Astec Industries Slips To Loss In Q2

(RTTNews) - Astec Industries Inc. (ASTE) reported that its net loss for the second quarter of 2018 was $40.7 million or $1.76 per share, compared to earnings of $14.4 million or $0.62 per share for the second quarter of 2017.

Net sales for the second quarter of 2018 were $272.5 million compared to $301.9 million for the second quarter of 2017, a 9.7% decrease. Domestic sales decreased 14.1% to $203.4 million for the second quarter of 2018 from $236.9 million for the second quarter of 2017. International sales increased 6.4% to $69.1 million for the second quarter of 2018 from $65.0 million for the second quarter of 2017.

Excluding all of the impact of wood pellet plant activity on the Company's results during those periods, including the charge related to exiting the Highland contract, Net sales for the second quarter of 2018 were $347.0 million compared to $297.8 million for the second quarter of 2017, an increase of $49.2 million or 16.5%. Domestic sales increased 19.4% to $277.9 million for the second quarter of 2018 from $232.8 million for the second quarter of 2017.

Excluding all of the impact of wood pellet plant activity on the Company's results, Earnings for the second quarter of 2018 were $24.0 million or $1.03 per share, compared to $17.7 million or $0.76 per share for the second quarter of 2017.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share and revenues of $332.64 million for the quarter.