Pomerantz LLP is investigating claims on behalf of investors of Astec Industries, Inc. (“Astec” or the “Company”).
Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Astec and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On October 23, 2018, Astec announced its financial results for the quarter ended September 30, 2018. Astec reported a 1.2% decrease in domestic sales and a 20.2% decrease in the Company’s backlog, with the domestic backlog contracting by 28.1%, dragged down by Astec’s pellet business. For 2018, Astec cut its core revenue growth forecast to 1% to 3%, down substantially from 7% to 12%. Astec also reported EPS of $0.30 for the quarter, widely missing the consensus estimate of $0.59. Astec also reported $256.6 million in revenue for the quarter, below analysts’ expectations of $276.8 million. Following this news, Astec’s stock price fell $11.76 per share, or 24.88%, to close at $35.51 on October 23, 2018.