Astec, the maker of building, paving and mining equipment, posted total revenue of $318 million, rising 14% from the $279 million reported in the year-ago quarter. Revenues beat the Zacks Consensus Estimate of $292 million.
Astec's domestic sales jumped 8% year over year to $254 million. International sales also increased 46% year over year to $65 million. Cost of sales was up 17% year over year to $243 million. Gross profit of $75.8 million advanced from $72 million reported in the year-ago quarter.
Segment Performance Revenues for the Infrastructure Group segment advanced 7.9% to $165 million from $153 million in the prior-year quarter. Astec's Aggregate and Mining group is expected to improve in the domestic market for products targeted at traditional rock quarries while the mining market remains sluggish.
Given these positive developments, and positive order activity, Astec remains optimistic about 2017. While the increase in order activity is a good sign for the year ahead, the company still faces significant challenges on the U.S. exports given the strengthening U.S. dollar.
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