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CHATTANOOGA, Tenn., July 23 /PRNewswire-FirstCall/ -- Astec Industries, Inc. (Nasdaq: ASTE) today reported results for their second quarter ended June 30, 2007.
Net income for the second quarter of 2007 was $0.83 per diluted share compared to $0.56 per diluted share for the second quarter of 2006 for a 48.2% increase.
Revenues for the second quarter of 2007 were $226.4 million compared with $191.3 million for the second quarter of 2006 for an 18.3% increase. Domestic sales accounted for $156.6 million during the second quarter of 2007 compared to $137.8 million during the second quarter of 2006. International sales accounted for $69.8 million of revenues during the second quarter of 2007 compared to $53.5 million during the second quarter of 2006. The Company reported net income of $18.5 million for the second quarter of 2007 compared to net income of $12.4 million for the second quarter of 2006 for an increase of 49.2%. The Company's backlog at June 30, 2007 was $228.9 million compared to $121.7 million at June 30, 2006 for an 88.1% increase.
Consolidated financial statements for the second quarter ended June 30, 2007 and additional information related to segment revenues and profits are attached as addenda to this press release.
Commenting on the announcement, Dr. J. Don Brock, Chairman and Chief Executive Officer, stated, "We are pleased with the second quarter gross margins of 26.0%, S,G,A&E expenses declining to 13.4% of sales and net income increasing 49.2% for the second quarter of 2007. The initiatives implemented by the Company to increase gross margins resulted in a 120 basis point improvement in the second quarter of 2007 compared to the second quarter of 2006. We will continue to focus on these initiatives and will monitor inflation closely and take the necessary actions to maintain or improve margins."
"We believe that our increase in sales reflects a strong economy, an overwhelming need for road improvements resulting in state initiatives to increase funding, market acceptance of new products, improving market share, increasing sales of recycling equipment and strong international sales. The international demand has steadily increased throughout 2007 which should be indicative of strong international sales for the third and fourth quarter of 2007 compared to 2006."
To download the complete Q2 results, click here. (PDF file)
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