Astec Industries, Inc. (Nasdaq: ASTE) announced today its financial
results for the fourth quarter and full year of 2020.
Fourth quarter of 2020 net sales of $238.9
million decreased 15.6% compared to $283.2 million for the fourth
quarter of 2019. Domestic sales decreased $29.3 million or 14.0%
and international sales decreased $15.0 million or 20.4% due mainly
to COVID-19 related business disruptions in the fourth quarter
versus last year.
Backlog as of December 31, 2020 of $360.5
million increased $96.8 million, or 36.7% compared to the backlog
of $263.7 million a year ago. Domestic backlog increased by 44.3%
to $280.6 million while international backlog increased by 15.4% to
$79.9 million.
During the fourth quarter of 2020, the Company
generated a net gain on the sale of property, equipment and
business of $5.5 million which was partially offset by actions
associated with the Company’s efforts to simplify the organization,
whereby it incurred a net $2.3 million of charges for facility
closures, reductions in force and asset impairment. These
adjustments, net of tax, resulted in an $0.11 per share impact to
Adjusted EPS in the fourth quarter of 2020.
Operating profit of $17.9 million in the fourth
quarter of 2020 increased 166.5% compared to operating loss of
$26.9 million in the fourth quarter 2019. Fourth quarter of 2020
adjusted operating income of $15.7 million, increased 109.3%
compared to $7.5 million a year ago. Adjusted operating margin of
6.6% increased 400 basis points from 2.6% in fourth quarter 2019 as
operational efficiencies outpaced a decline in sales. SG&A
expenses decreased $11.3 million or 21.5% on a dollar basis driven
by reductions in consulting fees, travel and employee expenses. In
the fourth quarter of 2019, an inventory write-down of
$32.6 million was recorded based on an assessment of the age,
quantities on hand, market acceptance of equipment, our exit of the
Enid oil and gas drilling product lines and other related factors,
which resulted in required increases to our inventory net
realizable value reserves.
Net income of $15.4 million increased 183.7%
compared to the prior year quarter, while diluted EPS increased to
$0.67, or 182.7%. Excluding restructuring and other net charges
mentioned above, adjusted net income of $12.8 million increased
56.1% compared to the prior year period, while Adjusted EPS of
$0.56 increased 55.6% compared to $0.36 for fourth quarter of
2019.
Adjusted EBITDA of $23.3 million increased 68.8%
compared to $13.8 million a year ago. Adjusted EBITDA margin of
9.8% increased 490 basis points from 4.9% in fourth quarter of
2019.
"Our fourth quarter 2020 results demonstrate a
strong finish to the year as our margins expanded during the
quarter, despite a decrease in net sales. The margin improvement is
a direct result of the initiatives that began in 2019 and
accelerated in 2020 related to our strategic transformation. We
continued to improve and gain traction with our operational
excellence and strategic procurement initiatives," said Barry
Ruffalo, CEO of Astec. "During the quarter, we continued to execute
against our strategic initiatives to Simplify, Focus and Grow the
business. Under Focus, we continue to build and leverage our
OneASTEC platforms, which create a strong foundation for growth.
Under Grow, we completed the acquisition of Grathwol automation and
brought in an experienced Vice President of Product Management for
our Controls and Automation platforms. We remain focused on
providing our customers industry-leading technology solutions that
provide value and support our Rock to Road initiatives, which
continue to gain traction."
Full Year 2020 Results
Net sales for 2020 were $1.0 billion, or down
12.4% when compared to 2019. Adjusted net sales, which reflects a
$20.0 million adjustment in 2019 for the sale of a wood pellet
plant, decreased 10.9%. Domestic sales decreased $91.5 million or
10.1% and international sales decreased $53.7 million or 20.6%.
In relation to the Company’s efforts to simplify
the organization, a net $13.8 million pre-tax restructuring charge
was incurred, or $0.60 per share. This charge was primarily related
to the four completed and one announced facility closures in 2020
and January 2021 as well as the associated reduction in labor and
inventory adjustments. In addition, the Company recorded a net $3.4
million gain on the sale of property, equipment and business
partially offset by asset impairments. These adjustments, net of
tax, resulted in a $0.33 per share increase to Adjusted EPS in
2020.
Operating income of $43.0 million increased
71.3% compared to $25.1 million in 2019. Adjusted operating income
of $55.5 million, increased 35.7% compared to $40.9 million in
2019. Adjusted operating margin of 5.4% increased 180 basis points
from 3.6% in 2019 largely driven by our transformation initiatives
put in place in late 2019.
Net income was $46.9 million, or $2.05 per
diluted share, compared to $22.3 million, or $0.98 per diluted
share in 2019. Adjusted net income of $54.5 million increased 54.8%
compared to 2019. Adjusted EPS of $2.38 increased 53.5% compared to
$1.55 last year.
Adjusted EBITDA of $82.9 million increased 22.8%
compared to $67.5 million in 2019. Adjusted EBITDA margin of 8.1%
increased 220 basis points from 5.9% in 2019.
COVID-19 Business Continuity and
Operations Update
We continue to execute on COVID-19 measures in
order to ensure the health and well-being of our employees, their
families and communities in which we operate, while continuing to
serve our customers’ critical needs. Below is a COVID-related
update by category:
Balance Sheet and Liquidity
The Company remains focused on liquidity and
cash generation. We ended the quarter with a net cash position of
$158.6 million with total debt of $2.0 million. The Company has
available liquidity of $312.4 million as of December 31, 2020.
Operations
All of our facilities are operational and able
to meet current demand levels. We continue to manufacture our
products for building and maintaining the infrastructure used to
move goods to market, facilitate the transportation needs of
communities and for public health and safety.
Supply Chain
We have not experienced interruption to our
supply chain and are able to source the necessary materials needed
to meet our customers’ needs. We are closely monitoring our supply
chain and are ready to take proactive actions as needed to mitigate
any potential disruptions. We have increased the frequency of
communications with our suppliers and customers to ensure business
continuity as well as anticipate and prepare for any new
developments.
Cost Management
We have implemented additional actions to help
mitigate the financial and operational impacts of COVID-19,
including reducing expenses and conserving cash. These actions
include:
- Overall headcount reduction of
approximately 8.5% since fourth quarter of 2019
- Discretionary spending
reductions
- Working capital management to
ensure efficient accounts receivable processing with our
customers
Mr. Ruffalo continued, “In the midst of the
economic challenges faced in 2020, the Astec team was exceptional
and made great progress with respect to our efforts to Simplify,
Focus and Grow the business. This year was a testament to our
dedication and ability to perform well throughout cycles as we
increased margins despite the decline in revenue. We have
significantly strengthened our foundation this year and are
well-positioned for future growth with a streamlined organizational
structure, a strong balance sheet and ample liquidity. I want to
thank the entire Astec team for their hard work and continued focus
on our core values to serve our customers, especially during a
challenging year. Looking ahead to 2021, we will continue to build
upon our positive momentum from 2020 and further transform our
business to become an even stronger and more resilient organization
with continued focus on operational and commercial excellence,
profitable growth and long-term stakeholder value creation.”
Investor Conference Call and Web
Simulcast
Astec will conduct a conference call and live
webcast today, March 1, 2021, at 10:00 A.M. Eastern Time, to
review its fourth quarter 2020 results as well as current business
conditions. The number to call for this interactive teleconference
is (877) 407-9210 (at least 10 minutes prior to the scheduled time
for the call). International callers should dial (201)
689-8049. You may also access a live webcast of the call by
visiting www.webcaster4.com/Webcast/Page/2146/39956. You
will need to give your name and company affiliation and reference
Astec Industries. An archived webcast will be available for 90 days
at www.astecindustries.com.
A replay of the conference call will be
available through March 15, 2021 by dialing (877) 481-4010 or (919)
882-2331 for international callers, Conference ID # 39956. A
transcript of the conference call will be made available under the
Investor Relations section of the Astec Industries, Inc. website
within five business days after the call.
About Astec
Astec, (www.astecindustries.com), is a
manufacturer of specialized equipment for asphalt road building,
aggregate processing and concrete production. Astec’s
manufacturing operations are divided into two primary business
segments: Infrastructure Solutions that includes road building,
asphalt and concrete plants, thermal and storage solutions; and
Materials Solutions that include our aggregate processing and
mining equipment.
Safe Harbor Statements under the Private Securities
Litigation Reform Act of 1995
This News Release contains forward-looking
statements within the meaning of the Securities Act of 1933, as
amended, the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995. Such statements
relate to, among other things, income, earnings, cash flows,
changes in operations, operating improvements, businesses in which
we operate and the United States and global economies. Statements
in News Release that are not historical are hereby identified as
“forward-looking statements” and may be indicated by words or
phrases such as "anticipates," "supports," "plans," "projects,"
"expects," "believes," "should," "would," "could," "hope,"
"forecast," "management is of the opinion," use of the future tense
and similar words or phrases. These forward-looking statements are
based largely on management's expectations, which are subject to a
number of known and unknown risks, uncertainties and other factors
discussed and described in our most recent Annual Report on Form
10-K, including those risks described in Part I, Item 1A. Risk
Factors thereof, and in other reports filed
subsequently by us with the Securities and Exchange Commission,
which may cause actual results, financial or otherwise, to be
materially different from those anticipated, expressed or implied
by the forward-looking statements. All forward-looking statements
included in this document are based on information available to us
on the date hereof, and we assume no obligation to update any such
forward-looking statements to reflect future events or
circumstances, except as required by law.
Non-GAAP Financial Measures
In an effort to provide investors with
additional information regarding the Company’s results, the Company
refers to various GAAP (U.S. generally accepted accounting
principles) and non-GAAP financial measures which management
believes provides useful information to investors. These non-GAAP
financial measures have no standardized meaning prescribed by U.S.
GAAP and therefore are unlikely to be comparable to the calculation
of similar measures for other companies. Management of the Company
does not intend these items to be considered in isolation or as a
substitute for the related GAAP measures. Nonetheless, this
non-GAAP information can be useful in understanding the Company's
operating results and the performance of its core business.
Management of the Company uses both GAAP and non-GAAP financial
measures to establish internal budgets and targets and to evaluate
the Company’s financial performance against such budgets and
targets. A reconciliation of these non-GAAP measures to the most
directly comparable GAAP measure is included in the appendix to
this News Release.
For Additional Information
Contact: Steve Anderson Senior Vice President of
Administration and Investor RelationsPhone: (423)
899-5898 Fax: (423)
899-4456 E-mail: sanderson@astecindustries.com
Astec Industries
Inc.Condensed Consolidated Statements of
Operations(In millions, except shares in thousands
and per share amounts; unaudited)
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net sales |
$ |
238.9 |
|
|
$ |
283.2 |
|
|
$ |
1,024.4 |
|
|
$ |
1,169.6 |
|
Cost of sales |
182.0 |
|
|
255.8 |
|
|
784.3 |
|
|
930.2 |
|
Gross profit |
56.9 |
|
|
27.4 |
|
|
240.1 |
|
|
239.4 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general, administrative and engineering |
41.2 |
|
|
52.5 |
|
|
189.0 |
|
|
211.1 |
|
Restructuring, impairment and other asset charges, net |
(2.2 |
) |
|
1.8 |
|
|
8.1 |
|
|
3.2 |
|
Total operating expenses |
39.0 |
|
|
54.3 |
|
|
197.1 |
|
|
214.3 |
|
Operating income (loss) |
17.9 |
|
|
(26.9 |
) |
|
43.0 |
|
|
25.1 |
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense |
(0.5 |
) |
|
(0.1 |
) |
|
(0.7 |
) |
|
(1.4 |
) |
Other income, net of expenses |
1.4 |
|
|
0.2 |
|
|
3.4 |
|
|
1.5 |
|
Income (loss) from operations before income taxes |
18.8 |
|
|
(26.8 |
) |
|
45.7 |
|
|
25.2 |
|
Income tax provision
(benefit) |
3.3 |
|
|
(8.4 |
) |
|
(1.2 |
) |
|
3.0 |
|
Net income (loss) |
15.5 |
|
|
(18.4 |
) |
|
46.9 |
|
|
22.2 |
|
Net (income) loss attributable
to noncontrolling interest |
(0.1 |
) |
|
— |
|
|
— |
|
|
0.1 |
|
Net income (loss) attributable to controlling interest |
$ |
15.4 |
|
|
$ |
(18.4 |
) |
|
$ |
46.9 |
|
|
$ |
22.3 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per common
share |
|
|
|
|
|
|
|
Basic |
$ |
0.68 |
|
|
$ |
(0.81 |
) |
|
$ |
2.08 |
|
|
$ |
0.99 |
|
Diluted |
0.67 |
|
|
(0.81 |
) |
|
2.05 |
|
|
0.98 |
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
|
|
Basic |
22,603 |
|
|
22,531 |
|
|
22,586 |
|
|
22,515 |
|
Diluted |
22,951 |
|
|
22,531 |
|
|
22,878 |
|
|
22,674 |
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.67 |
|
|
$ |
(0.81 |
) |
|
$ |
2.05 |
|
|
$ |
0.98 |
|
Facility closures, reduction
in force and inventory adjustments |
0.09 |
|
|
1.51 |
|
|
0.60 |
|
|
0.70 |
|
Asset impairment |
0.01 |
|
|
0.01 |
|
|
0.19 |
|
|
0.01 |
|
Gain on sale of property,
equipment and business |
(0.24 |
) |
|
— |
|
|
(0.34 |
) |
|
— |
|
Income taxes |
0.03 |
|
|
(0.35 |
) |
|
(0.12 |
) |
|
(0.14 |
) |
Adjusted EPS |
$ |
0.56 |
|
|
$ |
0.36 |
|
|
$ |
2.38 |
|
|
$ |
1.55 |
|
Astec Industries
Inc.Segment Net Sales and
Profits(In millions; unaudited)
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
InfrastructureSolutions |
|
Materials Solutions |
|
Corporate |
|
Total |
|
InfrastructureSolutions |
|
MaterialsSolutions |
|
Corporate |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Net sales |
$ |
167.2 |
|
|
|
$ |
71.7 |
|
|
|
$ |
— |
|
|
|
$ |
238.9 |
|
|
|
$ |
702.8 |
|
|
|
$ |
321.6 |
|
|
|
$ |
— |
|
|
|
$ |
1,024.4 |
|
|
2019 Net sales |
191.2 |
|
|
|
92.0 |
|
|
|
— |
|
|
|
283.2 |
|
|
|
764.6 |
|
|
|
405.0 |
|
|
|
— |
|
|
|
1,169.6 |
|
|
Change $ |
(24.0 |
) |
|
|
(20.3 |
) |
|
|
— |
|
|
|
(44.3 |
) |
|
|
(61.8 |
) |
|
|
(83.4 |
) |
|
|
— |
|
|
|
(145.2 |
) |
|
Change % |
(12.6 |
) |
% |
|
(22.1 |
) |
% |
|
— |
|
% |
|
(15.6 |
) |
% |
|
(8.1 |
) |
% |
|
(20.6 |
) |
% |
|
— |
|
% |
|
(12.4 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Gross profit |
39.5 |
|
|
|
17.7 |
|
|
|
(0.3 |
) |
|
|
56.9 |
|
|
|
159.6 |
|
|
|
80.5 |
|
|
|
— |
|
|
|
240.1 |
|
|
2020 Gross profit % |
23.6 |
|
% |
|
24.7 |
|
% |
|
— |
|
% |
|
23.8 |
|
% |
|
22.7 |
|
% |
|
25.0 |
|
% |
|
— |
|
% |
|
23.4 |
|
% |
2019 Gross profit |
12.7 |
|
|
|
13.0 |
|
|
|
1.7 |
|
|
|
27.4 |
|
|
|
152.7 |
|
|
|
84.9 |
|
|
|
1.8 |
|
|
|
239.4 |
|
|
2019 Gross profit % |
6.6 |
|
% |
|
14.1 |
|
% |
|
N/M |
|
9.7 |
|
% |
|
20.0 |
|
% |
|
21.0 |
|
% |
|
N/M |
|
20.5 |
|
% |
Change $ |
26.8 |
|
|
|
4.7 |
|
|
|
(2.0 |
) |
|
|
29.5 |
|
|
|
6.9 |
|
|
|
(4.4 |
) |
|
|
(1.8 |
) |
|
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 Profit / (loss) |
16.1 |
|
|
|
10.4 |
|
|
|
(11.9 |
) |
|
|
14.6 |
|
|
|
53.8 |
|
|
|
32.1 |
|
|
|
(40.1 |
) |
|
|
45.8 |
|
|
2019 Profit / (loss) |
(15.1 |
) |
|
|
(0.2 |
) |
|
|
(3.2 |
) |
|
|
(18.5 |
) |
|
|
33.8 |
|
|
|
22.8 |
|
|
|
(35.6 |
) |
|
|
21.0 |
|
|
Change $ |
31.2 |
|
|
|
10.6 |
|
|
|
(8.7 |
) |
|
|
33.1 |
|
|
|
20.0 |
|
|
|
9.3 |
|
|
|
(4.5 |
) |
|
|
24.8 |
|
|
Change % |
206.6 |
|
% |
|
5,300.0 |
|
% |
|
(271.9 |
) |
% |
|
178.9 |
|
% |
|
59.2 |
|
% |
|
40.8 |
|
% |
|
(12.6 |
) |
% |
|
118.1 |
|
% |
N/M = Not Meaningful
Segment net sales are reported net of intersegment sales.
Segment gross profit is net of profit on intersegment sales. A
reconciliation of total segment profits to the Company's net income
attributable to controlling interest is as follows (in millions;
unaudited):
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
2020 |
|
2019 |
|
Change $ |
|
2020 |
|
2019 |
|
Change $ |
Total profit (loss) for all segments |
$ |
14.6 |
|
|
$ |
(18.5 |
) |
|
$ |
33.1 |
|
|
$ |
45.8 |
|
|
$ |
21.0 |
|
|
$ |
24.8 |
|
Recapture (elimination) of
intersegment profit |
0.9 |
|
|
0.1 |
|
|
0.8 |
|
|
1.1 |
|
|
1.2 |
|
|
(0.1 |
) |
Net (income) loss attributable
to noncontrolling interest |
(0.1 |
) |
|
— |
|
|
(0.1 |
) |
|
— |
|
|
0.1 |
|
|
(0.1 |
) |
Net income (loss) attributable
to controlling interest |
$ |
15.4 |
|
|
$ |
(18.4 |
) |
|
$ |
33.8 |
|
|
$ |
46.9 |
|
|
$ |
22.3 |
|
|
$ |
24.6 |
|
Astec Industries
Inc.Condensed Consolidated Balance
Sheets(In millions; unaudited)
|
December 31, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
158.6 |
|
$ |
48.9 |
Investments |
4.3 |
|
1.5 |
Receivables, net |
120.6 |
|
124.9 |
Inventories, net |
249.7 |
|
294.5 |
Other current assets |
32.6 |
|
36.5 |
Total current assets |
565.8 |
|
506.3 |
Property, plant and equipment,
net |
172.8 |
|
190.4 |
Other long-term assets |
109.6 |
|
103.8 |
Total assets |
$ |
848.2 |
|
$ |
800.5 |
|
|
|
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
52.7 |
|
$ |
57.2 |
Other current liabilities |
117.6 |
|
115.6 |
Total current liabilities |
170.3 |
|
172.8 |
Long-term debt |
0.4 |
|
0.7 |
Other long-term
liabilities |
34.5 |
|
24.6 |
Total equity |
643.0 |
|
602.4 |
Total liabilities and
equity |
$ |
848.2 |
|
$ |
800.5 |
Astec Industries Inc.
Condensed Consolidated Statements of Cash Flows
(In millions; unaudited)
|
Years Ended December 31, |
|
2020 |
|
2019 |
Cash flows from
operating activities: |
|
|
|
Net income |
$ |
46.9 |
|
|
$ |
22.2 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation |
20.8 |
|
|
21.4 |
|
Amortization |
6.1 |
|
|
4.8 |
|
Provision for credit losses |
0.9 |
|
|
1.2 |
|
Provision for warranties |
9.8 |
|
|
9.8 |
|
Deferred compensation expense |
0.7 |
|
|
0.6 |
|
Share-based compensation |
5.1 |
|
|
2.6 |
|
Deferred tax provision |
8.6 |
|
|
1.7 |
|
(Gain) loss on disposition of property and equipment |
(6.2 |
) |
|
0.3 |
|
Curtailment gain on postretirement benefits |
(0.5 |
) |
|
— |
|
Gain on disposition of subsidiary |
(1.6 |
) |
|
— |
|
Asset impairment charges |
4.4 |
|
|
0.3 |
|
Distributions to SERP participants |
(1.4 |
) |
|
(2.2 |
) |
Change in operating assets and liabilities, excluding the effects
of acquisitions: |
|
|
|
Sale (purchase) of trading securities, net |
0.2 |
|
|
(0.9 |
) |
Receivables and other contract assets |
12.2 |
|
|
7.5 |
|
Inventories |
44.7 |
|
|
61.3 |
|
Prepaid expenses |
— |
|
|
(2.3 |
) |
Other assets |
(0.2 |
) |
|
0.2 |
|
Accounts payable |
(8.6 |
) |
|
(13.0 |
) |
Accrued retirement benefit costs |
— |
|
|
(1.3 |
) |
Accrued loss reserves |
(4.8 |
) |
|
(1.1 |
) |
Other accrued liabilities |
9.8 |
|
|
2.0 |
|
Accrued product warranty |
(10.2 |
) |
|
(10.5 |
) |
Customer deposits |
(11.2 |
) |
|
(5.3 |
) |
Income taxes payable/prepaid |
16.0 |
|
|
12.2 |
|
Other |
— |
|
|
1.1 |
|
Net cash provided by operating
activities |
141.5 |
|
|
112.6 |
|
Cash flows from
investing activities |
|
|
|
Acquisitions, net of cash acquired |
(32.5 |
) |
|
— |
|
Proceeds from the sale of subsidiary |
9.1 |
|
|
— |
|
Expenditures for property and equipment |
(15.4 |
) |
|
(23.4 |
) |
Proceeds from sale of property and equipment |
17.7 |
|
|
0.5 |
|
Sale of investments |
0.2 |
|
|
1.3 |
|
Net cash used by investing
activities |
(20.9 |
) |
|
(21.6 |
) |
Cash flows from
financing activities |
|
|
|
Payment of dividends |
(10.0 |
) |
|
(10.0 |
) |
Borrowings under bank loans |
6.0 |
|
|
166.0 |
|
Repayment of bank loans |
(5.9 |
) |
|
(224.0 |
) |
Sale of Company stock by SERP, net |
0.3 |
|
|
0.3 |
|
Withholding tax paid upon vesting of restricted stock units |
(0.8 |
) |
|
(0.4 |
) |
Net cash used by financing
activities |
(10.4 |
) |
|
(68.1 |
) |
Effect of exchange rates on
cash |
(0.5 |
) |
|
0.2 |
|
Increase in cash and cash
equivalents |
109.7 |
|
|
23.1 |
|
Cash and cash equivalents,
beginning of year |
48.9 |
|
|
25.8 |
|
Cash and cash equivalents, end
of year |
$ |
158.6 |
|
|
$ |
48.9 |
|
Appendix
4Q 2020 GAAP to Non-GAAP Reconciliation Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment and Other Charges,
Net |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
Net sales |
$ |
238.9 |
|
|
$ |
— |
|
|
$ |
238.9 |
|
GP |
56.9 |
|
|
— |
|
|
56.9 |
|
GP% |
23.8 |
% |
|
|
|
23.8 |
% |
Operating income |
17.9 |
|
|
(2.2 |
) |
|
15.7 |
|
Other income, net of expenses |
1.4 |
|
|
(1.0 |
) |
|
0.4 |
|
Income taxes |
3.3 |
|
|
(0.6 |
) |
|
2.7 |
|
Net income attributable to controlling interest |
15.4 |
|
|
(2.6 |
) |
|
12.8 |
|
Diluted EPS |
0.67 |
|
|
(0.11 |
) |
|
0.56 |
|
|
|
|
|
|
|
Infrastructure Solutions |
|
|
|
|
|
Net sales |
167.2 |
|
|
— |
|
|
167.2 |
|
GP |
39.5 |
|
|
— |
|
|
39.5 |
|
GP% |
23.6 |
% |
|
|
|
23.6 |
% |
|
|
|
|
|
|
Materials Solutions |
|
|
|
|
|
Net sales |
71.7 |
|
|
— |
|
|
71.7 |
|
GP |
17.7 |
|
|
— |
|
|
17.7 |
|
GP% |
24.7 |
% |
|
|
|
24.7 |
% |
FY2020 GAAP to Non-GAAP Reconciliation Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment and Other Charges,
Net |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
Net sales |
$ |
1,024.4 |
|
|
|
$ |
— |
|
|
$ |
1,024.4 |
|
GP |
240.1 |
|
|
|
4.4 |
|
|
244.5 |
|
GP% |
23.4 |
|
% |
|
|
|
23.9 |
% |
Operating income |
43.0 |
|
|
|
12.5 |
|
|
55.5 |
|
Other income, net of expenses |
3.4 |
|
|
|
(2.1 |
) |
|
1.3 |
|
Income taxes |
(1.2 |
) |
|
|
2.8 |
|
|
1.6 |
|
Net income attributable to controlling interest |
46.9 |
|
|
|
7.6 |
|
|
54.5 |
|
Diluted EPS |
2.05 |
|
|
|
0.33 |
|
|
2.38 |
|
|
|
|
|
|
|
Infrastructure Solutions |
|
|
|
|
|
Net sales |
702.8 |
|
|
|
— |
|
|
702.8 |
|
GP |
159.6 |
|
|
|
4.4 |
|
|
164.0 |
|
GP% |
22.7 |
|
% |
|
|
|
23.3 |
% |
|
|
|
|
|
|
Materials Solutions |
|
|
|
|
|
Net sales |
321.6 |
|
|
|
— |
|
|
321.6 |
|
GP |
80.5 |
|
|
|
— |
|
|
80.5 |
|
GP% |
25.0 |
|
% |
|
|
|
25.0 |
% |
4Q 2019 GAAP to Non-GAAP Reconciliation Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment and Other Charges,
Net |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
Net sales |
$ |
283.2 |
|
|
|
$ |
— |
|
|
$ |
283.2 |
|
|
GP |
27.4 |
|
|
|
32.6 |
|
|
60.0 |
|
|
GP% |
9.7 |
|
% |
|
|
|
21.2 |
|
% |
Operating (loss) income |
(26.9 |
) |
|
|
34.4 |
|
|
7.5 |
|
|
Other income, net of expenses |
0.2 |
|
|
|
— |
|
|
0.2 |
|
|
Income taxes |
(8.4 |
) |
|
|
7.8 |
|
|
(0.6 |
) |
|
Net (loss) income attributable to controlling interest |
(18.4 |
) |
|
|
26.6 |
|
|
8.2 |
|
|
Diluted EPS |
(0.81 |
) |
|
|
1.17 |
|
|
0.36 |
|
|
|
|
|
|
|
|
Infrastructure Solutions |
|
|
|
|
|
Net sales |
191.2 |
|
|
|
— |
|
|
191.2 |
|
|
GP |
12.7 |
|
|
|
28.3 |
|
|
41.0 |
|
|
GP% |
6.6 |
|
% |
|
|
|
21.4 |
|
% |
|
|
|
|
|
|
Materials Solutions |
|
|
|
|
|
Net sales |
92.0 |
|
|
|
— |
|
|
92.0 |
|
|
GP |
13.0 |
|
|
|
4.3 |
|
|
17.3 |
|
|
GP% |
14.1 |
|
% |
|
|
|
18.8 |
|
% |
FY2019 GAAP to Non-GAAP Reconciliation Table |
|
As Reported (GAAP) |
|
Restructuring, Impairment and Other Charges,
Net |
|
As Adjusted (Non-GAAP) |
Consolidated |
|
|
|
|
|
Net sales |
$ |
1,169.6 |
|
|
$ |
(20.0 |
) |
|
$ |
1,149.6 |
|
GP |
239.4 |
|
|
12.6 |
|
|
252.0 |
|
GP% |
20.5 |
% |
|
|
|
21.9 |
% |
Operating income |
25.1 |
|
|
15.8 |
|
|
40.9 |
|
Other income, net of expenses |
1.5 |
|
|
— |
|
|
1.5 |
|
Income taxes |
3.0 |
|
|
2.9 |
|
|
5.9 |
|
Net income attributable to controlling interest |
22.3 |
|
|
12.9 |
|
|
35.2 |
|
Diluted EPS |
0.98 |
|
|
0.57 |
|
|
1.55 |
|
|
|
|
|
|
|
Infrastructure Solutions |
|
|
|
|
|
Net sales |
764.6 |
|
|
(20.0 |
) |
|
744.6 |
|
GP |
152.7 |
|
|
8.4 |
|
|
161.1 |
|
GP% |
20.0 |
% |
|
|
|
21.6 |
% |
|
|
|
|
|
|
Materials Solutions |
|
|
|
|
|
Net sales |
405.0 |
|
|
— |
|
|
405.0 |
|
GP |
84.9 |
|
|
4.3 |
|
|
89.2 |
|
GP% |
21.0 |
% |
|
|
|
22.0 |
% |
Astec Industries
Inc.GAAP vs Non-GAAP Adjusted EPS
Reconciliations(In millions, except per share
amounts; unaudited)
|
Three Months EndedDecember
31, |
|
Years Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income
(loss) attributable to controlling interest |
$ |
15.4 |
|
|
$ |
(18.4 |
) |
|
$ |
46.9 |
|
|
$ |
22.3 |
|
Adjustments: |
|
|
|
|
|
|
|
Facility closures, reduction in force and inventory
adjustments |
2.0 |
|
|
34.1 |
|
|
13.8 |
|
|
15.5 |
|
Asset impairment |
0.3 |
|
|
0.3 |
|
|
4.4 |
|
|
0.3 |
|
Gain on sale of property, equipment and business |
(5.5 |
) |
|
— |
|
|
(7.8 |
) |
|
— |
|
Income taxes |
0.6 |
|
|
(7.8 |
) |
|
(2.8 |
) |
|
(2.9 |
) |
Adjusted net income attributable to controlling interest |
$ |
12.8 |
|
|
$ |
8.2 |
|
|
$ |
54.5 |
|
|
$ |
35.2 |
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.67 |
|
|
$ |
(0.81 |
) |
|
$ |
2.05 |
|
|
$ |
0.98 |
|
Adjustments: |
|
|
|
|
|
|
|
Facility closures, reduction in force and inventory
adjustments |
0.09 |
|
|
1.51 |
|
|
0.60 |
|
|
0.70 |
|
Asset impairment |
0.01 |
|
|
0.01 |
|
|
0.19 |
|
|
0.01 |
|
Gain on sale of property, equipment and business |
(0.24 |
) |
|
— |
|
|
(0.34 |
) |
|
— |
|
Income taxes |
0.03 |
|
|
(0.35 |
) |
|
(0.12 |
) |
|
(0.14 |
) |
Adjusted EPS |
$ |
0.56 |
|
|
$ |
0.36 |
|
|
$ |
2.38 |
|
|
$ |
1.55 |
|
Astec Industries
Inc.GAAP vs Non-GAAP EBITDA and Adjusted EBITDA
Reconciliations(In millions;
unaudited)
|
Three Months EndedDecember
31, |
|
Years Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income
(loss) attributable to controlling interest |
$ |
15.4 |
|
|
$ |
(18.4 |
) |
|
$ |
46.9 |
|
|
$ |
22.3 |
|
Interest expense (income), net |
0.3 |
|
|
(0.2 |
) |
|
(0.1 |
) |
|
0.2 |
|
Depreciation and amortization |
7.5 |
|
|
6.4 |
|
|
26.9 |
|
|
26.2 |
|
Provision from income taxes |
3.3 |
|
|
(8.4 |
) |
|
(1.2 |
) |
|
3.0 |
|
EBITDA |
26.5 |
|
|
(20.6 |
) |
|
72.5 |
|
|
51.7 |
|
|
|
|
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
Facility closures, reduction in force and inventory
adjustments |
2.0 |
|
|
34.1 |
|
|
13.8 |
|
|
15.5 |
|
Asset impairment |
0.3 |
|
|
0.3 |
|
|
4.4 |
|
|
0.3 |
|
Gain on sale of property, equipment and business |
(5.5 |
) |
|
— |
|
|
(7.8 |
) |
|
— |
|
Adjusted EBITDA |
$ |
23.3 |
|
|
$ |
13.8 |
|
|
$ |
82.9 |
|
|
$ |
67.5 |
|
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