Astec Industries, Inc. (ASTE) on Wednesday reported that its net income for the third quarter fell to $1.6 million or $0.07 per share from $3.0 million or $0.13 per share in the year-ago period.
However, adjusted earnings per share were $0.20, compared to $0.17 in the prior-year quarter.
Net sales declined 9.5 percent to $231.4 million from $255.8 million last year. Excluding the impact of foreign currency, net sales decreased 8.5 percent.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share for the quarter on revenues of $227.99 million. Analysts' estimates typically exclude special items.
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