Astec Industries Files Q3 2024 10-Q

TL;DR

**ASTEC INDUSTRIES (ASTE) Q3 2024 10-Q FILED - FINANCIALS OUT**

AI Summary

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

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Astec Industries, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in the cyclical construction machinery sector, which carries inherent risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-07 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024-07-01 to 2024-09-30 — Q3 2024 Period (The specific three-month period covered by the financial results in this report.)

Key Players & Entities

• ASTEC INDUSTRIES INC (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241107 (date) — Filing date
• CONSTRUCTION MACHINERY & EQUIP [3531] (industry) — Company's Standard Industrial Classification

FAQ

Filing Documents

• aste-20240930.htm (10-Q) — 1406KB
• aste-20240930xexx311.htm (EX-31.1) — 10KB
• aste-20240930xexx312.htm (EX-31.2) — 10KB
• aste-20240930xexx321.htm (EX-32.1) — 4KB
• aste-20240930xexx322.htm (EX-32.2) — 4KB
• aste-20240930_g1.jpg (GRAPHIC) — 30KB
• 0000792987-24-000054.txt ( ) — 7060KB
• aste-20240930.xsd (EX-101.SCH) — 36KB
• aste-20240930_cal.xml (EX-101.CAL) — 71KB
• aste-20240930_def.xml (EX-101.DEF) — 170KB
• aste-20240930_lab.xml (EX-101.LAB) — 441KB
• aste-20240930_pre.xml (EX-101.PRE) — 321KB
• aste-20240930_htm.xml (XML) — 1354KB

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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 55.3 $ 63.2 Investments 3.6 5.7 Trade receivables, contract assets and other receivables, net of allowance for credit losses of $ 3.3 at each date 175.2 152.7 Inventories 466.4 455.6 Prepaid and refundable income taxes 15.0 14.6 Prepaid expenses and other assets 24.6 27.7 Total current assets 740.1 719.5 Property and equipment, net of accumulated depreciation of $ 261.6 and $ 248.1 , respectively 185.3 187.6 Investments 18.7 13.8 Goodwill 25.9 46.3 Intangible assets, net of accumulated amortization of $ 55.4 and $ 51.3 , respectively 12.6 16.4 Deferred income tax assets 44.8 37.5 Other long-term assets 39.7 38.2 Total assets $ 1,067.1 $ 1,059.3 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ — $ 0.1 Short-term debt 12.6 11.0 Accounts payable 87.8 116.9 Customer deposits 84.0 70.2 Accrued product warranty 15.2 16.5 Accrued employee related liabilities 39.4 44.1 Accrued loss reserves 1.8 2.7 Other current liabilities 58.4 37.5 Total current liabilities 299.2 299.0 Long-term debt 99.0 72.0 Deferred income tax liabilities 1.5 1.1 Other long-term liabilities 36.0 33.5 Total liabilities 435.7 405.6 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 – 22,801,785 as of September 30, 2024 and 22,740,635 as of December 31, 2023 4.6 4.5 Additional paid-in capital 141.6 138.4 Accumulated other comprehensive loss ( 37.9 ) ( 38.1 ) Company stock held by deferred compensation programs, at cost ( 0.5 ) ( 0.8 ) Retained earnings 523.6 549.4 Shareholders' equity 631.4 65

View Full Filing

View this 10-Q filing on SEC EDGAR