Astec Industries Q2 2024 10-Q Filing

TL;DR

**ASTEC INDUSTRIES (ASTE) Q2 2024 10-Q FILED: FINANCIALS & OPERATIONS UPDATE.**

AI Summary

Astec Industries, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial figures and segment information are presented, reflecting the company's ongoing business activities in the construction machinery and equipment sector.

Why It Matters

This filing provides investors and analysts with a detailed look at Astec Industries' financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial reporting for a public company, but the inherent risks of the construction machinery sector and economic fluctuations can impact performance.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240808 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• ASTEC INDUSTRIES INC (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240808 (date) — Filing date
• CONSTRUCTION MACHINERY & EQUIP [3531] (industry) — Standard Industrial Classification

FAQ

Filing Documents

• aste-20240630.htm (10-Q) — 1420KB
• aste-20240630xexx311.htm (EX-31.1) — 10KB
• aste-20240630xexx312.htm (EX-31.2) — 10KB
• aste-20240630xexx321.htm (EX-32.1) — 4KB
• aste-20240630xexx322.htm (EX-32.2) — 4KB
• aste-20240630_g1.jpg (GRAPHIC) — 30KB
• 0000792987-24-000044.txt ( ) — 7196KB
• aste-20240630.xsd (EX-101.SCH) — 35KB
• aste-20240630_cal.xml (EX-101.CAL) — 71KB
• aste-20240630_def.xml (EX-101.DEF) — 164KB
• aste-20240630_lab.xml (EX-101.LAB) — 434KB
• aste-20240630_pre.xml (EX-101.PRE) — 316KB
• aste-20240630_htm.xml (XML) — 1454KB

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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31

SIGNATURES

SIGNATURES 32 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 63.2 $ 63.2 Investments 5.2 5.7 Trade receivables, contract assets and other receivables, net of allowance for credit losses of $ 5.5 and $ 4.0 , respectively 218.2 152.7 Inventories 455.3 455.6 Prepaid and refundable income taxes 12.5 14.6 Prepaid expenses and other assets 24.4 27.7 Total current assets 778.8 719.5 Property and equipment, net of accumulated depreciation of $ 255.2 and $ 248.1 , respectively 186.9 187.6 Investments 17.2 13.8 Goodwill 25.6 46.3 Intangible assets, net of accumulated amortization of $ 53.5 and $ 51.3 , respectively 13.7 16.4 Deferred income tax assets 43.3 37.5 Other long-term assets 41.5 38.2 Total assets $ 1,107.0 $ 1,059.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ — $ 0.1 Short-term debt 13.2 11.0 Accounts payable 102.6 116.9 Customer deposits 89.1 70.2 Accrued product warranty 15.4 16.5 Accrued employee related liabilities 31.9 44.1 Accrued loss reserves 2.0 2.7 Other current liabilities 57.0 37.5 Total current liabilities 311.2 299.0 Long-term debt 125.0 72.0 Deferred income tax liabilities 1.6 1.1 Other long-term liabilities 35.9 33.5 Total liabilities 473.7 405.6 Commitments and contingencies (Note 8) 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 – 22,800,581 as of June 30, 2024 and 22,740,635 as of December 31, 2023 4.6 4.5 Additional paid-in capital 140.3 138.4 Accumulated other comprehensive loss ( 43.7 ) ( 38.1 ) Company stock held by deferred compensation programs, at cost ( 0.7 ) ( 0.8 ) Retained earnings 532.8 549.4 Shareholders' equity 633.

View Full Filing

View this 10-Q filing on SEC EDGAR