Astec Industries, Inc. (ASTE), an equipment maker for the construction and mining industries, Tuesday reported a rise in second-quarter earnings on the back of growth in revenues. Earnings came in line with analysts' estimates, while revenues surpassed them.
The company, however, said it was cautious about near-term prospects, particularly in relation to infrastructure spending.
For the three months to June, net earnings advanced to $14.5 million or $0.63 per share, from $11.1 million or $0.48 per share a year ago.
On average, ten analysts polled by Thomson-Reuters estimated the company's earnings to be $0.63 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net sales rose by 12 percent to $277.3 million, from $248.1 million last year, above the $264.26 million that Wall Street expected.
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