Astec Industries, Inc. (ASTE) has reported 244.53 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $12.39 million, or $0.53 a share in the quarter, compared with $3.60 million, or $0.16 a share for the same period last year.
Revenue during the quarter surged 51.88 percent to $326.56 million from $215.02 million in the previous year period. Gross margin for the quarter contracted 138 basis points over the previous year period to 19.74 percent. Total expenses were 94.16 percent of quarterly revenues, down from 97.81 percent for the same period last year. This has led to an improvement of 365 basis points in operating margin to 5.84 percent.
Operating income for the quarter was $19.07 million, compared with $4.70 million in the previous year period.
Commenting on the announcement of quarterly and annual results, Benjamin G. Brock, chief executive officer, stated "We were pleased with our results for the fourth quarter and for the year. We were able to grow revenues and net income both quarter over quarter and year over year. At the same time, we were able to grow our backlog at December 31, 2016 to $357.4 million, a December record."
Working capital increases marginally
Astec Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $407.97 million as at Dec. 31, 2016, up 2.05 percent or $8.19 million from $399.78 million on Dec. 31, 2015. Current ratio was at 3.42 as on Dec. 31, 2016, down from 3.82 on Dec. 31, 2015.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
