ASTEC INDUSTRIES INC Files 10-Q for Q1 2024

TL;DR

<b>ASTEC INDUSTRIES INC filed its Q1 2024 10-Q report on May 2, 2024.</b>

AI Summary

ASTEC INDUSTRIES INC (ASTE) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Filing is a 10-Q for the period ending March 31, 2024. Company name is ASTEC INDUSTRIES INC. Standard Industrial Classification is CONSTRUCTION MACHINERY & EQUIP [3531]. Incorporated in TN, fiscal year ends December 31. Filing date is May 2, 2024.

Why It Matters

For investors and stakeholders tracking ASTEC INDUSTRIES INC, this filing contains several important signals. This filing provides a quarterly update on ASTEC INDUSTRIES INC's financial performance and operational status. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — ASTEC INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material changes beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand ASTEC INDUSTRIES INC's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 3531 — SIC Code (Standard Industrial Classification)
• TN — State of Incorporation (State of incorporation)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• ASTEC INDUSTRIES INC (company) — Filer name
• 10-Q (filing) — Form type
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• CONSTRUCTION MACHINERY & EQUIP (industry) — Standard Industrial Classification
• TN (location) — State of incorporation
• 1231 (date) — Fiscal year end
• CHATTANOOGA (location) — Business address city

FAQ

Industry Context

ASTEC INDUSTRIES INC operates in the construction machinery and equipment sector. This filing provides insights into its performance within this industry.

Regulatory Implications

This is a standard SEC filing (10-Q) required for publicly traded companies to report quarterly financial information.

What Investors Should Do

1. Analyze the financial statements for Q1 2024.
2. Review management's discussion and analysis for operational insights.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end report.

Filing Documents

• aste-20240331.htm (10-Q) — 1014KB
• aste-20240331xexx311.htm (EX-31.1) — 10KB
• aste-20240331xexx312.htm (EX-31.2) — 10KB
• aste-20240331xexx321.htm (EX-32.1) — 4KB
• aste-20240331xexx322.htm (EX-32.2) — 4KB
• aste-20240331_g1.jpg (GRAPHIC) — 30KB
• 0000792987-24-000027.txt (&nbsp;) — 5591KB
• aste-20240331.xsd (EX-101.SCH) — 31KB
• aste-20240331_cal.xml (EX-101.CAL) — 66KB
• aste-20240331_def.xml (EX-101.DEF) — 148KB
• aste-20240331_lab.xml (EX-101.LAB) — 414KB
• aste-20240331_pre.xml (EX-101.PRE) — 292KB
• aste-20240331_htm.xml (XML) — 923KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 24 Item 4.

Controls and Procedures

Controls and Procedures 24 PART II Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26

SIGNATURES

SIGNATURES 27 INDEX

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) ASTEC INDUSTRIES, INC. Consolidated Balance Sheets (In millions, except share and per share data, unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 58.1 $ 63.2 Investments 5.7 5.7 Trade receivables, contract assets and other receivables, net of allowance for credit losses of $ 3.8 and $ 4.0 , respectively 192.0 152.7 Inventories 484.0 455.6 Prepaid and refundable income taxes 11.5 14.6 Prepaid expenses and other assets 27.5 27.7 Total current assets 778.8 719.5 Property and equipment, net of accumulated depreciation of $ 250.7 and $ 248.1 , respectively 185.0 187.6 Investments 16.8 13.8 Goodwill 45.8 46.3 Intangible assets, net of accumulated amortization of $ 52.3 and $ 51.3 , respectively 15.0 16.4 Deferred income tax assets 39.7 37.5 Other long-term assets 41.9 38.2 Total assets $ 1,123.0 $ 1,059.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ — $ 0.1 Short-term debt 9.6 11.0 Accounts payable 117.8 116.9 Customer deposits 80.0 70.2 Accrued product warranty 16.2 16.5 Accrued employee related liabilities 36.1 44.1 Accrued loss reserves 1.9 2.7 Other current liabilities 48.8 37.5 Total current liabilities 310.4 299.0 Long-term debt 125.0 72.0 Deferred income tax liabilities 1.3 1.1 Other long-term liabilities 35.8 33.5 Total liabilities 472.5 405.6 Commitments and contingencies (Note 7) Shareholders' equity: Preferred stock – authorized 2,000,000 shares of $ 1.00 par value; none issued — — Common stock – authorized 40,000,000 shares of $ 0.20 par value; issued and outstanding – 22,764,963 as of March 31, 2024 and 22,740,635 as of December 31, 2023 4.5 4.5 Additional paid-in capital 139.3 138.4 Accumulated other comprehensive loss ( 42.5 ) ( 38.1 ) Company stock held by deferred compensation programs, at cost ( 0.8 ) ( 0.8 ) Retained earnings 549.8 549.4 Shareholders' equity 650

View Full Filing

View this 10-Q filing on SEC EDGAR