Astec Industries, Inc. (NASDAQ: ASTE) has announced the appointment of two new independent directors, Mr. Patrick S. Shannon and Mr. Jeffrey T. Jackson, to its board of directors effective January 18, 2024. This comes as Mr. William Bradley Southern, an independent director, informed the board of his retirement on the same date. With these changes, the size of the board has increased to 11 directors, with 10 of them being independent.
William Gehl, Chairman of Astec's board of directors, expressed gratitude for Mr. Southern's seven years of leadership and service on the board, saying, "his contributions have been numerous, and we wish him the best going forward." Mr. Gehl also welcomed the new appointments, stating, "we are pleased to welcome Patrick Shannon and Jeff Jackson to the Astec board."
Mr. Shannon, the former CFO of Allegion plc, brings with him extensive experience in finance and international manufacturing, while Mr. Jackson, the President and CEO of PGT Innovations Inc., offers his expertise in the manufacturing and supply of windows, doors, and garage doors.
Reflecting on the appointments, Mr. Gehl highlighted the valuable experience that the new directors bring to the board, with Mr. Jackson's public company chief executive officer experience and strong finance background, and Mr. Shannon's deep manufacturing and international experience.
In the market, Astec's shares have seen a 2.4% increase, reaching a trading price of $34.66.
Astec Industries, Inc., a manufacturer of specialized equipment for asphalt road building, aggregate processing, and concrete production, operates through two primary business segments: infrastructure solutions, including road building, asphalt and concrete plants, and thermal and storage solutions, as well as materials solutions, encompassing aggregate processing equipment.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $1,172 | $1,170 | $1,024 | $1,096 | $1,274 | $1,351 |
| Revenue Growth | n/a | -0.17% | -12.41% | 6.94% | 16.34% | 5.99% |
| Operating Margins | -7% | 2% | 4% | 2% | 1% | 2% |
| Net Margins | -5% | 2% | 4% | 1% | 0% | 1% |
| Net Income (MM) | -$60 | $22 | $46 | $16 | -$0 | $18 |
| Net Interest Expense (MM) | $0 | $1 | $1 | $1 | $2 | $7 |
| Depreciation & Amort. (MM) | $22 | $21 | $21 | $20 | $28 | $27 |
| Earnings Per Share | -$2.64 | $0.98 | $2.01 | $0.69 | -$0.0 | $0.78 |
| EPS Growth | n/a | 137.12% | 105.1% | -65.67% | -100.0% | n/a |
| Diluted Shares (MM) | 23 | 23 | 23 | 23 | 23 | 23 |
| Free Cash Flow (MM) | -$57 | $89 | $126 | -$13 | -$115 | -$74 |
| Capital Expenditures (MM) | $27 | $23 | $15 | $20 | $41 | $38 |
| Current Ratio | 2.96 | 2.93 | 3.32 | 2.85 | 2.54 | 2.64 |
