Astec Industries(ASTE) - 2024 Q1 - Quarterly Results

Sales Performance - Net sales decreased 11.1% to $309.2 million, with domestic sales down 13.5$309.2 million, down 11.1% from $347.9 million in Q1 2023[17] - Infrastructure Solutions segment net sales declined by 6.2$202.2 million, while Materials Solutions segment net sales dropped 19.1% to $107.0 million[19] - Net sales for Q1 2024 were$309.2 million, a decrease from $347.9 million in Q1 2023[32] Backlog and Orders - Backlog decreased 30.0$559.8 million, with domestic backlog down 36.2% and international backlog up 6.6%[3] - Implied orders increased 2.4% sequentially from the fourth quarter[1] Earnings and Profitability - Diluted EPS of $0.15 compared to$0.53; Adjusted EPS of $0.34 compared to$0.90[1] - Net income attributable to controlling interest fell to $3.4 million in Q1 2024, compared to$12.1 million in Q1 2023[17] - Segment Operating Adjusted EBITDA decreased by 46.0% to $18.9 million in Q1 2024 from$35.2 million in Q1 2023[19] - Net income attributable to controlling interest for Q1 2024 was $3.4 million, compared to$12.1 million in Q1 2023[30] - Adjusted net income attributable to controlling interest for Q1 2024 was $7.8 million, down from$20.5 million in Q1 2023[30] - Diluted EPS for Q1 2024 was $0.15, compared to$0.53 in Q1 2023[30] - Adjusted EPS for Q1 2024 was $0.34, down from$0.90 in Q1 2023[30] - EBITDA for Q1 2024 was $13.4 million, compared to$24.3 million in Q1 2023[32] - EBITDA margin for Q1 2024 was 4.3%, down from 7.0% in Q1 2023[32] - Adjusted EBITDA for Q1 2024 was $18.9 million, compared to$35.2 million in Q1 2023[32] - Adjusted EBITDA margin for Q1 2024 was 6.1%, down from 10.1% in Q1 2023[32] Segment Performance - Infrastructure Solutions net sales decreased 6.2% to $202.2 million, with Segment Operating Adjusted EBITDA margin decreasing 50 basis points to 12.7$107.0 million, with Segment Operating Adjusted EBITDA margin decreasing 600 basis points to 5.0%[7] Liquidity and Financial Position - Total liquidity was $170.5 million, consisting of$55.3 million in cash and cash equivalents and $115.2 million available under the revolving credit facility[8] - Total assets increased to$1,123.0 million as of March 31, 2024, up from $1,059.3 million at the end of 2023[24] - Long-term debt rose to$125.0 million as of March 31, 2024, compared to $72.0 million at the end of 2023[24] - Net cash used in operating activities was$47.0 million in Q1 2024, compared to $19.2 million in Q1 2023[26] - Cash, cash equivalents and restricted cash decreased to$58.1 million at the end of Q1 2024 from $63.2 million at the end of 2023[29] Capital Expenditures and Investments - Capital expenditure investments to increase capacity and improve efficiency were$5.8 million[9] Restructuring and Transformation Costs - Transformation program costs were $6.3 million in Q1 2024, down from$7.2 million in Q1 2023[23] - Restructuring and other related charges decreased to $0.1 million in Q1 2024 from$7.1 million in Q1 2023[23] Industry and Market Trends - Federal highway and pavement contract awards increased 11% year-over-year[1] - Record attendance at 2024 World of Asphalt/Agg1 trade show, with a 38% increase over the previous record set in 2022[4]