U.S. Markets closed

Aggregate revenue slump hits Astec 3Q net income

NEW YORK (AP) -- Astec Industries said Tuesday its net income fell 6 percent in the third quarter as revenue from its aggregate processing and mining business slumped.

Astec makes equipment for building, paving and mining. The company said its revenue and its contract backlog both decreased during the third quarter, and its shares fell $1.53, or 4.2 percent, to $35.21 in afternoon trading.

The company said its net income fell to $6.5 million, or 28 cents per share, from $6.9 million, or 30 cents per share. Revenue slipped 2 percent, to $213.2 million from $218.4 million.

Analysts were expecting net income of 37 cents per share and $233 million in revenue, according to FactSet.

The Chattanooga, Tenn., company said its total backlog fell 1 percent to $228.5 million.

Astec Industries Inc. said revenue from its asphalt business grew 1 percent to $47.1 million. Aggregate processing and mining revenue slid 13 percent to $79.8 million, and revenue from its mobile asphalt paving business decreased 3 percent to $35.4 million. Revenue from its drilling equipment business rose 33 percent to $27.3 million.