Astec Industries: 2Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ Astec Industries Inc. (ASTE) on Tuesday reported a second-quarter loss of $40.7 million, after reporting a profit in the same period a year earlier.
The Chattanooga, Tennessee-based company said it had a loss of $1.76 per share. Earnings, adjusted for non-recurring costs, came to $1.03 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.
The maker of equipment for building, paving and mining posted revenue of $272.5 million in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $330.8 million.
Astec Industries shares have climbed nearly 4 percent since the beginning of the year. The stock has increased roughly 10 percent in the last 12 months.