$ASTE

ASTEC INDUSTRIES INC

CIK:0000792987|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 408.1	$ 330.3	$ 804.4	$ 659.7
Cost of sales	301.3	242.0	598.5	479.0
Gross profit	106.8	88.3	205.9	180.7
Selling, general and administrative expenses	85.5	67.0	175.7	138.9
Restructuring and other operating charges (gains), net	0.9	(0.1)	0.8	(0.1)
Income from operations	20.4	21.4	29.4	41.9
Other (expenses) income:
Interest expense	(7.1)	(2.1)	(14.5)	(4.1)
Interest income	0.9	1.6	1.7	2.2
Other income, net	0.8	1.7	1.2	2.3
Income before income taxes	15.0	22.6	17.8	42.3
Income tax provision	4.5	5.8	6.0	11.2
Net income	10.5	16.8	11.8	31.1
Net income attributable to noncontrolling interest	0.0	(0.1)	0.0	(0.1)
Net income attributable to controlling interest	$ 10.5	$ 16.7	$ 11.8	$ 31.0
Per share data:
Earnings per common share - Basic (in dollars per share)	$ 0.46	$ 0.73	$ 0.51	$ 1.36
Earnings per common share - Diluted (in dollars per share)	$ 0.45	$ 0.72	$ 0.51	$ 1.35
Weighted average shares outstanding - Basic (in shares)	23,013,839	22,877,075	22,976,570	22,855,304
Weighted average shares outstanding - Diluted (in shares)	23,291,536	23,074,780	23,271,202	23,025,924

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 11.8	$ 31.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	28.6	12.4
Amortization of acquisition-related inventory fair value step-up	1.6	0.0
Provision for credit losses	(0.5)	0.7
Provision for warranties	8.1	12.3
Deferred compensation expense	0.1	0.1
Share-based compensation	5.1	3.2
Deferred tax benefit	(0.2)	(0.9)
Gain on sale of property and equipment, net	(0.4)	(0.1)
Amortization of debt issuance costs	1.1	0.1
Distributions to deferred compensation programs' participants	(0.2)	(0.6)
Change in operating assets and liabilities:
Purchase of trading securities, net	(0.7)	(0.6)
Receivables and other contract assets	2.2	10.1
Inventories	15.8	(22.1)
Prepaid expenses	2.2	2.2
Other assets	4.1	1.4
Accounts payable	13.7	9.1
Accrued employee related liabilities	(6.9)	(0.5)
Other accrued liabilities	(0.2)	(1.8)
Accrued product warranty	(11.5)	(9.7)
Customer deposits	(20.9)	(7.7)
Income taxes payable/prepaid	(0.1)	(5.3)
Net cash provided by operating activities	52.8	33.4
Cash flows from investing activities:
Acquisitions, net of cash acquired	(68.2)	0.0
Expenditures for property and equipment	(15.5)	(7.8)
Proceeds from sale of property and equipment	0.5	0.2
Proceeds from insurance	0.1	0.0
Purchase of investments	(0.9)	(0.6)
Sale of investments	0.3	0.5
Net cash used in investing activities	(83.7)	(7.7)
Cash flows from financing activities:
Payment of dividends	(6.0)	(5.9)
Proceeds from borrowings on credit facilities and bank loans	135.9	102.3
Repayments of borrowings on credit facilities and bank loans	(91.1)	(125.0)
Sale of Company stock by deferred compensation programs, net	0.0	0.1
Withholding tax paid upon vesting of share-based compensation awards	(2.6)	(0.7)
Net cash provided by (used in) financing activities	36.2	(29.2)
Effect of exchange rates on cash	(0.5)	1.4
Increase (decrease) in cash, cash equivalents and restricted cash	4.8	(2.1)
Cash, cash equivalents and restricted cash, beginning of period	72.0	90.8
Cash, cash equivalents and restricted cash, end of period	76.8	88.7
Cash paid during the year for:
Interest	12.3	3.4
Income taxes paid, net	6.7	18.0
Non-cash investing activities:
Capital expenditures in accounts payable	0.6	0.6
Non-cash financing activities:
Additions to right-of-use assets and lease liabilities	$ 0.8	$ 1.8

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents and restricted cash	$ 76.8	$ 72.0
Investments	1.8	2.1
Trade receivables, contract assets and other receivables, net of allowance for credit losses of $3.0 and $3.7, respectively	219.1	218.7
Inventories	460.3	466.0
Prepaid and refundable income taxes	17.4	15.0
Prepaid expenses and other assets	41.0	42.8
Total current assets	816.4	816.6
Property and equipment, net of accumulated depreciation of $296.0 and $285.0, respectively	239.9	222.3
Investments	23.1	21.1
Goodwill	132.5	111.8
Intangible assets, net of accumulated amortization of $85.3 and $70.1, respectively	139.2	124.5
Deferred income tax assets	24.0	25.3
Other long-term assets	40.4	45.6
Total assets	1,415.5	1,367.2
Current liabilities:
Current maturities of long-term debt	16.2	16.2
Short-term debt	11.8	12.1
Accounts payable	107.6	93.5
Customer deposits	73.2	83.7
Accrued product warranty	16.1	19.3
Accrued employee related liabilities	44.8	51.2
Other current liabilities	54.7	52.0
Total current liabilities	324.4	328.0
Long-term debt	365.4	319.6
Deferred income tax liabilities	6.1	6.7
Other long-term liabilities	30.5	31.3
Total liabilities	726.4	685.6
Commitments and contingencies (Note 8)
Shareholders' equity:
Preferred stock – authorized 2,000,000 shares of $1.00 par value; none issued	0.0	0.0
Common stock – authorized 40,000,000 shares of $0.20 par value; issued and outstanding – 22,994,624 as of June 30, 2026 and 22,877,530 as of December 31, 2025	4.6	4.6
Additional paid-in capital	152.2	149.6
Accumulated other comprehensive loss	(41.5)	(40.6)
Company stock held by deferred compensation programs, at cost	(0.2)	(0.2)
Retained earnings	574.0	568.3
Shareholders' equity	689.1	681.7
Noncontrolling interest	0.0	(0.1)
Total equity	689.1	681.6
Total liabilities and equity	$ 1,415.5	$ 1,367.2