Company Quick10K Filing
Astec Industries
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 23 $710
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-18 Annual: 2018-12-31
10-Q 2018-11-02 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-03-01 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-29 Annual: 2015-12-31
10-Q 2015-11-03 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-06 Quarter: 2015-03-31
10-K 2015-03-02 Annual: 2014-12-31
10-Q 2014-11-04 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-12 Quarter: 2014-03-31
10-K 2014-03-03 Annual: 2013-12-31
10-Q 2013-11-12 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-Q 2013-05-10 Quarter: 2013-03-31
10-K 2013-03-01 Annual: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-Q 2012-05-10 Quarter: 2012-03-31
10-K 2012-02-29 Annual: 2011-12-31
10-Q 2011-11-09 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-03-01 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-09 Quarter: 2010-06-30
10-Q 2010-05-10 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-11-04 Officers, Exhibits
8-K 2019-10-29 Earnings, Regulation FD, Exhibits
8-K 2019-10-24 Other Events
8-K 2019-09-13 Officers
8-K 2019-07-25 Other Events
8-K 2019-07-25 Amend Bylaw, Exhibits
8-K 2019-07-23 Earnings, Officers, Exhibits
8-K 2019-04-26 Shareholder Vote, Other Events
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-03-01 Earnings, Exhibits
8-K 2019-02-26 Officers, Exhibits
8-K 2019-02-21 Other Events
8-K 2019-01-21 Officers, Other Events, Exhibits
8-K 2018-11-14 Officers, Exhibits
8-K 2018-10-26 Other Events
8-K 2018-10-25 Officers, Exhibits
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-08-23 Officers
8-K 2018-07-30 Other Events, Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-07-20 Enter Agreement
8-K 2018-04-26 Shareholder Vote, Other Events
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-02-23 Other Events
8-K 2018-02-20 Earnings, Exhibits
ASTE 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Note 1. Significant Accounting Policies
Note 2. Earnings per Share
Note 3. Receivables
Note 4. Inventories
Note 5. Property and Equipment
Note 6. Fair Value Measurements
Note 7. Debt
Note 8. Product Warranty Reserves
Note 9. Accrued Loss Reserves
Note 10. Leases
Note 11. Income Taxes
Note 12. Revenue Recognition
Note 13. Segment Information
Note 14. Contingent Matters
Note 15. Shareholders' Equity
Note 16. Other Income, Net of Expenses
Note 17. Derivative Financial Instruments
Note 18. Stock Buy Back Program
Note 19. Restructuring Charges
Note 20. Subsequent Event
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 ex10_1.htm
EX-31.1 ex31_1.htm
EX-31.2 ex31_2.htm
EX-32 ex32.htm

Astec Industries Earnings 2019-09-30

ASTE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CMCO 952 1,090 638 864 301 53 112 1,187 35% 10.6 5%
HY 903 1,921 1,351 3,312 504 34 97 1,208 15% 12.5 2%
WNC 874 1,375 873 2,322 291 62 152 1,229 13% 8.1 5%
PLOW 864 724 429 546 162 0 33 1,102 30% 33.1 0%
ASTE 710 849 228 1,204 217 -2 8 715 18% 95.1 -0%
MTW 599 1,653 1,033 1,888 345 -48 27 874 18% 32.0 -3%
BLBD 521 408 470 1,007 130 28 55 705 13% 12.8 7%
GENC 185 162 10 87 20 14 19 178 22% 9.4 9%
ASV 17 82 49 129 15 -33 -28 26 12% -0.9 -40%
MLR


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q
 (Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number  001-11595

Astec Industries, Inc.
(Exact name of registrant as specified in its charter)

Tennessee
 
62-0873631
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
   
1725 Shepherd Road, Chattanooga, Tennessee
 
37421
(Address of principal executive offices)
 
(Zip Code)

(423) 899-5898
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each Class
Trading Symbol
Name of each exchange on which registered
Common Stock
ASTE
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer 
Accelerated Filer
Non-accelerated filer
Smaller Reporting Company
 
Emerging Growth Company

1




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class
Outstanding at October 26, 2019
Common Stock, par value $0.20
22,546,348



2



ASTEC INDUSTRIES, INC.
 INDEX
 
 
 
   
 
   
 
   
 
   
 
   
 
 
 
   
 
   
 
   
 
   
     
 
     
   
     
   
     
   
     
   

3




PART I – FINANCIAL INFORMATION
Item 1.  Financial Statements
Astec Industries, Inc.
Condensed Consolidated Balance Sheets
(in thousands) (unaudited)

 
September 30,
2019
   
December 31,
2018
 
ASSETS
           
Current assets:
           
Cash and cash equivalents
 
$
26,289
   
$
25,821
 
Investments
   
1,103
     
1,946
 
Trade receivables
   
110,583
     
130,569
 
Other receivables
   
3,490
     
3,409
 
Inventories
   
356,889
     
355,944
 
Prepaid income taxes
   
16,999
     
24,459
 
Prepaid expenses and other assets
   
14,531
     
18,843
 
Total current assets
   
529,884
     
560,991
 
Property and equipment, net
   
190,545
     
192,448
 
Investments
   
14,480
     
14,890
 
Operating lease right-of-use assets
   
4,241
     
 
Goodwill
   
32,206
     
32,748
 
Deferred income tax assets
   
18,146
     
27,490
 
Other long-term assets
   
26,167
     
26,890
 
Total assets
 
$
815,669
   
$
855,457
 
LIABILITIES AND EQUITY
               
Current liabilities:
               
Current maturities of long-term debt
 
$
204
   
$
413
 
Accounts payable
   
59,886
     
70,614
 
Customer deposits
   
43,821
     
48,069
 
Accrued product warranty
   
9,992
     
10,928
 
Accrued payroll and related liabilities
   
22,492
     
24,126
 
Accrued loss reserves
   
1,989
     
1,832
 
Other current liabilities
   
34,697
     
33,249
 
Total current liabilities
   
173,081
     
189,231
 
Long-term debt
   
717
     
59,709
 
Deferred income tax liabilities
   
869
     
1,020
 
Other long-term liabilities
   
23,418
     
20,207
 
Total liabilities
   
198,085
     
270,167
 
Shareholders’ equity
   
617,060
     
584,580
 
Non-controlling interest
   
524
     
710
 
Total equity
   
617,584
     
585,290
 
Total liabilities and equity
 
$
815,669
   
$
855,457
 

See Notes to Unaudited Condensed Consolidated Financial Statements

4




Astec Industries, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

 
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Net sales
 
$
255,807
   
$
256,613
   
$
886,389
   
$
854,595
 
Cost of sales
   
203,947
     
198,329
     
674,362
     
717,197
 
Gross profit
   
51,860
     
58,284
     
212,027
     
137,398
 
Selling, general, administrative and engineering expenses
   
47,643
     
51,054
     
158,594
     
154,396
 
Restructuring and asset impairment charges
   
875
     
-
     
1,431
     
-
 
Income (loss) from operations
   
3,342
     
7,230
     
52,002
     
(16,998
)
Interest expense
   
(167
)
   
(170
)
   
(1,299
)
   
(488
)
Other income, net of expenses
   
412
     
23
     
1,252
     
1,536
 
Income (loss) from operations before income taxes
   
3,587
     
7,083
     
51,955
     
(15,950
)
Income tax provision (benefit)
   
632
     
180
     
11,420
     
(2,301
)
Net income (loss)
   
2,955
     
6,903
     
40,535
     
(13,649
)
Net loss attributable to non-controlling interest
   
55
     
92
     
127
     
238
 
Net income (loss) attributable to controlling interest
 
$
3,010
   
$
6,995
   
$
40,662
   
$
(13,411
)
                                 
Earnings (loss) per common share
                               
Net income (loss) attributable to controlling interest:
                               
Basic
 
$
0.13
   
$
0.31
   
$
1.81
   
$
(0.58
)
Diluted
 
$
0.13
   
$
0.30
   
$
1.79
   
$
(0.58
)
Weighted average number of common shares outstanding:
                               
Basic
   
22,523
     
22,923
     
22,510
     
23,009
 
Diluted
   
22,684
     
23,084
     
22,666
     
23,009
 
Dividends declared per common share
 
$
0.11
   
$
0.11
   
$
0.33
   
$
0.31
 

See Notes to Unaudited Condensed Consolidated Financial Statements

5




Astec Industries, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss)
(in thousands)
(unaudited)

 
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2019
   
2018
   
2019
   
2018
 
Net income (loss)
 
$
2,955
   
$
6,903
   
$
40,535
   
$
(13,649
)
Other comprehensive loss:
                               
Foreign currency translation adjustments
   
(3,524
)
   
(1,536
)
   
(2,671
)
   
(7,845
)
Change in unrecognized pension benefit cost
   
     
     
     
65
 
Other comprehensive loss
   
(3,524
)
   
(1,536
)
   
(2,671
)
   
(7,780
)
Comprehensive income (loss)
   
(569
)
   
5,367
     
37,864
     
(21,429
)
Comprehensive loss attributable to non-controlling interest
   
105
     
122
     
167
     
407
 
Comprehensive income (loss) attributable to controlling interest
 
$
(464
)
 
$
5,489
   
$
38,031
   
$
(21,022
)

See Notes to Unaudited Condensed Consolidated Financial Statements

6




Astec Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

 
Nine Months Ended
September 30,
 
   
2019
   
2018
 
Cash flows from operating activities:
           
Net income (loss)
 
$
40,535
   
$
(13,649
)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
               
Depreciation and amortization
   
19,698
     
20,755
 
Provision for doubtful accounts
   
1,086
     
145
 
Provision for warranties
   
7,020
     
10,115
 
Deferred compensation expense (benefit)
   
74
     
(441
)
Stock-based compensation
   
2,118
     
1,770
 
Deferred income tax provision
   
9,193
     
1,587
 
(Gain) loss on disposition of fixed assets
   
309
     
(249
)
Distributions to SERP participants
   
(2,067
)
   
(291
)
Change in operating assets and liabilities:
               
Sale (purchase) of trading securities, net
   
883
     
(628
)
Trade and other receivables
   
18,150
     
(7,512
)
Inventories
   
(1,261
)
   
(37,841
)
Prepaid expenses and other assets
   
849
     
796
 
Accounts payable
   
(8,899
)
   
14,047
 
Accrued pellet plant agreement costs
   
     
17,000
 
Accrued product warranty
   
(8,004
)
   
(14,480
)
Customer deposits
   
(4,247
)
   
2,895
 
Prepaid and income taxes payable, net
   
8,964
     
(11,055
)
Other
   
(226
)
   
(3,498
)
Net cash provided (used) by operating activities
   
84,175
     
(20,534
)
Cash flows from investing activities:
               
Expenditures for property and equipment
   
(17,924
)
   
(17,518
)
Proceeds from sale of property and equipment
   
268
     
330
 
Other
   
1,407
     
83
 
Net cash used by investing activities
   
(16,249
)
   
(17,105
)
Cash flows from financing activities:
               
Payment of dividends
   
(7,436
)
   
(7,149
)
Stock buy-back purchases
   
     
(13,914
)
Borrowings under bank loans
   
164,850
     
48,523
 
Repayments of bank loans
   
(223,984
)
   
(24,741
)
Sale of Company shares held by SERP
   
192
     
246
 
Withholding tax paid upon vesting of restricted stock units
   
(312
)
   
(432
)
Purchase of subsidiary shares
   
(16
)
   
(27
)
Net cash provided (used) by financing activities
   
(66,706
)
   
2,506
 
Effect of exchange rates on cash
   
(752
)
   
(1,473
)
Net change in cash and cash equivalents
   
468
     
(36,606
)
Cash and cash equivalents, beginning of period
   
25,821
     
62,280
 
Cash and cash equivalents, end of period
 
$
26,289
   
$
25,674
 

See Notes to Unaudited Condensed Consolidated Financial Statements

7




Astec Industries, Inc.
Condensed Consolidated Statements of Equity
For the Three and Nine Months Ended September 30, 2019
(in thousands)
(unaudited)

For the Three Months Ended September 30, 2019
 
   
Common
Stock
Shares
   
Common
Stock
Amount
   
Additional
Paid-in-
Capital
   
Accum-
ulated
Other
Compre-
hensive
Loss
   
Company
Shares
Held
by SERP
   
Retained
Earnings
   
Non-
controlling Interest
   
Total
Equity
 
Balance, June 30, 2019
   
22,531
   
$
4,506
   
$
122,285
   
$
(33,751
)
 
$
(1,716
)
 
$
528,655
   
$
629
   
$
620,608
 
Net income (loss)
   
     
     
     
     
     
3,010
     
(55
)
   
2,955
 
Other comprehensive loss
   
     
     
     
(3,474
)
   
     
     
(50
)
   
(3,524
)
Dividends declared
   
     
     
3
     
     
     
(2,483
)
   
     
(2,480
)
Stock-based compensation
   
     
     
241
     
     
     
     
     
241
 
RSU vesting
   
15
     
3
     
(3
)
   
     
     
     
     
 
Withholding tax paid upon vesting of RSUs
   
     
     
(152
)
   
     
     
     
     
(152
)
SERP transactions, net
   
     
     
(1
)
   
     
(45
)
   
     
     
(46
)
Other
   
     
     
     
(18
)
   
     
     
     
(18
)
Balance, September 30, 2019
   
22,546
   
$
4,509
   
$
122,373
   
$
(37,243
)
 
$
(1,761
)
 
$
529,182
   
$
524
   
$
617,584
 

For the Nine Months Ended September 30, 2019
 
   
Common
Stock
Shares
   
Common
Stock
Amount
   
Additional
Paid-in-
Capital
   
Accum-
ulated
Other
Compre-
hensive
Loss
   
Company
Shares
Held
by SERP
   
Retained
Earnings
   
Non-
controlling Interest
   
Total
Equity
 
Balance, December 31, 2018
   
22,513
   
$
4,503
   
$
120,601
   
$
(33,883
)
 
$
(1,886
)
 
$
495,245
   
$
710
   
$
585,290
 
Net income (loss)
   
     
     
     
     
     
40,662
     
(127
)
   
40,535
 
Other comprehensive loss
   
     
     
     
(2,631
)
   
     
     
(40
)
   
(2,671
)
Change in ownership percentage of subsidiary
   
     
     
     
     
     
     
(9
)
   
(9
)
Dividends declared
   
     
     
9
     
     
     
(7,445
)
   
     
(7,436
)
Stock-based compensation
   
2
     
     
2,014
     
     
     
     
     
2,014
 
RSU vesting
   
31
     
6
     
(6
)
   
     
     
     
     
 
Withholding tax paid upon vesting of RSUs
   
     
     
(312
)
   
     
     
     
     
(312
)
Cumulative impact of ASU No. 2018-02
   
     
     
     
(721
)
   
     
721
     
     
 
SERP transactions, net
   
     
     
67
     
     
125
     
     
     
192
 
Other
   
     
     
     
(8
)
   
     
(1
)
   
(10
)
   
(19
)
Balance, September 30, 2019
   
22,546
   
$
4,509
   
$
122,373
   
$
(37,243
)
 
$
(1,761
)
 
$
529,182
   
$
524
   
$
617,584
 

See Notes to Unaudited Condensed Consolidated Financial Statements

8



Astec Industries, Inc.
Condensed Consolidated Statements of Equity
For the Three and Nine Months Ended September 30, 2018
(in thousands)
(unaudited)

For the Three Months Ended September 30, 2018
 
   
Common
Stock
Shares
   
Common
Stock
Amount
   
Additional
Paid-in-
Capital
   
Accum-
ulated
Other
Compre-
hensive
Loss
   
Company
Shares
Held
by SERP
   
Retained
Earnings
   
Non-
controlling Interest
   
Total
Equity
 
Balance, June 30, 2018
   
23,094
   
$
4,619
   
$
143,596
   
$
(30,487
)
 
$
(1,888
)
 
$
540,300
   
$
841
   
$
656,981
 
Net income (loss)
   
     
     
     
     
     
6,995
     
(92
)
   
6,903
 
Other comprehensive loss
   
     
     
     
(1,536
)
   
     
     
     
(1,536
)
Change in ownership percentage of subsidiary
   
     
     
     
     
     
     
(11
)
   
(11
)
Dividends declared
   
     
     
3
     
     
     
(2,534
)
   
     
(2,531
)
Stock buy-back program
   
(296
)
   
(59
)
   
(13,855
)
   
     
     
     
     
(13,914
)
Stock-based compensation
   
     
     
411
     
     
     
     
     
411
 
SERP transactions, net
   
     
     
11
     
     
(44
)
   
     
     
(33
)
Other
   
     
     
     
     
     
     
4
     
4
 
Balance, September 30, 2018
   
22,798
   
$
4,560
   
$
130,166
   
$
(32,023
)
 
$
(1,932
)
 
$
544,761
   
$
742
   
$
646,274
 

For the Nine Months Ended September 30, 2018
 
   
Common
Stock
Shares
   
Common
Stock
Amount
   
Additional
Paid-in-
Capital
   
Accum-
ulated
Other
Compre-
hensive
Loss
   
Company
Shares
Held
by SERP
   
Retained
Earnings
   
Non-
controlling Interest
   
Total
Equity
 
Balance, December 31, 2017
   
23,070
   
$
4,614
   
$
141,931
   
$
(24,243
)
 
$
(1,960
)
 
$
565,330
   
$
1,093
   
$
686,765
 
Net loss
   
     
     
     
     
     
(13,411
)