ASTEC INDUSTRIES INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Astec Industries, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing financial performance and operational aspects.</b>

AI Summary

ASTEC INDUSTRIES INC (ASTE) filed a Annual Report (10-K) with the SEC on February 28, 2024. Astec Industries, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is in the Construction Machinery & Equipment industry (SIC 3531). Astec Industries, Inc. is incorporated in Tennessee (TN) with its principal executive offices in Chattanooga, TN. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking ASTEC INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Astec Industries' financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and disclosures within the report offer insights into the company's revenue streams, profitability, debt levels, and cash positions, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — ASTEC INDUSTRIES INC shows moderate risk based on this filing. The company operates in the cyclical construction machinery and equipment industry, which is subject to fluctuations in capital spending by customers, impacting demand and revenue.

Analyst Insight

Investors should review the detailed financial statements and management's discussion and analysis in the 10-K to understand Astec Industries' performance drivers and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 2023 — Fiscal Year (Primary year for financial data)
• 2022 — Prior Fiscal Year (Comparative financial data year)
• 2021 — Prior Fiscal Year (Comparative financial data year)

Key Players & Entities

• ASTEC INDUSTRIES INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240228 (date) — Filing date
• 3531 (industry_code) — Standard Industrial Classification
• TN (location) — State of incorporation and business address
• CHATTANOOGA (location) — Business address city

FAQ

Risk Factors

• Cyclical Nature of the Construction Industry [medium — market]: The company's business is subject to the cyclical nature of the construction industry, which can lead to fluctuations in demand for its products.
• Supply Chain Disruptions [medium — operational]: Disruptions in the global supply chain can impact the company's ability to procure raw materials and components, affecting production and delivery schedules.
• Interest Rate Fluctuations [low — financial]: Changes in interest rates can affect the cost of borrowing and the affordability of equipment for customers, potentially impacting sales.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $404.6 million — ber 31, 2023 and 2022 was approximately $404.6 million and $567.1 million, respectively. Mat
• $567.1 m — 22 was approximately $404.6 million and $567.1 million, respectively. Materials Soluti

Filing Documents

• aste-20231231.htm (10-K) — 2348KB
• aste-20231231xexx1014.htm (EX-10.14) — 20KB
• aste-20231231xexx21.htm (EX-21) — 36KB
• aste-20231231xexx231.htm (EX-23.1) — 3KB
• aste-20231231xexx232.htm (EX-23.2) — 3KB
• aste-20231231xexx311.htm (EX-31.1) — 10KB
• aste-20231231xexx312.htm (EX-31.2) — 10KB
• aste-20231231xexx321.htm (EX-32.1) — 4KB
• aste-20231231xexx322.htm (EX-32.2) — 4KB
• aste-20231231xexx97.htm (EX-97) — 63KB
• aste-20231231_g1.jpg (GRAPHIC) — 30KB
• aste-20231231_g2.jpg (GRAPHIC) — 132KB
• 0000792987-24-000015.txt (&nbsp;) — 13968KB
• aste-20231231.xsd (EX-101.SCH) — 78KB
• aste-20231231_cal.xml (EX-101.CAL) — 142KB
• aste-20231231_def.xml (EX-101.DEF) — 408KB
• aste-20231231_lab.xml (EX-101.LAB) — 1055KB
• aste-20231231_pre.xml (EX-101.PRE) — 702KB
• aste-20231231_htm.xml (XML) — 2545KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 21 Item 4. Mine Safety Disclosures 21 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6. [Reserved] 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 35 Item 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 77 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III Item 10. Directors, Executive Officers and Corporate Governance 78 Item 11.

Executive Compensation

Executive Compensation 78 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 78 Item 14. Principal Accountant Fees and Services 78 PART IV Item 15. Exhibits and Financial Statement Schedules 79

6

Item 1 6 . Form 10-K Summary 80

SIGNATURES

SIGNATURES 81 Table of Contents GENERAL Unless otherwise indicated by the context, all references in this Annual Report on Form 10-K to "we," "us," "our," or the "Company" refer to Astec Industries, Inc. and our subsidiaries. References to "Parent Company" in this Annual Report on Form 10-K refer to Astec Industries, Inc. only. TRADEMARKS AND TRADE NAMES Except when discussing competitors and their products herein, the trademarks and trade names used in this Annual Report on Form 10-K are the property of Astec Industries, Inc. or its subsidiaries, as the case may be. SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This Annual Report on Form 10-K, particularly "Management's Discussion and Analysis of Financial Condition and Results of Operations," 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 this Annual Report on Form 10-K 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," "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 in this Annual Report on Form 10-K, including those risks described in Part I, Item 1A. Risk Factors hereof, and in other documents filed by us with the Securities and Exchange Commission, which may cause actual results, financial or oth

BUSINESS

ITEM 1. BUSINESS Our Company We design, engineer, manufacture, market and service equipment and components used primarily in asphalt and concrete road building and related construction activities, as well as other products discussed below. Our products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. We also offer industrial automation controls and telematics platforms as well as manufacturing certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction, demolition, land clearing and recycling industries and port and rail yard operators; industrial heat transfer equipment; commercial whole-tree pulpwood chippers; horizontal grinders; blower trucks; commercial and industrial burners; and combustion control systems. Our products are marketed both domestically and internationally primarily to asphalt and concrete producers; highway and heavy equipment contractors; utility contractors; sand and gravel producers; construction, demolition, recycle and crushing contractors; forestry and environmental recycling contractors; mine and quarry operators; port and inland terminal authorities; power stations and domestic and foreign government agencies. In addition to equipment sales, we manufacture and sell replacement parts for equipment in each of our product lines and replacement parts for some competitors' equipment. The distribution and sale of replacement parts is an integral part of our business. Corporate Strategic Objectives In late 2023, management refreshed our OneASTEC Vision: To build industry changing solutions that create life-changing opportunities . Our strategic pillars are aligned to support our Vision and are focused on our employees, our customers and our innovation. Empowered, Enabled and Engaged Employees We strive to develop empowered, enabled and engaged employees by providing competitive compensation and ben

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