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23 July 2019

Astec Industries appoints new president and CEO

First published23/07/2019

Astec Industries has appointed Barry Ruffalo as its president and chief executive officer, effective on August 12th, 2019. Ruffalo has also been elected to the board of directors. He will join the board of directors as a Class I director and will stand for re-election at the Company’s 2020 annual meeting. On the effective date of Ruffalo’s appointment, Richard Dorris, interim chief executive officer, will resume his role as chief operating officer.

Prior to his appointment, Ruffalo was employed by Valmont Industries, a publicly-traded diversified global producer of highly-engineered fabricated metal products, where he served in group president roles since 2016, having previously served as its executive vice president, Operational Excellence beginning in 2015. Prior to his work with Valmont Industries, Ruffalo was employed by Lindsay Corporation, a publicly-traded global leader in road infrastructure products and services and proprietary water management.

In addition, the Company reported results for its second quarter ended June 30th, 2019.

Net sales for the second quarter of 2019 were US$304.8 million compared to $272.5 million for the second quarter of 2018, an 11.8% increase. Domestic sales increased 21.1% to $246.2 million for the second quarter of 2019 from $203.4 million for the second quarter of 2018. International sales decreased 15.3% to $58.6 million for the second quarter of 2019 from $69.1 million for the second quarter of 2018.

Net income for the second quarter of 2019 was $23.4 million or $1.03/diluted share, compared to a net loss of $40.7 million or $1.76/diluted share for the second quarter of 2018.

Net sales for the first half of 2019 were $630.6 million compared to $598.0 million for the first half of 2018, an increase of 5.5%. Domestic sales increased 7.5% to $509.0 million for the first half of 2019 from $473.5 million for the first half of 2018. International sales decreased 2.4% to $121.5 million for the first half of 2019 from $124.5 million for the first half of 2018.

Net income for the first half of 2019 was $37.7 million or $1.66/diluted share, compared to a net loss of $20.4 million or $0.89/diluted share for the first half of 2018.

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