Tennessee | 62-0873631 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
1725 Shepherd Road | ||||||||||||||
Chattanooga, TN
|
37421 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | ASTE | The Nasdaq Stock Market LLC |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||
Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ | ||||||||
Emerging Growth Company | ☐ |
Page | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 164.6 | $ | 158.6 | |||||||
Investments | 7.0 | 4.3 | |||||||||
Trade receivables and contract assets, net of allowance for credit losses of $2.3 and $1.7, respectively
|
141.2 | 115.9 | |||||||||
Other receivables | 5.0 | 4.7 | |||||||||
Inventories | 244.2 | 249.7 | |||||||||
Prepaid and refundable income taxes | 8.3 | 8.8 | |||||||||
Prepaid expenses and other assets | 16.6 | 17.5 | |||||||||
Assets held for sale | 5.1 | 6.3 | |||||||||
Total current assets | 592.0 | 565.8 | |||||||||
Property and equipment, net of accumulated depreciation of $240.5 and $237.6, respectively
|
169.6 | 172.8 | |||||||||
Investments | 12.6 | 13.7 | |||||||||
Goodwill | 38.9 | 38.7 | |||||||||
Intangible assets, net of accumulated amortization of $30.9 and $31.3, respectively
|
29.1 | 31.2 | |||||||||
Deferred income tax assets | 14.5 | 15.0 | |||||||||
Other long-term assets | 11.6 | 11.0 | |||||||||
Total assets | $ | 868.3 | $ | 848.2 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current maturities of long-term debt | $ | 0.2 | $ | 0.2 | |||||||
Short-term debt | 1.2 | 1.4 | |||||||||
Accounts payable | 68.1 | 52.7 | |||||||||
Customer deposits | 33.3 | 34.2 | |||||||||
Accrued product warranty | 10.9 | 10.3 | |||||||||
Accrued payroll and related liabilities | 23.3 | 20.8 | |||||||||
Accrued loss reserves | 2.4 | 3.0 | |||||||||
Other current liabilities | 45.7 | 47.7 | |||||||||
Total current liabilities | 185.1 | 170.3 | |||||||||
Long-term debt | 0.3 | 0.4 | |||||||||
Deferred income tax liabilities | 0.4 | 0.5 | |||||||||
Other long-term liabilities | 35.5 | 34.0 | |||||||||
Total liabilities | 221.3 | 205.2 | |||||||||
Commitments and contingencies (Note 8) | |||||||||||
Shareholders' equity: | |||||||||||
Preferred stock - authorized 4,000,000 shares of $1.00 par value; none issued
|
— | — | |||||||||
Common stock – authorized 40,000,000 shares of $0.20 par value; issued and outstanding – 22,715,517 as of March 31, 2021 and 22,611,976 as of December 31, 2020
|
4.5 | 4.5 | |||||||||
Additional paid-in capital | 126.3 | 127.8 | |||||||||
Accumulated other comprehensive loss | (34.2) | (33.5) | |||||||||
Company stock held by SERP, at cost | (1.4) | (1.5) | |||||||||
Retained earnings | 551.4 | 545.2 | |||||||||
Shareholders’ equity | 646.6 | 642.5 | |||||||||
Noncontrolling interest | 0.4 | 0.5 | |||||||||
Total equity | 647.0 | 643.0 | |||||||||
Total liabilities and equity | $ | 868.3 | $ | 848.2 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net sales | $ | 284.4 | $ | 288.8 | |||||||||||||||||||
Cost of sales | 215.9 | 215.4 | |||||||||||||||||||||
Gross profit | 68.5 | 73.4 | |||||||||||||||||||||
Selling, general and administrative expenses | 51.7 | 49.7 | |||||||||||||||||||||
Research and development expenses | 6.3 | 6.5 | |||||||||||||||||||||
Restructuring, impairment and other asset charges, net | 0.7 | 2.1 | |||||||||||||||||||||
Income from operations | 9.8 | 15.1 | |||||||||||||||||||||
Other income: | |||||||||||||||||||||||
Interest expense | (0.2) | — | |||||||||||||||||||||
Interest income | 0.1 | 0.2 | |||||||||||||||||||||
Other expense | (0.1) | — | |||||||||||||||||||||
Income from operations before income taxes | 9.6 | 15.3 | |||||||||||||||||||||
Income tax provision (benefit) | 0.9 | (5.1) | |||||||||||||||||||||
Net income | 8.7 | 20.4 | |||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | 0.2 | |||||||||||||||||||||
Net income attributable to controlling interest | $ | 8.7 | $ | 20.6 | |||||||||||||||||||
Per share data: | |||||||||||||||||||||||
Earnings per common share - Basic | $ | 0.38 | $ | 0.91 | |||||||||||||||||||
Earnings per common share - Diluted | $ | 0.38 | $ | 0.91 | |||||||||||||||||||
Weighted average shares outstanding - Basic | 22,633,457 | 22,544,999 | |||||||||||||||||||||
Weighted average shares outstanding - Diluted | 22,874,810 | 22,713,136 | |||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Net income | $ | 8.7 | $ | 20.4 | |||||||||||||||||||
Other comprehensive loss: | |||||||||||||||||||||||
Foreign currency translation adjustments | (0.8) | (9.2) | |||||||||||||||||||||
Other comprehensive loss | (0.8) | (9.2) | |||||||||||||||||||||
Comprehensive income | 7.9 | 11.2 | |||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | (0.1) | 0.2 | |||||||||||||||||||||
Comprehensive income attributable to controlling interest | $ | 7.8 | $ | 11.4 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 8.7 | $ | 20.4 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation | 5.0 | 5.2 | |||||||||
Amortization | 2.6 | 1.1 | |||||||||
Provision for credit losses | 0.3 | 0.6 | |||||||||
Provision for warranties | 2.7 | 2.7 | |||||||||
Deferred compensation expense (benefit) | 0.7 | (0.3) | |||||||||
Share-based compensation | 1.4 | 1.1 | |||||||||
Deferred tax provision | 0.8 | 13.5 | |||||||||
Gain on disposition of property and equipment | (0.1) | (0.6) | |||||||||
Asset impairment charges | — | 1.6 | |||||||||
Distributions to SERP participants | (0.3) | (0.1) | |||||||||
Change in operating assets and liabilities, excluding the effects of acquisitions: | |||||||||||
Purchase of trading securities, net | (1.4) | (0.4) | |||||||||
Receivables and other contract assets | (26.4) | (16.6) | |||||||||
Inventories | 5.0 | (0.3) | |||||||||
Prepaid expenses | 0.7 | 3.3 | |||||||||
Other assets | (1.2) | (0.8) | |||||||||
Accounts payable | 15.8 | 7.8 | |||||||||
Accrued loss reserves | 0.1 | — | |||||||||
Accrued payroll and related expenses | 2.6 | (4.6) | |||||||||
Other accrued liabilities | (0.3) | (0.7) | |||||||||
Accrued product warranty | (2.1) | (2.1) | |||||||||
Customer deposits | (0.9) | (5.2) | |||||||||
Income taxes payable/prepaid | 0.9 | (18.5) | |||||||||
Other | — | (1.7) | |||||||||
Net cash provided by operating activities | 14.6 | 5.4 | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisitions, net of cash acquired | 0.1 | — | |||||||||
Overpayment returned on prior sale of subsidiary | (1.1) | — | |||||||||
Expenditures for property and equipment | (3.3) | (5.8) | |||||||||
Proceeds from sale of property and equipment | 1.4 | 1.9 | |||||||||
Purchase of investments, net | (0.1) | (0.2) | |||||||||
Net cash used by investing activities | (3.0) | (4.1) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from financing activities: | |||||||||||
Payment of dividends | (2.5) | (2.5) | |||||||||
Borrowings under bank loans | 2.0 | — | |||||||||
Repayment of bank loans | (2.3) | (0.7) | |||||||||
Sale of Company stock by SERP, net | 0.2 | — | |||||||||
Withholding tax paid upon vesting of share-based compensation awards | (3.0) | (0.5) | |||||||||
Net cash used by financing activities | (5.6) | (3.7) | |||||||||
Effect of exchange rates on cash | — | (2.6) | |||||||||
Increase (decrease) in cash and cash equivalents | 6.0 | (5.0) | |||||||||
Cash and cash equivalents, beginning of period | 158.6 | 48.9 | |||||||||
Cash and cash equivalents, end of period | $ | 164.6 | $ | 43.9 | |||||||
Supplemental Cash Flow Information | |||||||||||
Cash paid during the year for: | |||||||||||
Interest, net of capitalized interest | $ | 0.1 | $ | 0.1 | |||||||
Income taxes paid | $ | 0.2 | $ | — | |||||||
Supplemental disclosures of non-cash items | |||||||||||
Non-cash investing activities: | |||||||||||
Capital expenditures in accounts payable | $ | 0.2 | $ | 1.1 | |||||||
Non-cash financing activities: | |||||||||||
Additions to right-of-use assets and lease liabilities | $ | 0.5 | $ | 0.4 | |||||||
Liability award converted to equity | $ | — | $ | 0.8 |
Common
Stock |
Common
Stock Amount |
Additional
Paid-in- Capital |
Accumulated Other Comprehensive Loss | Company Shares Held by SERP |
Retained
Earnings |
Non-controlling
Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 22,611,976 | $ | 4.5 | $ | 127.8 | $ | (33.5) | $ | (1.5) | $ | 545.2 | $ | 0.5 | $ | 643.0 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 8.7 | — | 8.7 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (0.7) | — | — | (0.1) | (0.8) | |||||||||||||||||||||||||||||||||||||||
Dividends ($0.11 per share)
|
— | — | — | — | — | (2.5) | — | (2.5) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1.4 | — | — | — | — | 1.4 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock under incentive plan | 103,541 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Withholding tax paid upon equity award vesting | — | — | (3.0) | — | — | — | — | (3.0) | |||||||||||||||||||||||||||||||||||||||
SERP transactions, net | — | — | 0.1 | — | 0.1 | — | — | 0.2 | |||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 22,715,517 | $ | 4.5 | $ | 126.3 | $ | (34.2) | $ | (1.4) | $ | 551.4 | $ | 0.4 | $ | 647.0 | ||||||||||||||||||||||||||||||||
Common
Stock |
Common
Stock Amount |
Additional
Paid-in- Capital |
Accumulated Other Comprehensive Loss | Company Shares Held by SERP |
Retained
Earnings |
Non-controlling
Interest |
Total
Equity |
|||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 22,551,183 | $ | 4.5 | $ | 122.6 | $ | (31.8) | $ | (1.7) | $ | 508.3 | $ | 0.5 | $ | 602.4 | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 20.6 | (0.2) | 20.4 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | (9.2) | — | — | — | (9.2) | ||||||||||||||||||||||||||||||||||||||||||
Dividends ($0.11 per share)
|
— | — | — | — | — | (2.5) | — | (2.5) | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | 1.1 | — | — | — | — | 1.1 | ||||||||||||||||||||||||||||||||||||||||||
Conversion of liability awards to equity | — | — | 0.8 | — | — | — | — | 0.8 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under incentive plan | 32,663 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Withholding tax paid upon equity award vesting | — | — | (0.5) | — | — | — | — | (0.5) | ||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 22,583,846 | $ | 4.5 | $ | 124.0 | $ | (41.0) | $ | (1.7) | $ | 526.4 | $ | 0.3 | $ | 612.5 | |||||||||||||||||||||||||||||||||||
(in millions) | Amount | |||||||
Accounts receivable | $ | 2.3 | ||||||
Inventories | 8.1 | |||||||
Other assets | 6.6 | |||||||
Intangible assets | 4.3 | |||||||
Total assets acquired | $ | 21.3 | ||||||
Accounts payable and other | (4.7) | |||||||
Advance customer deposits | (2.8) | |||||||
Total liabilities assumed | (7.5) | |||||||
Total purchase price | $ | 13.8 |
(in millions) | Amount | |||||||
Cash | $ | 1.2 | ||||||
Accounts receivable and contract assets | 6.4 | |||||||
Inventories | 2.0 | |||||||
Goodwill | 6.3 | |||||||
Other assets | 3.8 | |||||||
Intangible assets | 5.7 | |||||||
Total assets acquired | $ | 25.4 | ||||||
Total liabilities assumed | (9.8) | |||||||
Total purchase price | $ | 15.6 |
(in millions) | March 31, 2021 | December 31, 2020 | |||||||||
Raw materials and parts | $ | 160.0 | $ | 154.6 | |||||||
Work-in-process | 54.6 | 57.3 | |||||||||
Finished goods | 26.8 | 34.0 | |||||||||
Used equipment | 2.8 | 3.8 | |||||||||
Total | $ | 244.2 | $ | 249.7 |
Level 1 - | Unadjusted quoted prices in active markets for identical assets or liabilities. | |||||||
Level 2 - | Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability. | |||||||
Level 3 - | Inputs reflect management's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
March 31, 2021 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Total | ||||||||||||||
Financial assets: | |||||||||||||||||
Trading equity securities: | |||||||||||||||||
SERP money market fund | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||
SERP mutual funds | 5.1 | — | 5.1 | ||||||||||||||
Preferred stocks | 0.3 | — | 0.3 | ||||||||||||||
Equity funds | 3.8 | — | 3.8 | ||||||||||||||
Trading debt securities: | |||||||||||||||||
Corporate bonds | 4.0 | — | 4.0 | ||||||||||||||
Municipal bonds | — | 0.6 | 0.6 | ||||||||||||||
Floating rate notes | 0.4 | — | 0.4 | ||||||||||||||
U.S. government securities | 1.8 | — | 1.8 | ||||||||||||||
Asset-backed securities | — | 1.8 | 1.8 | ||||||||||||||
Other | 0.7 | 0.9 | 1.6 | ||||||||||||||
Total financial assets | $ | 16.3 | $ | 3.3 | $ | 19.6 | |||||||||||
Financial liabilities: | |||||||||||||||||
Derivative financial instruments | $ | — | $ | 0.2 | $ | 0.2 | |||||||||||
SERP liabilities | — | 8.1 | 8.1 | ||||||||||||||
Total financial liabilities | $ | — | $ | 8.3 | $ | 8.3 |
December 31, 2020 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Total | ||||||||||||||
Financial assets: | |||||||||||||||||
Trading equity securities: | |||||||||||||||||
SERP money market fund | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||
SERP mutual funds | 4.8 | — | 4.8 | ||||||||||||||
Preferred stocks | 0.3 | — | 0.3 | ||||||||||||||
Equity funds | 1.7 | — | 1.7 | ||||||||||||||
Trading debt securities: | |||||||||||||||||
Corporate bonds | 4.8 | — | 4.8 | ||||||||||||||
Municipal bonds | — | 0.9 | 0.9 | ||||||||||||||
Floating rate notes | 0.4 | — | 0.4 | ||||||||||||||
U.S. government securities | 1.8 | — | 1.8 | ||||||||||||||
Asset-backed securities | — | 2.1 | 2.1 | ||||||||||||||
Other | — | 1.0 | 1.0 | ||||||||||||||
Derivative financial instruments | — | 0.1 | 0.1 | ||||||||||||||
Total financial assets | $ | 14.0 | $ | 4.1 | $ | 18.1 | |||||||||||
Financial liabilities: | |||||||||||||||||
Derivative financial instruments | $ | — | $ | 0.5 | $ | 0.5 | |||||||||||
SERP liabilities | — | 7.3 | 7.3 | ||||||||||||||
Total financial liabilities | $ | — | $ | 7.8 | $ | 7.8 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Reserve balance, beginning of the period | $ | 10.3 | $ | 10.3 | |||||||||||||||||||
Warranty liabilities accrued | 2.7 | 2.7 | |||||||||||||||||||||
Warranty liabilities settled | (2.1) | (2.1) | |||||||||||||||||||||
Other | — | (0.2) | |||||||||||||||||||||
Reserve balance, end of the period | $ | 10.9 | $ | 10.7 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(in millions) |
Infrastructure
Solutions |
Materials
Solutions |
Total | ||||||||||||||||||||
Net Sales-Domestic: | |||||||||||||||||||||||
Equipment sales | $ | 99.2 | $ | 41.8 | $ | 141.0 | |||||||||||||||||
Parts and component sales | 51.9 | 17.7 | 69.6 | ||||||||||||||||||||
Service and equipment installation revenue | 5.8 | 0.1 | 5.9 | ||||||||||||||||||||
Used equipment sales | 2.9 | — | 2.9 | ||||||||||||||||||||
Freight revenue | 5.6 | 1.5 | 7.1 | ||||||||||||||||||||
Other | (0.4) | (0.5) | (0.9) | ||||||||||||||||||||
Total domestic revenue | 165.0 | 60.6 | 225.6 | ||||||||||||||||||||
Net Sales-International: | |||||||||||||||||||||||
Equipment sales | 21.3 | 12.8 | 34.1 | ||||||||||||||||||||
Parts and component sales | 13.1 | 7.7 | 20.8 | ||||||||||||||||||||
Service and equipment installation revenue | 1.0 | 0.5 | 1.5 | ||||||||||||||||||||
Used equipment sales | 0.1 | 0.8 | 0.9 | ||||||||||||||||||||
Freight revenue | 0.8 | 0.3 | 1.1 | ||||||||||||||||||||
Other | 0.2 | 0.2 | 0.4 | ||||||||||||||||||||
Total international revenue | 36.5 | 22.3 | 58.8 | ||||||||||||||||||||
Total net sales | $ | 201.5 | $ | 82.9 | $ | 284.4 | |||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(in millions) |
Infrastructure
Solutions |
Materials
Solutions |
Total | ||||||||||||||||||||
Net Sales-Domestic: | |||||||||||||||||||||||
Equipment sales | $ | 100.4 | $ | 41.3 | $ | 141.7 | |||||||||||||||||
Parts and component sales | 52.6 | 18.5 | 71.1 | ||||||||||||||||||||
Service and equipment installation revenue | 6.8 | 0.4 | 7.2 | ||||||||||||||||||||
Used equipment sales | 7.2 | — | 7.2 | ||||||||||||||||||||
Freight revenue | 6.0 | 1.3 | 7.3 | ||||||||||||||||||||
Other | (0.2) | (0.5) | (0.7) | ||||||||||||||||||||
Total domestic revenue | 172.8 | 61.0 | 233.8 | ||||||||||||||||||||
Net Sales-International: | |||||||||||||||||||||||
Equipment sales | 19.4 | 14.4 | 33.8 | ||||||||||||||||||||
Parts and component sales | 8.3 | 9.3 | 17.6 | ||||||||||||||||||||
Service and equipment installation revenue | 0.9 | 0.2 | 1.1 | ||||||||||||||||||||
Used equipment sales | 0.6 | 0.8 | 1.4 | ||||||||||||||||||||
Freight revenue | 0.6 | 0.3 | 0.9 | ||||||||||||||||||||
Other | — | 0.2 | 0.2 | ||||||||||||||||||||
Total international revenue | 29.8 | 25.2 | 55.0 | ||||||||||||||||||||
Total net sales | $ | 202.6 | $ | 86.2 | $ | 288.8 | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
United States | $ | 225.6 | $ | 233.8 | |||||||||||||||||||
Canada | 17.3 | 14.7 | |||||||||||||||||||||
Europe | 10.5 | 9.4 | |||||||||||||||||||||
Australia | 8.8 | 5.8 | |||||||||||||||||||||
Africa | 8.3 | 6.6 | |||||||||||||||||||||
South America | 4.5 | 4.1 | |||||||||||||||||||||
Brazil | 4.2 | 4.7 | |||||||||||||||||||||
Other | 5.2 | 9.7 | |||||||||||||||||||||
Total foreign | 58.8 | 55.0 | |||||||||||||||||||||
Total net sales | $ | 284.4 | $ | 288.8 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(in millions) |
Infrastructure
Solutions |
Materials
Solutions |
Corporate | Total | |||||||||||||||||||
Revenues from external customers | $ | 201.5 | $ | 82.9 | $ | — | $ | 284.4 | |||||||||||||||
Intersegment sales | 10.1 | 12.1 | — | 22.2 | |||||||||||||||||||
Segment profit (loss) | 21.0 | 6.5 | (18.8) | 8.7 | |||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||
(in millions) |
Infrastructure
Solutions |
Materials
Solutions |
Corporate | Total | |||||||||||||||||||
Revenues from external customers | $ | 202.6 | $ | 86.2 | $ | — | $ | 288.8 | |||||||||||||||
Intersegment sales | 5.9 | 8.3 | — | 14.2 | |||||||||||||||||||
Segment profit (loss) | 17.2 | 6.0 | (2.9) | 20.3 | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Net income attributable to controlling interest | |||||||||||||||||||||||
Total profit for reportable segments | $ | 27.5 | $ | 23.2 | |||||||||||||||||||
Corporate expenses, net | (18.8) | (2.9) | |||||||||||||||||||||
Net loss attributable to noncontrolling interest | — | 0.2 | |||||||||||||||||||||
Recapture of intersegment profit | — | 0.1 | |||||||||||||||||||||
Total consolidated net income attributable to controlling interest | $ | 8.7 | $ | 20.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Restructuring charges: | |||||||||||||||||||||||
Costs associated with closing Albuquerque | $ | — | $ | 0.3 | |||||||||||||||||||
Costs associated with closing Mequon | 0.4 | — | |||||||||||||||||||||
Costs associated with closing Enid | — | 0.3 | |||||||||||||||||||||
Costs associated with closing Tacoma | 0.4 | — | |||||||||||||||||||||
Workforce reductions at multiple sites | — | 0.5 | |||||||||||||||||||||
Total restructuring related charges | 0.8 | 1.1 | |||||||||||||||||||||
Asset impairment charges: | |||||||||||||||||||||||
Goodwill impairment charges | — | 1.6 | |||||||||||||||||||||
Total asset impairment charges | — | 1.6 | |||||||||||||||||||||
Gain on sale of property and equipment, net: | |||||||||||||||||||||||
Gain on sale of property and equipment, net | (0.1) | (0.6) | |||||||||||||||||||||
Total gain of sales of property and equipment, net | (0.1) | (0.6) | |||||||||||||||||||||
Restructuring, impairment and other asset charges, net | $ | 0.7 | $ | 2.1 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Infrastructure Solutions | $ | 0.4 | $ | 1.1 | |||||||||||||||||||
Materials Solutions | 0.4 | — | |||||||||||||||||||||
Total restructuring related charges | $ | 0.8 | $ | 1.1 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Infrastructure Solutions | $ | — | $ | 1.6 | |||||||||||||||||||
Total impairment charges | $ | — | $ | 1.6 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Infrastructure Solutions | $ | (0.1) | $ | (0.6) | |||||||||||||||||||
Total gain on sale of property and equipment, net | $ | (0.1) | $ | (0.6) |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per common share | 22,633,457 | 22,544,999 | |||||||||||||||||||||
Effect of dilutive securities | 241,353 | 168,137 | |||||||||||||||||||||
Denominator for diluted earnings per common share | 22,874,810 | 22,713,136 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Restructuring charges: | |||||||||||||||||||||||
Costs associated with closing Albuquerque | $ | — | $ | 0.3 | |||||||||||||||||||
Costs associated with closing Mequon | 0.4 | — | |||||||||||||||||||||
Costs associated with closing Enid | — | 0.3 | |||||||||||||||||||||
Costs associated with closing Tacoma | 0.4 | — | |||||||||||||||||||||
Workforce reductions at multiple sites | — | 0.5 | |||||||||||||||||||||
Total restructuring related charges | 0.8 | 1.1 | |||||||||||||||||||||
Asset impairment charges: | |||||||||||||||||||||||
Goodwill impairment charges | — | 1.6 | |||||||||||||||||||||
Total asset impairment charges | — | 1.6 | |||||||||||||||||||||
Gain on sale of property and equipment, net: | |||||||||||||||||||||||
Gain on sale of property and equipment, net | (0.1) | (0.6) | |||||||||||||||||||||
Total gain of sales of property and equipment, net | (0.1) | (0.6) | |||||||||||||||||||||
Restructuring, impairment and other asset charges, net | $ | 0.7 | $ | 2.1 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in millions) | 2021 | 2020 | $ Change | % Change | |||||||||||||||||||
Infrastructure Solutions | $ | 201.5 | $ | 202.6 | $ | (1.1) | (0.5) | % | |||||||||||||||
Materials Solutions | 82.9 | 86.2 | (3.3) | (3.8) | % |
Three Months Ended March 31, | $ Change | % Change | |||||||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||||||||
Infrastructure Solutions | $ | 21.0 | $ | 17.2 | $ | 3.8 | 22.1 | % | |||||||||||||||
Materials Solutions | 6.5 | 6.0 | 0.5 | 8.3 | % | ||||||||||||||||||
Corporate | (18.8) | (2.9) | (15.9) | (548.3) | % |
Three Months Ended March 31, | Increase / Decrease | ||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||
Net income | $ | 8.7 | $ | 20.4 | $ | (11.7) | |||||||||||
Depreciation and amortization | 7.6 | 6.3 | 1.3 | ||||||||||||||
Provision for warranties | 2.7 | 2.7 | — | ||||||||||||||
Deferred tax provision | 0.8 | 13.5 | (12.7) | ||||||||||||||
Asset impairment charges | — | 1.6 | (1.6) | ||||||||||||||
Increase in receivables and other contract assets | (26.4) | (16.6) | (9.8) | ||||||||||||||
Decrease (increase) in inventories | 5.0 | (0.3) | 5.3 | ||||||||||||||
Decrease in prepaid expenses | 0.7 | 3.3 | (2.6) | ||||||||||||||
Increase in accounts payable | 15.8 | 7.8 | 8.0 | ||||||||||||||
Decrease in accrued product warranty | (2.1) | (2.1) | — | ||||||||||||||
Decrease in customer deposits | (0.9) | (5.2) | 4.3 | ||||||||||||||
Income taxes payable/prepaid | 0.9 | (18.5) | 19.4 | ||||||||||||||
Other, net | 1.8 | (7.5) | 9.3 | ||||||||||||||
Net cash provided by operating activities | $ | 14.6 | $ | 5.4 | $ | 9.2 |
Three Months Ended March 31, | Increase / Decrease | ||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||
Acquisitions, net of cash acquired | $ | 0.1 | $ | — | $ | 0.1 | |||||||||||
Overpayment returned on prior sale of subsidiary | (1.1) | — | (1.1) | ||||||||||||||
Expenditures for property and equipment | (3.3) | (5.8) | 2.5 | ||||||||||||||
Proceeds from sale of property and equipment | 1.4 | 1.9 | (0.5) | ||||||||||||||
Purchase of investments, net | (0.1) | (0.2) | 0.1 | ||||||||||||||
Net cash used by investing activities | $ | (3.0) | $ | (4.1) | $ | 1.1 |
Three Months Ended March 31, | Increase / Decrease | ||||||||||||||||
(in millions) | 2021 | 2020 | |||||||||||||||
Payment of dividends | $ | (2.5) | $ | (2.5) | $ | — | |||||||||||
Repayments, net under bank loans | (0.3) | (0.7) | 0.4 | ||||||||||||||
Withholding tax paid upon vesting of share-based compensation awards | (3.0) | (0.5) | (2.5) | ||||||||||||||
Other, net | 0.2 | — | 0.2 | ||||||||||||||
Net cash used by financing activities | $ | (5.6) | $ | (3.7) | $ | (1.9) |
Exhibit Number | Exhibit Description | Filed Herewith | ||||||||||||||||||||||||||||||
10.1 | X | |||||||||||||||||||||||||||||||
10.2 | X | |||||||||||||||||||||||||||||||
10.3 | X | |||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||
101 |
The following materials from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 formatted in Inline Extensible Business Reporting Language ("iXBRL"): (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income (Loss), (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Equity and (vi) related notes, tagged as blocks of text and including detailed tags.
|
X | ||||||||||||||||||||||||||||||
104 |
Cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in iXBRL (included as Exhibit 101).
|
X |
ASTEC INDUSTRIES, INC.
(Registrant)
|
|||||
Date: May 6, 2021 | /s/ Rebecca A. Weyenberg | ||||
Rebecca A. Weyenberg
Chief Financial Officer (Principal Financial Officer) |
|||||
Date: May 6, 2021 | /s/ Jamie E. Palm | ||||
Jamie E. Palm
Vice President, Chief Accounting Officer and Corporate Controller (Principal Accounting Officer) |
Vesting Date
|
Percent of
Units Vesting |
||||
33% | |||||
33% | |||||
34% |
ASTEC INDUSTRIES, Inc.
By: ____________________________________________
Its: Authorized Representative
|
Grant Date:
Accepted by Grantee:
|
ASTEC INDUSTRIES, Inc.
By: ____________________________________________
Its: Authorized Representative
|
Grant Date:
Accepted by Grantee:
|
Degree of Performance Attainment | Return on Invested Capital Targets | Percentage of Weighted Target Award Earned * | ||||||
Maximum | [___]% | 200% | ||||||
Target | [___]% | 100% | ||||||
Threshold | [___]% | 50% | ||||||
Below Threshold | <[___]% | 0% |
Degree of Performance Attainment | Company TSR Percentile Ranking Relative to TSR Peer Group | Percentage of Weighted Target Award Earned * | ||||||
Maximum |
75th Percentile and above
|
200% | ||||||
Target |
50th Percentile
|
100% | ||||||
Threshold |
25th Percentile
|
50% | ||||||
Below Threshold |
Below 25th Percentile
|
0% |
Date: May 6, 2021
|
/s/ Barry A. Ruffalo | ||||
Barry A. Ruffalo | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: May 6, 2021
|
/s/ Rebecca A. Weyenberg | ||||
Rebecca A. Weyenberg | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
Date: May 6, 2021
|
/s/ Barry A. Ruffalo | ||||
Barry A. Ruffalo | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: May 6, 2021
|
/s/ Rebecca A. Weyenberg | ||||
Rebecca A. Weyenberg | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |