Astec Industries Reports Strong Q2 Earnings

Key Financial Results

Astec Industries (NASDAQ: ASTE) posted its quarterly earnings results on Wednesday. The company beat analyst expectations on both earnings and sales. Here are some of the key financial results:

• Earnings per share: $0.87 (beat by $0.02)
• Revenue: $1.3 billion (beat by $10 million)
• Gross margin: 26.4% (increased 610 basis points)
• Net income: $78.9 million (increased 11.3%)

Outlook

Astec Industries also provided an outlook for the full year. The company expects net sales to grow by 4%-6% and earnings per share to be in the range of $3.30-$3.50. This outlook is in line with analyst expectations.

Analyst Commentary

Analysts were generally positive on the company's results. Zacks Investment Research raised its price target on Astec Industries from $35 to $38, while Citigroup maintained a "buy" rating on the stock.

Overall, Astec Industries' strong Q2 earnings report was well-received by analysts and investors. The company is expected to continue to benefit from strong demand for its products and services in the coming quarters.