Astec Industries (ASTE)
Q2 2013 Earnings Call
July 23, 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
James Don Brock - Chairman of The Board and Chairman of Executive Committee
Benjamin G. Brock - Chief Executive Officer, President and Director
John F. Kasprzak - BB&T Capital Markets, Research Division
Richard Wesolowski - Sidoti & Company, LLC
Brian D. Brophy - Robert W. Baird & Co. Incorporated, Research Division
L. Todd Vencil - Sterne Agee & Leach Inc., Research Division
Jason Ursaner - CJS Securities, Inc.
Ted Grace - Susquehanna Financial Group, LLLP, Research Division
Morris Ajzenman - Griffin Securities, Inc., Research Division
Eric Glover - Canaccord Genuity, Research Division
Brian Gary Rafn - Morgan Dempsey Capital Management, LLC
Previous Statements by ASTE
» Astec Industries Management Discusses Q1 2013 Results - Earnings Call Transcript
» Astec Industries Management Discusses Q4 2012 Results - Earnings Call Transcript
» Astec Industries, Inc. Q3 2009 Earnings Call Transcript
Stephen C. Anderson
Thank you, Jesse. Good morning, and welcome to the Astec Industries conference call for the second quarter ended June 30, 2013. As Jesse mentioned, my name is Steve Anderson and I'm the Vice President of Administration, Secretary, Director of Investor Relations for the company. Also on today's call are Dr J. Don Brock, our Chairman and Chief Executive Officer; Ben Brock, Vice President of our Asphalt Division; and David Silvious, 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 quarter.
Before we begin, I will remind you that our discussion this morning may contain forward-looking statements that relate to the future performance of the company, and these statements are intended to qualify for the Safe Harbor liability established by the Private Securities Litigation Reform Act.
These 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. At this point, I'll turn the call over to David to summarize our financial results for the second quarter of 2013.
David C. Silvious
All right. Thanks, Steve. We appreciate each of you who are listening in for your interest this morning. Net sales for the quarter were $248.1 million in 2013 versus $238.3 million in the second quarter of '12. That's about 4% increase, about $9.8 million.
International sales for the quarter were $85.8 million, compared to $83.9 million in the second quarter of '12. That's a 2% increase, about $1.9 million. International sales were 34.6% of second quarter 2013 sales, compared to 35.2% of second quarter of 2012 sales. The increase in the international sales for the second quarter of '13, compared to the second quarter of '12 occurred primarily in Africa, in the West Indies and the Middle East and in Brazil. These increases were offset by a decrease in Canada.
Domestic sales for the second quarter of '13 were $162.3 million compared to $154.4 million in the second quarter of '12. That's a 5% increase or $7.9 million. Domestic sales were 65.4% of the second quarter of 2013, net sales compared to 64.8% for the second quarter of 2012 sales. Parts sales for the second quarter of '13 were $62.7 million compared to $60.1 million for the second quarter of 2012. That's a 4% increase or $2.6 million. Parts sales were 25.3% of the quarterly sales in 2013 compared to 25.2% in the second quarter of 2012.
Aggregate and the Mining Group had the largest dollar increase in part sales, followed by the Asphalt Group and the other group, compared to the second quarter of 2012. The Mobile Asphalt Paving Group and the Underground Group each had small decreases. On a year-to-date basis, net sales were $496 million, compared to $490.2 million in 2012, that's a 1% increase or $5.8 million. International sales on a year-to-date basis in '13 are $171.7 million compared to $180.8 million in '12. That's a decrease of about 5% or $9.1 million. The decrease in international sales occurred primarily in Australia, the post-Soviet States and in South America. These decreases were offset by increases in Europe, Africa and the West Indies.
International sales were 34.6% of net sales for 2013, compared to 36.9% for 2012, all on a year-to-date basis.
Domestic sales on a year-to-date basis in '13 were $324.3 million compared to $309.4 million in 2012. That's a $14.9 million increase or 5% increase. Domestic sales are 65.4% of 2013 total sales year-to-date, compared to 63.1% of total sales in 2012 year-to-date.
Parts sales year-to-date are $130.8 million compared to $132.9 million in 2012. That's about 2% decrease or $2.1 million. Parts sales were 26.4% of total sales for 2013 year-to-date compared to 27.1% of total sales year-to-date 2012.
Gross profit for the quarter was $55.4 million in '13, compared to $53.1 million for the second quarter of 2012. That's a $2.3 million increase or a 4% increase in gross profit dollars for the quarter. The gross profit percentage was flat at 22.3%, about Q2 of '13 and '12.