast
Astec will conduct a conference call and live
webcast today, March 1, 2023, at 8:30 A.M. Eastern Time, to
review its fourth quarter financial results as well as current
business conditions.
To access the call, dial (888) 440-4118 on
Wednesday, March 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/803984884
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 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 the appendix to
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
Astec Industries
Inc.Condensed Consolidated Statements of
Operations(In millions, except shares in thousands
and per share amounts; unaudited)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 (a) |
|
|
2022 |
|
|
2021 (a) |
Net sales |
|
$ |
349.9 |
|
|
$ |
266.6 |
|
|
$ |
1,274.5 |
|
|
$ |
1,095.5 |
|
Cost of sales |
|
|
278.9 |
|
|
|
213.3 |
|
|
|
1,010.4 |
|
|
|
846.0 |
|
Gross profit |
|
|
71.0 |
|
|
|
53.3 |
|
|
|
264.1 |
|
|
|
249.5 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
54.7 |
|
|
|
52.3 |
|
|
|
216.1 |
|
|
|
200.6 |
|
Research and development expenses |
|
|
8.5 |
|
|
|
6.5 |
|
|
|
31.5 |
|
|
|
26.5 |
|
Restructuring, impairment and other asset charges, net |
|
|
4.5 |
|
|
|
0.7 |
|
|
|
9.0 |
|
|
|
2.5 |
|
Total operating expenses |
|
|
67.7 |
|
|
|
59.5 |
|
|
|
256.6 |
|
|
|
229.6 |
|
Income (loss) from operations |
|
|
3.3 |
|
|
|
(6.2 |
) |
|
|
7.5 |
|
|
|
19.9 |
|
|
|
|
|
|
|
|
|
|
Other expenses, net: |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
(2.5 |
) |
|
|
(1.1 |
) |
Other income (expenses), net |
|
|
0.5 |
|
|
|
(5.3 |
) |
|
|
(0.6 |
) |
|
|
(5.0 |
) |
Income (loss) before income taxes |
|
|
2.9 |
|
|
|
(12.0 |
) |
|
|
4.4 |
|
|
|
13.8 |
|
Income tax provision (benefit) |
|
|
4.2 |
|
|
|
(2.1 |
) |
|
|
5.0 |
|
|
|
(2.1 |
) |
Net (loss) income |
|
|
(1.3 |
) |
|
|
(9.9 |
) |
|
|
(0.6 |
) |
|
|
15.9 |
|
Net loss (income) attributable to noncontrolling interest |
|
|
0.3 |
|
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
(0.1 |
) |
Net (loss) income attributable to controlling interest |
|
$ |
(1.0 |
) |
|
$ |
(10.0 |
) |
|
$ |
(0.1 |
) |
|
$ |
15.8 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.04 |
) |
|
$ |
(0.44 |
) |
|
$ |
— |
|
|
$ |
0.70 |
|
Diluted |
|
|
(0.04 |
) |
|
|
(0.44 |
) |
|
|
— |
|
|
|
0.69 |
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
22,692 |
|
|
|
22,768 |
|
|
|
22,791 |
|
|
|
22,727 |
|
Diluted |
|
|
22,692 |
|
|
|
22,768 |
|
|
|
22,791 |
|
|
|
22,949 |
|
|
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors related to the overstatement of work-in-process
inventory and an overstatement of "Net sales" as a result of
over-time revenue recognition calculation errors, the combination
of which resulted in a net change in "Cost of sales". These errors
caused the overstatement of "Net sales" by $1.2 million and $1.7
million in the three month period and year ended December 31, 2021,
respectively, and the overstatement of $0.1 million and
understatement of $1.0 million in "Cost of sales" in the three
month period and year ended December 31, 2021, respectively. In
addition, certain reclassifications have been made to the prior
period financial information to conform to the presentation used in
the financial statements for the year ended December 31, 2022. |
Astec Industries
Inc.Segment Net Sales and
Profits(In millions; unaudited)
Segment net sales are reported net of
intersegment sales. Segment gross profit excludes profit on
intersegment sales remaining in inventory.
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
Infrastructure Solutions |
|
Materials Solutions |
|
Corporate and Other |
|
Total |
|
Infrastructure Solutions |
|
Materials Solutions |
|
Corporate and Other |
|
Total |
2022 Net sales |
|
$ |
238.4 |
|
|
$ |
109.8 |
|
|
$ |
1.7 |
|
|
$ |
349.9 |
|
|
$ |
847.4 |
|
|
$ |
422.7 |
|
|
$ |
4.4 |
|
|
$ |
1,274.5 |
|
2021 Net sales (a) |
|
|
187.6 |
|
|
|
79.0 |
|
|
|
— |
|
|
|
266.6 |
|
|
|
743.4 |
|
|
|
352.1 |
|
|
|
— |
|
|
|
1,095.5 |
|
Change $ |
|
|
50.8 |
|
|
|
30.8 |
|
|
|
1.7 |
|
|
|
83.3 |
|
|
|
104.0 |
|
|
|
70.6 |
|
|
|
4.4 |
|
|
|
179.0 |
|
Change % |
|
|
27.1 |
% |
|
|
39.0 |
% |
|
|
— |
% |
|
|
31.2 |
% |
|
|
14.0 |
% |
|
|
20.1 |
% |
|
|
— |
% |
|
|
16.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Gross profit |
|
|
48.2 |
|
|
|
21.7 |
|
|
|
1.1 |
|
|
|
71.0 |
|
|
|
170.1 |
|
|
|
92.1 |
|
|
|
1.9 |
|
|
|
264.1 |
|
2022 Gross profit % |
|
|
20.2 |
% |
|
|
19.8 |
% |
|
|
64.7 |
% |
|
|
20.3 |
% |
|
|
20.1 |
% |
|
|
21.8 |
% |
|
|
43.2 |
% |
|
|
20.7 |
% |
2021 Gross profit (a) |
|
|
35.9 |
|
|
|
16.0 |
|
|
|
1.4 |
|
|
|
53.3 |
|
|
|
162.2 |
|
|
|
85.9 |
|
|
|
1.4 |
|
|
|
249.5 |
|
2021 Gross profit % (a) |
|
|
19.1 |
% |
|
|
20.3 |
% |
|
|
— |
% |
|
|
20.0 |
% |
|
|
21.8 |
% |
|
|
24.4 |
% |
|
|
— |
% |
|
|
22.8 |
% |
Change $ |
|
|
12.3 |
|
|
|
5.7 |
|
|
|
(0.3 |
) |
|
|
17.7 |
|
|
|
7.9 |
|
|
|
6.2 |
|
|
|
0.5 |
|
|
|
14.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Adjusted EBITDA |
|
|
23.1 |
|
|
|
9.7 |
|
|
|
(10.2 |
) |
|
|
22.6 |
|
|
|
73.0 |
|
|
|
44.5 |
|
|
|
(46.5 |
) |
|
|
71.0 |
|
2021 Adjusted EBITDA (a) |
|
|
12.9 |
|
|
|
2.8 |
|
|
|
(8.4 |
) |
|
|
7.3 |
|
|
|
73.9 |
|
|
|
39.1 |
|
|
|
(48.2 |
) |
|
|
64.8 |
|
Change $ |
|
|
10.2 |
|
|
|
6.9 |
|
|
|
(1.8 |
) |
|
|
15.3 |
|
|
|
(0.9 |
) |
|
|
5.4 |
|
|
|
1.7 |
|
|
|
6.2 |
|
Change % |
|
|
79.1 |
% |
|
|
246.4 |
% |
|
|
(21.4 |
)% |
|
|
209.6 |
% |
|
|
(1.2 |
)% |
|
|
13.8 |
% |
|
|
3.5 |
% |
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors related to the overstatement of work-in-process
inventory and an overstatement of "Net sales" as a result of
over-time revenue recognition calculation errors, the combination
of which resulted in a net change in "Cost of sales". These errors
caused the overstatement of "Net sales" by $1.2 million and $1.7
million in the three month period and year ended December 31, 2021,
respectively, and the overstatement of $0.1 million and
understatement of $1.0 million in "Cost of sales" in the three
month period and year ended December 31, 2021, respectively. In
addition, certain reclassifications have been made to the prior
period financial information to conform to the presentation used in
the financial statements for the year ended December 31, 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 December 31, |
|
Year Ended December 31, |
|
|
|
2022 |
|
|
2021 (a) |
|
Change $ |
|
|
2022 |
|
|
2021 (a) |
|
Change $ |
Segment Operating Adjusted EBITDA |
|
$ |
22.6 |
|
|
$ |
7.3 |
|
|
$ |
15.3 |
|
|
$ |
71.0 |
|
|
$ |
64.8 |
|
|
$ |
6.2 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Transformation program |
|
|
(6.8 |
) |
|
|
(5.7 |
) |
|
|
(1.1 |
) |
|
|
(25.5 |
) |
|
|
(13.4 |
) |
|
|
(12.1 |
) |
Curtailment and settlement loss on pension and postretirement
benefits, net |
|
|
— |
|
|
|
(4.7 |
) |
|
|
4.7 |
|
|
|
— |
|
|
|
(4.7 |
) |
|
|
4.7 |
|
Restructuring and other related charges |
|
|
(4.7 |
) |
|
|
(0.8 |
) |
|
|
(3.9 |
) |
|
|
(6.2 |
) |
|
|
(2.9 |
) |
|
|
(3.3 |
) |
Asset impairment |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
(3.5 |
) |
|
|
(0.2 |
) |
|
|
(3.3 |
) |
Gain on sale of property and equipment, net |
|
|
0.3 |
|
|
|
0.1 |
|
|
|
0.2 |
|
|
|
0.7 |
|
|
|
0.6 |
|
|
|
0.1 |
|
Transaction costs |
|
|
(0.1 |
) |
|
|
— |
|
|
|
(0.1 |
) |
|
|
(2.0 |
) |
|
|
— |
|
|
|
(2.0 |
) |
Interest expense, net |
|
|
(0.6 |
) |
|
|
(0.4 |
) |
|
|
(0.2 |
) |
|
|
(1.5 |
) |
|
|
(0.6 |
) |
|
|
(0.9 |
) |
Depreciation and amortization |
|
|
(7.0 |
) |
|
|
(7.6 |
) |
|
|
0.6 |
|
|
|
(27.9 |
) |
|
|
(30.2 |
) |
|
|
2.3 |
|
Income tax (provision) benefit |
|
|
(4.2 |
) |
|
|
2.1 |
|
|
|
(6.3 |
) |
|
|
(5.0 |
) |
|
|
2.1 |
|
|
|
(7.1 |
) |
(Elimination) recapture of intercompany profit |
|
|
(0.7 |
) |
|
|
(0.2 |
) |
|
|
(0.5 |
) |
|
|
(0.7 |
) |
|
|
0.4 |
|
|
|
(1.1 |
) |
Net loss (income) attributable to noncontrolling interest |
|
|
0.3 |
|
|
|
(0.1 |
) |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
(0.1 |
) |
|
|
0.6 |
|
Net (loss) income attributable to controlling interest |
|
$ |
(1.0 |
) |
|
$ |
(10.0 |
) |
|
$ |
9.0 |
|
|
$ |
(0.1 |
) |
|
$ |
15.8 |
|
|
$ |
(15.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors related to the overstatement of work-in-process
inventory and an overstatement of "Net sales" as a result of
over-time revenue recognition calculation errors, the combination
of which resulted in a net change in "Cost of sales". These errors
caused the overstatement of "Net sales" by $1.2 million and $1.7
million in the three month period and year ended December 31, 2021,
respectively, and the overstatement of $0.1 million and
understatement of $1.0 million in "Cost of sales" in the three
month period and year ended December 31, 2021, respectively. In
addition, certain reclassifications have been made to the prior
period financial information to conform to the presentation used in
the financial statements for the year ended December 31, 2022. |
Astec Industries
Inc.Condensed Consolidated Balance
Sheets(In millions; unaudited)
|
December 31, 2022 |
|
December 31, 2021 (a) |
Assets |
|
|
|
Current assets: |
|
|
|
Cash, cash equivalents and restricted cash |
$ |
66.0 |
|
$ |
134.4 |
Investments |
|
3.9 |
|
|
8.6 |
Trade receivables and contract assets, net |
|
167.1 |
|
|
141.7 |
Inventories, net |
|
393.4 |
|
|
298.7 |
Other current assets, net |
|
66.0 |
|
|
52.6 |
Total current assets |
|
696.4 |
|
|
636.0 |
Property, plant and equipment, net |
|
173.6 |
|
|
171.7 |
Other long-term assets |
|
144.4 |
|
|
98.1 |
Total assets |
$ |
1,014.4 |
|
$ |
905.8 |
|
|
|
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
107.2 |
|
$ |
82.2 |
Customer deposits |
|
69.5 |
|
|
60.2 |
Other current liabilities |
|
97.3 |
|
|
80.9 |
Total current liabilities |
|
274.0 |
|
|
223.3 |
Long-term debt |
|
78.1 |
|
|
0.2 |
Other long-term liabilities |
|
35.4 |
|
|
31.0 |
Total equity |
|
626.9 |
|
|
651.3 |
Total liabilities and equity |
$ |
1,014.4 |
|
$ |
905.8 |
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors related to the overstatement of contract assets
of $2.4 million, work-in-process inventory of $4.3 million,
accounts payable of $1.3 million, other current liabilities of $0.7
million, equity of $3.5 million and the understatement of other
current assets of $1.0 million and other long-term assets of $0.2
million. |
Astec Industries Inc.
Condensed Consolidated Statements of Cash Flows
(In millions; unaudited)
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 (a) |
Cash flows from operating activities: |
|
|
|
Net (loss) income |
$ |
(0.6 |
) |
|
$ |
15.9 |
|
Adjustments to reconcile net (loss) income to net cash (used in)
provided by operating activities: |
|
|
|
Depreciation and amortization |
|
27.9 |
|
|
|
30.2 |
|
Provision for credit losses |
|
1.2 |
|
|
|
1.4 |
|
Provision for warranties |
|
12.6 |
|
|
|
10.9 |
|
Deferred compensation (benefit) expense |
|
(0.9 |
) |
|
|
0.5 |
|
Share-based compensation |
|
6.8 |
|
|
|
6.0 |
|
Deferred tax benefit |
|
(17.1 |
) |
|
|
(1.3 |
) |
Gain on disposition of property and equipment |
|
(0.7 |
) |
|
|
(0.6 |
) |
Non-cash curtailment and settlement loss (gain) on pension and
postretirement benefits, net |
|
— |
|
|
|
3.2 |
|
Asset impairment charges, net |
|
3.5 |
|
|
|
0.2 |
|
Distributions to deferred compensation programs' participants |
|
(1.0 |
) |
|
|
(2.5 |
) |
Change in operating assets and liabilities, excluding the effects
of acquisitions: |
|
|
|
Sale (purchase) of trading securities, net |
|
0.7 |
|
|
|
(3.1 |
) |
Receivables and other contract assets |
|
(28.0 |
) |
|
|
(28.4 |
) |
Inventories |
|
(96.4 |
) |
|
|
(51.5 |
) |
Prepaid expenses |
|
(2.8 |
) |
|
|
(6.2 |
) |
Other assets |
|
(16.2 |
) |
|
|
1.5 |
|
Accounts payable |
|
25.5 |
|
|
|
29.5 |
|
Accrued retirement benefit costs |
|
— |
|
|
|
(0.1 |
) |
Accrued loss reserves |
|
(0.1 |
) |
|
|
(1.3 |
) |
Accrued employee related liabilities |
|
4.3 |
|
|
|
10.0 |
|
Other accrued liabilities |
|
2.6 |
|
|
|
(8.4 |
) |
Accrued product warranty |
|
(11.1 |
) |
|
|
(10.7 |
) |
Customer deposits |
|
9.9 |
|
|
|
26.5 |
|
Income taxes payable/prepaid |
|
6.0 |
|
|
|
(14.3 |
) |
Net cash (used in) provided by operating activities |
|
(73.9 |
) |
|
|
7.4 |
|
Cash flows from investing activities: |
|
|
|
Acquisitions, net of cash acquired |
|
(17.8 |
) |
|
|
0.1 |
|
Price adjustment on prior sale of subsidiary |
|
— |
|
|
|
(1.1 |
) |
Expenditures for property and equipment |
|
(40.7 |
) |
|
|
(20.1 |
) |
Proceeds from sale of property and equipment |
|
5.7 |
|
|
|
1.9 |
|
Purchase of investments |
|
(1.0 |
) |
|
|
(1.0 |
) |
Sale of investments |
|
0.6 |
|
|
|
1.8 |
|
Net cash used in investing activities |
|
(53.2 |
) |
|
|
(18.4 |
) |
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors and reclassifications have been made to conform
to the presentation used in the financial statements for the year
ended December 31, 2022 as reflected within the Condensed
Consolidated Statements of Operations and Condensed Consolidated
Balance Sheets presented within this News Release. |
(Continued)
Astec Industries Inc.
Condensed Consolidated Statements of Cash Flows
(Continued)(In millions; unaudited)
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from financing activities: |
|
|
|
Payment of dividends |
|
(11.2 |
) |
|
|
(10.2 |
) |
Proceeds from borrowings on credit facilities and bank loans |
|
223.0 |
|
|
|
7.2 |
|
Repayments of borrowings on credit facilities and bank loans |
|
(138.5 |
) |
|
|
(6.2 |
) |
Payment of debt issuance costs |
|
(1.5 |
) |
|
|
— |
|
Sale of Company stock by deferred compensation programs, net |
|
0.2 |
|
|
|
0.6 |
|
Withholding tax paid upon vesting of share-based compensation
awards |
|
(1.8 |
) |
|
|
(3.5 |
) |
Repurchase of Company stock |
|
(10.1 |
) |
|
|
— |
|
Net cash provided by (used in) financing activities |
|
60.1 |
|
|
|
(12.1 |
) |
Effect of exchange rates on cash |
|
(1.4 |
) |
|
|
(1.1 |
) |
Decrease in cash and cash equivalents and restricted cash |
|
(68.4 |
) |
|
|
(24.2 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
134.4 |
|
|
|
158.6 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
66.0 |
|
|
$ |
134.4 |
|
Appendix
The following tables present selected line items
from the Consolidated Statements of Operations and segment
information for the respective periods identified.
4Q 2022 GAAP to Non-GAAP Reconciliation Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment, and Other Charges,
Net |
|
Transformation Program |
|
Transaction Costs |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
349.9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
349.9 |
|
Gross profit |
|
71.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
71.0 |
|
Gross profit % |
|
20.3 |
% |
|
|
|
|
|
|
|
|
20.3 |
% |
Selling, general and
administrative expenses |
|
54.7 |
|
|
|
— |
|
|
|
(6.8 |
) |
|
|
(0.1 |
) |
|
|
47.8 |
|
Restructuring, impairment and
other asset charges, net |
|
4.5 |
|
|
|
(4.5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating income (loss) |
|
3.3 |
|
|
|
4.5 |
|
|
|
6.8 |
|
|
|
0.1 |
|
|
|
14.7 |
|
Income taxes |
|
4.2 |
|
|
|
1.0 |
|
|
|
1.5 |
|
|
|
0.1 |
|
|
|
6.8 |
|
Net (loss) income attributable
to controlling interest |
|
(1.0 |
) |
|
|
3.5 |
|
|
|
5.3 |
|
|
|
— |
|
|
|
7.8 |
|
Diluted EPS |
|
(0.04 |
) |
|
|
0.15 |
|
|
|
0.23 |
|
|
|
— |
|
|
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
Infrastructure
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
238.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
238.4 |
|
Gross profit |
|
48.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
48.2 |
|
Gross profit % |
|
20.2 |
% |
|
|
|
|
|
|
|
|
20.2 |
% |
|
|
|
|
|
|
|
|
|
|
Materials
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
109.8 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
109.8 |
|
Gross profit |
|
21.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21.7 |
|
Gross profit % |
|
19.8 |
% |
|
|
|
|
|
|
|
|
19.8 |
% |
4Q 2021 (a) GAAP to Non-GAAP Reconciliation
Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment, and Other Charges,
Net |
|
Transformation Program |
|
Pension and OPEB Loss, net |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
266.6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
266.6 |
|
Gross profit |
|
53.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
53.3 |
|
Gross profit % |
|
20.0 |
% |
|
|
|
|
|
|
|
|
20.0 |
% |
Selling, general and
administrative expenses |
|
52.3 |
|
|
|
— |
|
|
|
(5.7 |
) |
|
|
— |
|
|
46.6 |
|
Restructuring, impairment and
other asset charges, net |
|
0.7 |
|
|
|
(0.7 |
) |
|
|
— |
|
|
|
|
|
— |
|
Operating (loss) |
|
(6.2 |
) |
|
|
0.7 |
|
|
|
5.7 |
|
|
|
— |
|
|
0.2 |
|
Other (expenses), net of
income |
|
(5.3 |
) |
|
|
— |
|
|
|
— |
|
|
|
4.7 |
|
|
(0.6 |
) |
Income taxes |
|
(2.1 |
) |
|
|
0.1 |
|
|
|
1.3 |
|
|
|
1.1 |
|
|
0.4 |
|
Net (loss) attributable to
controlling interest |
|
(10.0 |
) |
|
|
0.6 |
|
|
|
4.4 |
|
|
|
3.6 |
|
|
(1.4 |
) |
Diluted EPS |
|
(0.44 |
) |
|
|
0.03 |
|
|
|
0.19 |
|
|
|
0.16 |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
Infrastructure
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
187.6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
187.6 |
|
Gross profit |
|
35.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
35.9 |
|
Gross profit % |
|
19.1 |
% |
|
|
|
|
|
|
|
|
19.1 |
% |
|
|
|
|
|
|
|
|
|
|
Materials
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
79.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
79.0 |
|
Gross profit |
|
16.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
16.0 |
|
Gross profit % |
|
20.3 |
% |
|
|
|
|
|
|
|
|
20.3 |
% |
|
|
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors and reclassifications have been made to conform
to the presentation used in the financial statements for the year
ended December 31, 2022 as reflected within the Condensed
Consolidated Statements of Operations presented within this News
Release. |
FY2022 (a) GAAP to Non-GAAP Reconciliation
Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment, and Other Charges,
Net |
|
Transformation Program |
|
Transaction Costs |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,274.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,274.5 |
|
Gross profit |
|
264.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
264.1 |
|
Gross profit % |
|
20.7 |
% |
|
|
|
|
|
|
|
|
20.7 |
% |
Selling, general and
administrative expenses |
|
216.1 |
|
|
|
— |
|
|
|
(25.5 |
) |
|
|
(2.0 |
) |
|
|
188.6 |
|
Restructuring, impairment and
other asset charges, net |
|
9.0 |
|
|
|
(9.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating income |
|
7.5 |
|
|
|
9.0 |
|
|
|
25.5 |
|
|
|
2.0 |
|
|
|
44.0 |
|
Income taxes |
|
5.0 |
|
|
|
2.0 |
|
|
|
5.9 |
|
|
|
0.5 |
|
|
|
13.4 |
|
Net (loss) income attributable
to controlling interest |
|
(0.1 |
) |
|
|
7.0 |
|
|
|
19.6 |
|
|
|
1.5 |
|
|
|
28.0 |
|
Diluted EPS |
|
— |
|
|
|
0.30 |
|
|
|
0.86 |
|
|
|
0.07 |
|
|
|
1.23 |
|
|
|
|
|
|
|
|
|
|
|
Infrastructure
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
847.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
847.4 |
|
Gross profit |
|
170.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
170.1 |
|
Gross profit % |
|
20.1 |
% |
|
|
|
|
|
|
|
|
20.1 |
% |
|
|
|
|
|
|
|
|
|
|
Materials
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
422.7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
422.7 |
|
Gross profit |
|
92.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
92.1 |
|
Gross profit % |
|
21.8 |
% |
|
|
|
|
|
|
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
(a) Certain amounts have been reclassified to conform to the
presentation used in the financial statements for the year ended
December 31, 2022 as reflected within the Condensed Consolidated
Statements of Operations presented within this News Release. |
FY2021 (a) GAAP to Non-GAAP Reconciliation
Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment, and Other Charges,
Net |
|
Transformation Program |
|
Pension and OPEB Loss, net |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,095.5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
$ |
1,095.5 |
|
Gross profit |
|
249.5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
249.5 |
|
Gross profit % |
|
22.8 |
% |
|
|
|
|
|
|
|
|
22.8 |
% |
Selling, general and
administrative expenses |
|
200.6 |
|
|
|
— |
|
|
|
(13.4 |
) |
|
|
— |
|
|
187.2 |
|
Restructuring, impairment and
other asset charges, net |
|
2.5 |
|
|
|
(2.5 |
) |
|
|
— |
|
|
|
|
|
— |
|
Operating income |
|
19.9 |
|
|
|
2.5 |
|
|
|
13.4 |
|
|
|
— |
|
|
35.8 |
|
Other (expenses), net of
income |
|
(5.0 |
) |
|
|
— |
|
|
|
— |
|
|
|
4.7 |
|
|
(0.3 |
) |
Income taxes |
|
(2.1 |
) |
|
|
0.5 |
|
|
|
3.1 |
|
|
|
1.1 |
|
|
2.6 |
|
Net (loss) income attributable
to controlling interest |
|
15.8 |
|
|
|
2.0 |
|
|
|
10.3 |
|
|
|
3.6 |
|
|
31.7 |
|
Diluted EPS |
|
0.69 |
|
|
|
0.09 |
|
|
|
0.45 |
|
|
|
0.15 |
|
|
1.38 |
|
|
|
|
|
|
|
|
|
|
|
Infrastructure
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
743.4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
743.4 |
|
Gross profit |
|
162.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
162.2 |
|
Gross profit % |
|
21.8 |
% |
|
|
|
|
|
|
|
|
21.8 |
% |
|
|
|
|
|
|
|
|
|
|
Materials
Solutions |
|
|
|
|
|
|
|
|
|
Net sales |
|
352.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
352.1 |
|
Gross profit |
|
85.9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
85.9 |
|
Gross profit % |
|
24.4 |
% |
|
|
|
|
|
|
|
|
24.4 |
% |
|
|
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors and reclassifications have been made to conform
to the presentation used in the financial statements for the year
ended December 31, 2022 as reflected within the Condensed
Consolidated Statements of Operations presented within this News
Release. |
Astec Industries
Inc.GAAP vs Non-GAAP Adjusted EPS
Reconciliations(In millions, except per share
amounts; unaudited)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 (a) |
|
|
2022 |
|
|
2021 (a) |
Net (loss) income attributable to controlling interest |
$ |
(1.0 |
) |
|
$ |
(10.0 |
) |
|
$ |
(0.1 |
) |
|
$ |
15.8 |
|
Adjustments: |
|
|
|
|
|
|
|
Transformation program |
|
6.8 |
|
|
|
5.7 |
|
|
|
25.5 |
|
|
|
13.4 |
|
Curtailment and settlement loss on pension and postretirement
benefits, net |
|
— |
|
|
|
4.7 |
|
|
|
— |
|
|
|
4.7 |
|
Restructuring and other related charges |
|
4.7 |
|
|
|
0.8 |
|
|
|
6.2 |
|
|
|
2.9 |
|
Asset impairment |
|
0.1 |
|
|
|
— |
|
|
|
3.5 |
|
|
|
0.2 |
|
Gain on sale of property and equipment, net |
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(0.6 |
) |
Transaction costs |
|
0.1 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
Income tax impact of adjustments |
|
(2.6 |
) |
|
|
(2.5 |
) |
|
|
(8.4 |
) |
|
|
(4.7 |
) |
Adjusted net income (loss) attributable to controlling
interest |
$ |
7.8 |
|
|
$ |
(1.4 |
) |
|
$ |
28.0 |
|
|
$ |
31.7 |
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
(0.04 |
) |
|
$ |
(0.44 |
) |
|
$ |
— |
|
|
$ |
0.69 |
|
Adjustments: |
|
|
|
|
|
|
|
Transformation program |
|
0.30 |
|
|
|
0.25 |
|
|
|
1.12 |
|
|
|
0.58 |
|
Curtailment and settlement loss on pension and postretirement
benefits, net |
|
— |
|
|
|
0.21 |
|
|
|
— |
|
|
|
0.20 |
|
Restructuring related charges (b) |
|
0.20 |
|
|
|
0.03 |
|
|
|
0.27 |
|
|
|
0.13 |
|
Asset impairment |
|
— |
|
|
|
— |
|
|
|
0.15 |
|
|
|
0.01 |
|
Gain on sale of property and equipment, net |
|
(0.01 |
) |
|
|
— |
|
|
|
(0.03 |
) |
|
|
(0.03 |
) |
Transaction costs |
|
— |
|
|
|
— |
|
|
|
0.09 |
|
|
|
— |
|
Income tax impact of adjustments |
|
(0.11 |
) |
|
|
(0.11 |
) |
|
|
(0.37 |
) |
|
|
(0.20 |
) |
Adjusted EPS |
$ |
0.34 |
|
|
$ |
(0.06 |
) |
|
$ |
1.23 |
|
|
$ |
1.38 |
|
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors as reflected within the Condensed Consolidated
Statements of Operations presented within this News Release. |
|
|
|
|
|
|
|
|
(b) Calculation includes the impact of a rounding adjustment |
Astec Industries
Inc.EBITDA and Adjusted EBITDA
Reconciliations(In millions;
unaudited)
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2022 |
|
|
2021 (a) |
|
|
2022 |
|
|
2021 (a) |
Net sales |
$ |
349.9 |
|
|
$ |
266.6 |
|
|
$ |
1,274.5 |
|
|
$ |
1,095.5 |
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to controlling interest |
$ |
(1.0 |
) |
|
$ |
(10.0 |
) |
|
$ |
(0.1 |
) |
|
$ |
15.8 |
|
Interest expense, net |
|
0.6 |
|
|
|
0.4 |
|
|
|
1.5 |
|
|
|
0.6 |
|
Depreciation and amortization |
|
7.0 |
|
|
|
7.6 |
|
|
|
27.9 |
|
|
|
30.2 |
|
Income tax provision (benefit) |
|
4.2 |
|
|
|
(2.1 |
) |
|
|
5.0 |
|
|
|
(2.1 |
) |
EBITDA |
|
10.8 |
|
|
|
(4.1 |
) |
|
|
34.3 |
|
|
|
44.5 |
|
EBITDA margin |
|
3.1 |
% |
|
|
(1.5 |
)% |
|
|
2.7 |
% |
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Transformation program |
|
6.8 |
|
|
|
5.7 |
|
|
|
25.5 |
|
|
|
13.4 |
|
Curtailment and settlement loss on pension and postretirement
benefits, net |
|
— |
|
|
|
4.7 |
|
|
|
— |
|
|
|
4.7 |
|
Restructuring and other related charges |
|
4.7 |
|
|
|
0.8 |
|
|
|
6.2 |
|
|
|
2.9 |
|
Asset impairment |
|
0.1 |
|
|
|
— |
|
|
|
3.5 |
|
|
|
0.2 |
|
Gain on sale of property and equipment, net |
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
|
|
(0.6 |
) |
Transaction costs |
|
0.1 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
22.2 |
|
|
$ |
7.0 |
|
|
$ |
70.8 |
|
|
$ |
65.1 |
|
Adjusted EBITDA margin |
|
6.3 |
% |
|
|
2.6 |
% |
|
|
5.6 |
% |
|
|
5.9 |
% |
|
|
|
|
|
|
|
|
(a) Certain prior period amounts have been revised to correct
immaterial errors as reflected within the Condensed Consolidated
Statements of Operations presented within this News Release. |
Astec Industries (NASDAQ:ASTE)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Astec Industries (NASDAQ:ASTE)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024