Astec Industries Grows 19 Percent in First Quarter
- Published: Tuesday, 26 April 2011 15:55
Astec Industries has released its first quarter 2011 report. Revenues for the first quarter of 2011 were $230.2 million compared with $193.5 million for the first quarter of 2010, a 19 percent increase. Domestic sales grew 13.9 percent compared to the first quarter of 2010 and international sales grew 29.2 percent compared to the first quarter of 2010.
Domestic sales accounted for 64.1 percent and international sales for 35.9 percent of revenues during the first quarter of 2011 compared to 66.9 percent for domestic sales and 33.1 percent for international sales during the first quarter of 2010. The company reported net income attributable to controlling interest of $10.1 million for the first quarter of 2011 compared to $8.8 million for the first quarter of 2010, for an increase of 14.8 percent. Earnings for the first quarter of 2011 were $0.44 per diluted share compared to $0.39 per diluted share for the first quarter of 2010, for a 12.8 percent increase.
The company's backlog at March 31, 2011, was $244.8 million compared to $134.8 million at March 31, 2010, for an 81.6 percent increase. Domestic backlog increased 55.1 percent and international backlog increased 117.3 percent.
Commenting on the announcement, Dr. J. Don Brock, chairman and chief executive officer, stated, "We were pleased with the results of the first quarter. During this first quarter, we participated in the ConExpo-Con/Agg show, which is held once every three years. While we incurred $2.7 million of selling expenses associated with ConExpo-Con/Agg, we were particularly pleased with the attendance and attitudes of our customers at ConExpo-Con/Agg. Although we continue to face uncertainty in our domestic markets, the international markets continue to be very strong."
Dr. Brock continued, "We ended our first quarter with a strong backlog and look forward to a strong second quarter. Because of the Federal budget crisis, we do not expect Congress to pass a very robust highway bill. We are adopting strategies to grow internationally, serve other expanding markets, and succeed without the support of a federal highway bill."