Astec Industries up as Q1 profit tops Wall Street estimates

Astec Industries

04/05/2022 15:52

** Industrial machinery maker's shares  ASTE.O  up ~4.2% at
$42.73 in early trade 
    ** ASTE reports Q1 adjusted profit of 41 cents per share,
well above Wall Street estimates of 11 cents per share -
Refinitiv  urn:newsml:reuters.com:*:nGNX2Pj2Pk
    ** Co said it continues to manage global supply chain
constraints even as it faced disruptions in the quarter 
    ** ASTE's net sales in Q1 increased 2.4% to $291.2 million
    ** However, co said it had difficulties meeting customer
demand in Q1, due to labor shortage at production sites 
    ** Two of four brokerages rate the stock "strong buy", rest
"hold"; their median PT is $68 - Refinitiv 
    ** Including session gain, shares down ~38.3% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))