Astec Industries, Inc. (Nasdaq:ASTE) today reported results for their second quarter ended June 30, 2014, including a sharp rise in sales and earnings.
Net sales for the second quarter of 2014 were $277.3 million compared to $248.1 million for the second quarter of 2013, a 12 percent increase. Earnings for the second quarter of 2014 were $14.5 million or $0.63 per diluted share compared to $11.1 million or $0.48 per diluted share for the second quarter of 2013, an increase of 31 percent.
Domestic sales increased 14 percent to $184.7 million for the second quarter of 2014 from $162.3 million for the second quarter of 2013. International sales were $92.6 million for the second quarter of 2014 compared to $85.8 million for the second quarter of 2013, an increase of eight percent.
Net sales for the first half of 2014 were $515.9 million compared to $496.0 million for the first half of 2013, a four percent increase. Earnings for the first half of 2014 were $24 million or $1.04 per diluted share compared to $24.3 million or $1.05 per diluted share for the first half of 2013, a decrease of one percent per diluted share.
Domestic sales increased 11% to $360.1 million for the first half of 2014 from $324.3 million for the first half of 2013. International sales were $155.8 million for the first half of 2014 compared to $171.7 million for the first half of 2013, a decrease of 9%.
The Company's domestic backlog increased 12 percent, from $140.7 million at June 30, 2013 to $157.4 million at June 30, 2014. The international backlog at June 30, 2014 remained flat at $106.7 million, when compared to the June 30, 2013 international backlog of $106.6 million.
Commenting on the announcement, Benjamin G. Brock, president and chief executive officer, stated, "We are pleased with our performance during the second quarter. Both domestic and international sales increased during the quarter compared to our second quarter last year. Our total backlog is up 7% over June 30 of last year. We grew revenues and profits in each of our manufacturing segments on a quarterly and year-to-date basis.
"While we are up on sales and profit versus last year, we are cautious regarding our short-term prospects, particularly as they relate to infrastructure spending. Washington continues to pursue short-term extensions in lieu of a long-term funding bill that would provide visibility to our customers for their capital spending. We are seeing improved private markets for our customers and some states have new policies in place to help with funding of highway projects. That being said, we look forward to improving market conditions as our energy, aggregate, and mining businesses see stable to slightly better business in the near term."