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Astec Q3 Net Income Declines; Introduces Aligned Strategy For Profitable Growth

Astec Industries, Inc. (ASTE) reported third-quarter earnings per share of $0.17 as adjusted compared to $0.30 a year ago. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.24, for the quarter. Analysts' estimates typically exclude special items. Net income attributable to controlling interest was $3.0 million compared to $7.0 million, last year.

Third-quarter net sales were relatively flat at $255.8 million compared to $256.6 million, prior year. Analysts expected revenue of $259.55 million, for the quarter.

Barry Ruffalo, CEO, said, "While we are still in the process of developing the details of our strategic path forward, I am excited to introduce the pillars of our aligned strategy for profitable growth - Simplify, Focus and Grow. I look forward to sharing further details of our new strategy in subsequent communications."

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