Astec sees slight 2012 revenue rise
28 February 2013
US-based construction equipment manufacturer Astec Industries reported revenues of US$ 936 million for 2013, up +3% year-on-year. Domestic sales increased +5% to US$ 573 million, while international sales stood at US$ 364 million, compared to US$ 365 million for 2011.
Net income for 2012 was also stable year-on-year at US$ 40 million, while the company’s backlog was down -2% to US$ 264 million.
Astec said backlog amounts had been restated to reflect its sale of American Augers at the end of last year. The Charles Machine works, which markets equipment under the Ditch Witch brand, acquired the business together with Trencor’s large trencher product line from Astec Industries for US$ 55 million in cash.
Commenting on the results, Astec chairman and CEO Dr J Don Brock said 2012 had been a year of uncertainty for the US economy.
“Although Congress finally passed a new 27-month Federal highway funding bill in July, it was too late in the 2012 construction season to have an impact. Without the certainty of Federal infrastructure spending, many of our customers were reluctant to make capital expenditures. With the Federal highway funding bill in place we hope to see the release of some of the pent up demand in preparation for the 2013 construction season,” Dr Brock said.
He added that the company would continue to focus on finding the right acquisitions and expansion opportunities.