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Astec Industries (ASTE)
Q4 2012 Earnings Call
February 26, 2013 10:00 am ET
Stephen C. Anderson - Vice President of Administration, Director of Investor Relations and Secretary
David C. Silvious - Chief Financial Officer, Vice President and Treasurer
J. Don Brock - Chairman of The Board, Chief Executive Officer and Chairman of Executive Committee
Benjamin G. Brock - Group Vice President of Asphalt and President of Astec, Inc
Morris Ajzenman - Griffin Securities, Inc., Research Division
Mircea Dobre - Robert W. Baird & Co. Incorporated, Research Division
Ted Grace - Susquehanna Financial Group, LLLP, Research Division
Jason Ursaner - CJS Securities, Inc.
John F. Kasprzak - BB&T Capital Markets, Research Division
Brian Gary Rafn - Morgan Dempsey Capital Management, LLC
Previous Statements by ASTE
» Astec Industries, Inc. Q3 2009 Earnings Call Transcript
» Astec Industries Inc Q4 2008 Earnings Call Transcript
» Astec Industries, Inc. Q3 2008 Earnings Call Transcript
Stephen C. Anderson
Thank you, Stacy. Good morning and welcome to the Astec Industries Conference Call for the Fourth Quarter and Fiscal Year Ended December 31, 2012. As Stacy mentioned, my name is Steve Anderson, and I am the Director of Investor Relations for the company. Also in today's call are Dr. J. Don Brock, our Chairman and Chief Executive Officer; and David Silvious, our Chief Financial Officer. In just a moment, I'll turn the call over to David to summarize our financial results and then to Don to review our business activity during the fourth quarter.
Before we begin, I'll remind you that our discussion this morning may contain forward-looking statements that relate to the future performance of the company, and that these statements are intended to qualify for the Safe Harbor liability established by the Private Securities Litigation Reform Act. Any such statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions. Factors that can influence our results are highlighted in today's financial news release and others are contained in our annual report and our filings with the SEC. As usual, we ask that you to familiarize yourself with those factors.
So at this point, I'll turn the call over to David to summarize our financial results for the fourth quarter of 2012.
David C. Silvious
All right. Thanks, Steve, and good morning to everyone. Let me first preface my comment by saying that as we previously announced, we sold American Augers as of November 30, and as a result, we have recast the financial information presented in your press release and in the segment portion of your press release to reflect the required presentation for discontinued operations, and therefore my comments today will be in reference to the financial statements as they are presented unless otherwise noted.
So let's begin with the net sales for the quarter were $227.6 million in the fourth quarter of '12, compared to $253.3 million in the fourth quarter of '11. They were down 10.1% or $25.7 million.
International sales for the quarter were $98.6 million, compared to $110.4 million in the fourth quarter of last year, a 10.7% decrease or $11.8 million. The decrease in dollars for international sales were primarily in the post-Soviet states and in South America and in the Middle East, offset by increases in international sales in Mexico and Asia during the quarter. International sales were 43.3% of Q4's net sales versus 43.6% of Q4 of '11's net sales.
Domestic sales for the fourth quarter of '12 were $129 million, compared to $142.9 million in the fourth quarter of '11. That's a 9.7% decrease or $13.9 million decrease. Domestic sales were 56.7% of sales in Q4 of '12, compared to 56.4% of sales in Q4 of '11.
Parts sales for the fourth quarter of '12 were $58.1 million, compared to $55.4 million for the fourth quarter of '11. That's an increase of 5% or $2.7 million. Parts sales were 25.5% of the fourth quarter of '12 sales, compared to 21.9% in the fourth quarter of '11.
And the segment revenues for the fourth quarter are attached to your press release. Including American Augers, sales for the fourth quarter were $242.3 million, compared to $263.2 million in the fourth quarter of '11. That would have been a 7.9% decrease or $20.8 million. Included in those sales, you also note that we have sold the Trencor product line of our Astec Underground operation, and we previously announced that as well. We sold them as of November 30, and included in sales, not in the discontinued, but in the sales revenues for the quarter is $7.7 million related to that transaction, as well.
Net sales on a year-to-date basis are $936.3 million, compared to $908.6 million for the 2011 year. It's a 3% increase or $27.7 million. International sales for the year-to-date basis are $363.8 million, compared to $365.1 million. They're down just barely at 0.4% or $1.3 million. The decrease in dollars for the year in international sales occurred primarily in the South American countries, excluding Brazil, the Middle East and Africa. These were offset by increases in those sales in Australia and Mexico, in Russia and in Brazil. International sales were 38.9% of sales year-to-date for '12, compared to 40.2% of year-to-date sales for 2011.