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ASTEC INDUSTRIES INC [ASTE] reports annual net loss of $33.7 million
![ASTEC INDUSTRIES INC [ASTE] reports annual net loss of $33.7 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FASTE.png&w=3840&q=75)
Company Reports Revenue of $1.3 billion
ASTEC INDUSTRIES INC [ASTE] has reported a net loss of $33.7 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.3 billion
Based in CHATTANOOGA, Tennessee, ASTEC INDUSTRIES INC operates in the MANUFACTURING sector.
In the Consolidated Statements of Operations for the 12 Months Ended December 31 of the years 2023, 2022, and 2021, the following key financial data was reported:
- **Net Sales**: In 2023, the net sales were $1,338.2 million, showing an increase from the previous year's figure of $1,274.5 million in 2022 and a significant growth from $1,095.5 million in 2021.
- **Cost of Sales**: The cost of sales was $1,007.4 million in 2023, slightly lower than the $1,010.4 million in 2022, but notably higher than the $846.0 million reported in 2021.
- **Gross Profit**: The gross profit for the year 2023 amounted to $330.8 million, a substantial improvement from $264.1 million in 2022 and $249.5 million in 2021.
- **Income from Operations**: Income from operations saw a significant rise to $48.6 million in 2023, compared to $7.5 million in 2022 and $19.9 million in 2021.
- **Net Income (Loss)**: The company reported a net income of $33.7 million in 2023, a stark contrast to the net loss of $0.6 million in 2022 and the net income of $15.9 million in 2021.
- **Earnings per Share (EPS)**: The earnings per common share for basic and diluted in 2023 were $1.47, compared to $0 in 2022. In 2021, the EPS was $0.70 for basic and $0.69 for diluted.
Overall, the financial performance of the company showed significant improvement in 2023 compared to the previous years, with higher net sales, gross profit, and income from operations leading to a positive net income for the period.
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