Astec products' demand goes sky high

The manufacturer of products and equipment for infrastructure, aggregates, mining, and energy, Astec Industries recorded 14% spurt in demand for its products, as its net sales for the first quarter of 2017 clocked $318.4 million against $278.7 million for the first quarter of the corresponding period in the preceding year. Earnings for the first quarter of 2017 were $15.1 million as compared to $17.7 million in the first quarter of 2016. Domestic sales increased 8 percent to $253.5 million for the first quarter of 2017 from $234.2 million for the same quarter of 2016. International sales increased 46% to $64.9 million for the first quarter of 2017 from $44.5 million for the same quarter last year, Chief Executive Officer, Benjamin G. Brock said, adding that the company pleased with its results for the first quarter. The player was able to grow revenues and, as expected, its gross margins were lower than usual, mainly due to new products being manufactured in many of its facilities.