Astec Industries, Inc. Tuesday reported results for their fourth quarter and year ended Dec. 31, 2014, including a rise in sales.
Net sales for the fourth quarter of 2014 were $239.5 million compared to $223.9 million for the fourth quarter of 2013, a seven percent increase. Net income attributable to controlling interest for the fourth quarter of 2014 was $8.5 million or $0.37 per diluted share compared to $8.3 million or $0.36 per diluted share in the fourth quarter of 2013, an increase of 2.4 percent.
Domestic sales increased 6.5 percent to $151.6 million for the fourth quarter of 2014 from $142.4 million for the fourth quarter of 2013. International sales increased 7.9 percent to $87.9 million for the fourth quarter of 2014 from $81.5 million for the fourth quarter of 2013.
Net sales for 2014 were $975.6 million compared to $933.0 million for 2013, an increase of $42.6 million. Net income attributable to controlling interest for 2014 was $34.5 million or $1.49 per diluted share compared to $39.0 million or $1.69 per diluted share for 2013, a 11.5 percent decrease.
Domestic sales increased 9.2 percent to $654.2 million for 2014 from $599.1 million for 2013. International sales were $321.4 million for 2014 compared to $333.9 million for 2013, a 3.7 percent decrease.
The company's domestic backlog increased 10.8 percent, from $200.7 million at Dec. 31, 2013 to $222.4 million at Dec. 31, 2014. The international backlog at Dec. 31, 2014 was $109.7 million compared to $97.5 million at December 31, 2013 for an increase of 12.4 percent. Total backlog increased 11.4 percent to $332.1 million at Dec. 31, 2014 from $298.2 million at Dec. 31, 2013.
Commenting on the announcement of quarterly and annual results, Benjamin G. Brock, chief executive officer, stated, "We were pleased with our bottom line results during the 4th Quarter of 2014, especially given the continued instability in the federal highway funding. With regards to our top line, we were pleased to grow our reported revenues to a record $975.6 million. We are improving operationally and it is starting to show up in higher gross margins. This, along with our record $332.1 million backlog, has us optimistic on our first half of 2015. With regards to federal highway funding, we believe that there is momentum in Washington, DC to get a long-term bill of some kind passed this year. With this development we are cautiously optimistic for the balance of 2015.
"Orders so far in 2015 have been steady with the exception of products targeted at the oil exploration industry due to the well-publicized decrease in the price of oil. As a result we have made the difficult decision to consolidate all GEFCO operations in Enid, Okla., and to close our Loudon, Tn., operation effective May 31. We will work to place our Loudon employees with our other companies wherever possible. This closure will result in cost savings in 2015 that will outweigh the cost of closing the facility. Our balance sheet remains strong with a positive net cash position. We are continuing our acquisition efforts and will work to add companies that represent strategic fits for our business during 2015."