Astec reports Q1 adjusted EPS 88c vs. 34c last year

Reports Q1 revenue $329.4M vs. $309.2M last year. “We are pleased to report another strong quarter in line with our plans to deliver consistency, profitability and growth,” said Jaco van der Merwe, CEO. “Strong operational execution delivered increases in net sales, EBITDA, net income and earnings per share. I am also excited to announce the signing of a definitive agreement to acquire TerraSource. TerraSource is a manufacturer and distributor of similar equipment, serving adjacent markets in materials processing equipment and related aftermarket parts. They have annual revenues in excess of $150 million, a strong portfolio of industry leading brands and a track record of high performance. TerraSource adds significant growth and value creation opportunities including new markets, aftermarket parts and accretive margins. We look forward to having the hard-working TerraSource employees join the Astec (ASTE) team.”