Road building equipment maker Astec's Q2 sales miss estimates, adjusted EPS beats

Reuters
08/06
Road building equipment maker Astec's <a href="https://laohu8.com/S/QTWO">Q2</a> sales miss estimates, adjusted EPS beats

Overview

  • Astec Q2 net sales fall 4.4% yr/yr, missing analyst expectations

  • Adjusted EPS for Q2 beats consensus, reflecting improved operational efficiency

  • Co completes acquisition of TerraSource, expected to boost future earnings

Outlook

  • Astec updates full-year adjusted EBITDA guidance to $123 mln-$142 mln

  • Company expects TerraSource to contribute $13 mln-$17 mln in H2 adjusted EBITDA

Result Drivers

  • INFRASTRUCTURE CHALLENGES - Net sales in Infrastructure Solutions fell 7.6% due to weak demand for mobile paving and forestry equipment

  • OPERATIONAL EFFICIENCIES - Co attributes growth in adjusted EBITDA and EPS to enhanced manufacturing and procurement efficiencies

  • TERRASOURCE ACQUISITION - Acquisition completed, expected to boost earnings with strong aftermarket parts revenue

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 Sales

Miss

$330.30 mln

$354.20 mln (2 Analysts)

Q2 Adjusted EPS

Beat

$0.88

$0.56 (2 Analysts)

Q2 Adjusted EBITDA

$29 mln

Q2 Adjusted EBITDA Margin

8.8%

Q2 Adjusted Operating margin

7.9%

Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the heavy machinery & vehicles peer group is "buy"

  • Wall Street's median 12-month price target for Astec Industries Inc is $43.00, about 6.1% above its August 5 closing price of $40.39

  • The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 14 three months ago

Press Release: ID:nGNX5LH7RP

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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