ASTE - Astec plunges ~17% after Q1 earnings miss weak margins

Astec ([[ASTE]] -16.9%) plummets after Q1 estimates miss, reports net sales decrease of 1.5% Y/Y to $284.4M; and adj. net income dropped 57.9% Y/Y to $9.3M.Domestic sales decreased 3.5% Y/Y due mainly to a used inventory reduction initiative in 1Q21; sale of used inventory decreased 55.8% Y/Y; and International sales increased 6.9% Y/Y.Q1 Gross margin declined by 133 bps to 24.1%; and operating margin declined by 180 bps to 3.5%.Net cash provided by operating activities was $14.6M, compared to $5.4M a year ago.Adj. EBITDA decreased by 24.1% Y/Y to $18M and margin declined by 188 bps to 6.3%.Backlog was $420.8M (+71.5% Y/Y); Domestic backlog increased by 74.4% to $322.9M, and international increased by 62.6% to $97.9M.January 2021, Company announced plans to close Tacoma facility in order to simplify and consolidate operations; and expects facility to cease operations in 4Q21.Previously: Astec EPS misses by $0.42, misses on revenue (May 5)

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Astec plunges ~17% after Q1 earnings miss, weak margins