published Tuesday, February 22nd, 2011

Astec Industries releases fourth quarter, year-end financials

by Brittany Cofer
  • photo
    Kenny Morgan, left, and Junior Clavidy install ceramic liners into an asphalt storage silo at Astec Inc. in this file photo.
    Staff File Photo/Chattanooga Times Free Press

Astec Industries, the Chattanooga-based manufacturer of road-building equipment, released its 2010 fourth quarter and year-end results today.

Net sales in the fourth quarter increased 7.3 percent to $190.8 million, compared to $177.9 million in the year-ago period.

Net income attributable to controlling interest for the fourth quarter was $6 million (26 cents per diluted share), compared to a net loss attributable to controlling interest of $15.5 million (69 cents per share) in the 2009 fourth quarter.

"We are very pleased with the 2010 sales level," said Dr. J. Don Brock, Astec's chairman and chief executive, in a news release. "The recession that started in September 2008 was deep and fast. Our management right sized their business under extremely difficult conditions. For significant domestic growth, we need a responsible six-year highway bill which should give customers the vision to make larger capital investments."

Read tomorrow's Chattanooga Times Free Press for complete coverage.

about Brittany Cofer...

Brittany Cofer is a business reporter who has been with the Chattanooga Times Free Press since January 2010. She previously worked as a general assignment Metro reporter. In the Business department, she covers banking, retail, tourism, consumer issues and green issues. Brittany is from Conyers, Ga., and spent two years at Kennesaw State University in Kennesaw, Ga., before transferring to the University of Georgia. She graduated from the university’s Grady College of Journalism in December ...

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