Astec Industries Q2 Profit Down

(RTTNews) - Specialized equipment manufacturer Astec Industries, Inc. (ASTE) on Wednesday recorded lower profit in the second quarter, hit by higher operating expenses. Revenues were up, but came in below the Street expectations.

The company posted net income of $9.0 million or $0.39 per share in the quarter, lower than $9.3 million or $0.41 per share in the same period last year.

Excluding items, income came in at $11.2 million or $0.49 per share, compared to $15.2 million or $0.67 per share in the year-ago quarter.

On average, 4 analysts polled by Thomson Reuters expected the company to post earnings of $0.5 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

Revenues for the three-month period rose 5 percent to $278.0 million from $265.3 million in the second quarter of 2020, while analysts were looking for revenues of $299.6 million in the quarter.