Astec Industries, Inc. (ASTE), a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production, Tuesday reported a profit of $14.3 million or $0.62 per share for the first quarter, significantly higher than $3.4 million or $0.15 per share in the same quarter a year ago, primarily helped by growth in revenue.
Excluding one-time items, profit was $20.3 million or $0.88 per share, up from $7.8 million or $0.34 per share in the prior year.
Income from operations increased to $20.5 million from $6.3 million last year.
Sales for the quarter grew 6.5% to $329.4 million from $309.2 million in the previous year.
Additionally, the company said it has agreed to acquire TerraSource Holdings, LLC, a manufacturer of material sizing equipment, for $245 million in cash.
Astec expects the acquisition to bring in annual run-rate synergies of about $10 million by the end of the second year. The company also expects an adjusted EBITDA multiple of 5.9x adjusted for expected tax benefits of approximately $15 million.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.