Astec's (ASTE) Earnings And Revenues Lag Estimates In Q1
Zacks Investment Research | Apr 28, 2019 09:08PM ET
Astec Industries, Inc. (NASDAQ:ASTE) reported first-quarter 2019 earnings per share of 63 cents, missing the Zacks Consensus Estimate of 82 cents. Further, the figure was down 28% from the prior-year quarter. Astec’s segments experienced pricing pressure from competitors in a tighter market and temporary weather related shutdowns at seven of the company’s subsidiaries, which impacted its ability to build and ship equipment. This in turn affected the company’s top and bottom line in the reported quarter.
Astec reported adjusted revenues of $326 million in the quarter, up 0.1% from the year-ago quarter. The top line lagged the Zacks Consensus Estimate of $339 million. The company’s domestic sales decreased 2.7% year over year to $263 million. International sales increased 14% year over year to $63 million.
Cost of sales inched up 0.7% year over year to $249 million. Gross profit came in at $77 million, down 2% from the year-ago quarter. Gross margin contracted 50 basis points to 23.5%. Lower-than-expected volumes impacted gross margin.
Astec Industries, Inc. Price, Consensus and EPS Surprise
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