Astec Industries, Inc. announced its financial results for the third quarter ended September 30, 2024, revealing mixed performance across its segments. The Infrastructure Solutions segment saw increases in both sales and margins for the quarter. Conversely, the Materials Solutions segment continued to face difficult market conditions during this period.
The company made progress in improving its cash flow, which management identified as a key focal point. Astec also settled a previously disclosed, long-standing legacy litigation matter related to a product no longer owned, resulting in an $8.4 million charge in the third quarter.
Effective January 1, 2024, Astec reclassified its reportable segments for comparability. Australia and LatAm sites moved from Infrastructure Solutions to Materials Solutions, while Astec Digital moved from Corporate and Other to the Infrastructure Solutions segment.
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