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Astec Inds Inc Down 12.36% To $42.91 After Earnings

Tuesday, August 02, 2022 01:51 PM | InvestorsObserver Analysts
Astec Inds Inc Down 12.36% To $42.91 After Earnings

Astec Inds Inc (ASTE) said before open Tuesday that it earned $0.19 per share in quarter two 2022. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $318.2 million, beating estimates by $9.5 million.

In the same quarter a year ago, the company earned $0.46 per share on revenue of $278 million.

The stock is down 12.36% to $42.91 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Astec Inds Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 90, putting Astec Inds Inc in the top 25% of stocks. The firm set a 52-week low on April 27, 2022 at $36.31 and set a 52-week high on November 9, 2021 at $75.

Astec Industries Inc designs and manufactures equipment and components used primarily in road construction and other development activities. Its products are used through the entire process of building roads, from mining and crushing materials to creating the road surface. The company manufactures a line of plants, pavers, vehicles, and machines to mix and transform materials into construction components. It has two operating segments: infrastructure solutions (the largest in terms of revenue) and materials solutions. The majority of sales are derived from the United States. Its customers are asphalt producers, highway and heavy equipment contractors, ready mix concrete producers, demolition recycling markets, sand and gravel producers, open mine operators, quarry operators, and others.

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