ASTE - Astec Industries down 9% post Q3 results

Astec Industries ([[ASTE]] -9.9%) reported Q3 sales decline of 9.5% Y/Y to $231.4M, with Domestic sales down $ 4.5% Y/Y and international sales down 24.1% Y/Y.Q3 Gross margin expanded by 150 bps to 21.8%; and Adj. gross profit margin increased 260 bps.Company reported operating loss of $0.8M, compared to profit of $3.4M a year ago.Adj. EBITDA increased by 2.4% Y/Y to $11M; and margin expanded by 60 bps to 4.7%.Backlog decreased 10.4% Y/Y to $218.5M, due to lower Materials and Infrastructure Solutions orders, which were down 8.5% and 11.3%.Company’s net cash position of $108.5M with total debt of $0.9M; and has available liquidity in excess of $260M as of September 30, 2020.Company says they closed on the acquisitions of two premier full-line concrete batch plant manufacturers, Blair and St. Bruno, which strengthened Infrastructure Solutions segment. The integration is going well and are already beginning to benefit from purchasing synergies. Astec to continue focus on Rock to

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Astec Industries down 9% post Q3 results