CHATTANOOGA, Tenn. (AP) _ Astec Industries Inc. (ASTE) on Wednesday reported first-quarter earnings of $20.6 million.
On a per-share basis, the Chattanooga, Tennessee-based company said it had profit of 91 cents. Earnings, adjusted for one-time gains and costs, were $1 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.
The maker of equipment for building, paving and mining posted revenue of $288.8 million in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $302.6 million.
Astec Industries shares have declined 10% since the beginning of the year. The stock has increased 11% in the last 12 months.