8-K - ASTE - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 7, 2022

Astec Industries, Inc.

(Exact name of registrant as specified in its charter)

Tennessee	001-11595	62-0873631
(State or other jurisdiction<br>of incorporation)	(Commission File Number)	(IRS Employer<br>Identification No.)

1725 Shepherd Road, Chattanooga, Tennessee 37421

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (423) 899-5898

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	ASTE	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On February 7, 2022, Astec Industries, Inc. issued a press release announcing, among other things, certain business updates and preliminary performance details with respect to the fourth quarter of 2021. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and Exhibit 99.1 attached hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d)Exhibits

99.1	Press Release dated February 7, 2022, furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Astec Industries, Inc.
Date: February 7, 2022	By:	/s/ Rebecca A. Weyenberg
		Rebecca A. Weyenberg
		Chief Financial Officer

Document

Exhibit 99.1

| NEWS RELEASE

ASTEC Announces Business Update and Fourth Quarter and Full Year 2021 Earnings Call

CHATTANOOGA, Tenn. (February 7, 2022) – Astec Industries, Inc. (Nasdaq: ASTE) today announced the following unaudited, preliminary fourth quarter 2021 performance details.

Astec Industries, Inc. (“Astec” or the “Company”) experienced strong demand and achieved record backlog in the fourth quarter of 2021 as the Company continued to serve its customers despite macro driven headwinds. Preliminary results show revenue of $267.8 million for the fourth quarter of 2021, a 12.1% increase compared to the fourth quarter of 2020. However, gross profit margin in the fourth quarter of 2021 was negatively impacted by 350 basis points compared to the fourth quarter of the prior year as a result of manufacturing challenges due to supply chain and logistic disruptions as well as pandemic related labor restrictions combined with net inflation. As a result, the Company incurred higher expenses in an effort to continue to meet elevated customer demand. Based on available information at this time, these challenges continue to persist in the first quarter of fiscal year 2022.

While the above macro-driven headwinds negatively impacted gross profit during the fourth quarter, Astec continues to execute its Simplify, Focus and Grow strategy and capture strong and growing demand. The Company remains focused on providing its customers with exceptional value, superior service and innovative industry-leading technology solutions.

Astec is in the process of completing its accounting processes and preparing its fourth quarter and full year 2021 financial statements. The financial results presented in this release are preliminary and are based on current expectations and may be adjusted as a result of, among other things, completion of our financial closing procedures and audit procedures and other developments that may arise between now and the time these financial results are finalized. Final results, and additional detail, will be provided in the Company’s fourth quarter and full year 2021 earnings news release.

Fourth Quarter and Full Year 2021 Earnings Call

Astec will host a fourth quarter and full year 2021 earnings call and live webcast on February 28, 2022, at 8:30 A.M. Eastern Time to review its fourth quarter 2021 results as well as current business conditions.

About Astec

Astec (www.astecindustries.com) is a manufacturer of specialized equipment for asphalt road building, aggregate processing and concrete production. Astec's manufacturing operations are divided into two primary business segments: Infrastructure Solutions that includes road building, asphalt and concrete plants, thermal and storage solutions; and Materials Solutions that includes our aggregate processing and mining equipment.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995

This News Release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements relate to, among other things, income, earnings, cash flows, changes in operations, operating improvements, businesses in which we operate and the United States and global economies. Statements in News Releases that are not historical are hereby identified as "forward-looking statements" and may be indicated by words or phrases such as "anticipates," "supports," "plans," "projects," "expects," "believes," "should," "would," "could," "hope," "forecast," "management is of the opinion," use of the future tense and similar words or phrases. These forward-looking statements are based largely on management's expectations, which are subject to a number of known and unknown risks, uncertainties and other factors discussed and described in our most recent Annual Report on Form 10-K, including those risks described in Part I, Item 1A. Risk Factors thereof, and in other reports filed subsequently by us with the Securities and Exchange Commission, which may cause actual results, financial or otherwise, to be materially different from those anticipated, expressed or implied by the forward-looking statements. All forward-looking statements included in this document are based on information available to us on the date hereof, and we assume no obligation to update any such forward-looking statements to reflect future events or circumstances, except as required by law.

For Additional Information Contact:

Steve Anderson

Senior Vice President of Administration and Investor Relations

Phone: (423) 899-5898

Fax: (423) 899-4456

E-mail: sanderson@astecindustries.com

1725 Shepherd Road | Chattanooga, Tennessee 37421 | 423.899.5898 | astecindustries.com