Astec Industries’ net sales for the 2Q 2019 were $304.8 million compared to $272.5 million for the 2Q 2018, an 11.8% increase, as the company said in the press release received by Lesprom Network.
Net income for the 2Q 2019 was $23.4 million or $1.03 per diluted share, compared to a net loss of $40.7 million or $1.76 per diluted share for the 2Q 2018.
Net sales for the first half of 2019 were $630.6 million compared to $598 million for the first half of 2018, an increase of 5.5%.
Net income for the first half of 2019 was $37.7 million or $1.66 per diluted share, compared to a net loss of $20.4 million or $0.89 per diluted share for the first half of 2018.
The following financial information for the second quarter and first half of 2019 and 2018 excludes all of the impact of wood pellet plant activity on the Company’s results during those periods. International sales were not impacted by wood pellet plant activity in any period.
Commenting on the quarterly results, Richard Dorris, Interim CEO, stated, “We are pleased the sale of the Hazlehurst, Georgia wood pellet plant completely ended our involvement in the wood pellet plant business. Our EPS, less the payment received for the wood pellet plant, however, was $0.36 and below our expectations. The lower than expected earnings are a result of lower than projected volume and under absorption of production costs.”
Astec Industries, Inc. is a manufacturer of specialized equipment for asphalt road building; aggregate processing; diversified industrial applications and concrete production.
