Astec Industries (ASTE) FY2023 results: revenue $1.3 billion, up 5.0% on the year

Astec Industries Inc. (ASTE) reported revenue of $1.3 billion for fiscal 2023, the year ended 31 December 2023, up 5.0% on the year before. Net income was $34 million, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$1.3 billion

+5.0% on the year

FY2016FY2023

Operating margin

3.6%

0.6% a year earlier

FY2016FY2023

Net income

$34 million

FY2016FY2023

Diluted EPS

$1.47

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,338	1,274	1,097	+5.0%
Cost of revenue	1,007	1,010	846	-0.3%
Gross profit	331	264	250	+25.3%
Gross margin	24.7%	20.7%	22.7%
Research and development	22.0	31.5	26.5	-30.2%
Selling, general and administrative	276	248	227	+11.6%
Operating income	48.6	7.5	19.9	+548.0%
Operating margin	3.6%	0.6%	1.8%
Interest expense	8.9	2.5	1.1	+256.0%
Pre-tax income	42.8	4.4	13.8	+872.7%
Income tax	9.1	5.0	-2.1	+82.0%
Effective tax rate	21.3%	113.6%	-15.2%
Net income	33.5	-0.1	15.8
Net margin	2.5%	-0.0%	1.4%
Diluted EPS	$1.47	$0.00	$0.69

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	27.8	-73.9	7.4
Capital expenditure	34.1	40.7	20.1	-16.2%
Free cash flow	-6.3	-115	-12.7
Free cash flow margin	-0.5%	-9.0%	-1.2%
Cash from investing	-12.9	-53.2	-18.4
Cash from financing	-18.3	60.1	-12.1
Depreciation and amortisation	25.6	27.9	30.2	-8.2%
Share-based compensation	4.1	6.8	6.0	-39.7%
Buybacks	0.0	10.1	0.0
Dividends paid	11.8	11.2	10.2	+5.4%
Dividend per share	$0.52	$0.49	$0.45	+6.1%
Diluted shares, weighted	23m	23m	23m	-0.0%
Shares outstanding at period end	23m	23m	23m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	653	627	651	+4.2%
Non-controlling interest	0.3	0.0	0.5
Debt	83.1	87.7	2.9	-5.2%
Operating lease liabilities	6.5	8.3	4.2	-21.7%
Other liabilities	316	292	247	+8.4%
Total liabilities and equity	1,059	1,014	906	+4.4%
Fixed assets	188	174	172	+8.1%
Goodwill	46.3	45.2	38.6	+2.4%
Intangible assets	16.4	22.5	22.7	-27.1%
Investments	19.5	19.0	20.8	+2.6%
Cash and equivalents	63.2	66.0	134	-4.2%
Receivables	153	174	142	-12.0%
Inventory	456	393	299	+15.8%
Other assets	118	121	77.2	-2.6%
Total assets	1,059	1,014	906	+4.4%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.