Here are 1-2 analogies for Astec Industries:

• Astec is like Caterpillar for road-building and aggregate machinery.
• Astec is like John Deere for asphalt, concrete, and rock processing equipment.

• Asphalt Production Equipment: Manufactures plants and equipment for producing and paving asphalt for road construction.
• Aggregate & Mining Equipment: Provides machinery such as crushers, screens, and washing equipment for processing rock, sand, and gravel in mining and construction.
• Concrete Production Equipment: Produces batch plants and mixers for the ready-mix concrete industry.
• Wood Processing & Environmental Equipment: Offers grinders, chippers, and other machinery for processing wood, biomass, and other organic materials.
• Underground Construction Equipment: Supplies horizontal directional drills, trenchers, and vibratory plows for installing underground utilities.

Astec Industries (ASTE) primarily sells its specialized equipment and components to other companies (B2B) operating within the construction, infrastructure, and mining industries.

According to Astec's public filings, including their Annual Report on Form 10-K, no single customer accounted for more than 10% of their consolidated net sales in recent fiscal years. For this reason, Astec does not publicly disclose the names of specific major customer companies.

However, based on their product offerings, Astec's major customers can be identified by the following categories of businesses that utilize their equipment:

• Infrastructure and Road Construction Companies: These customers purchase Astec's asphalt plants, pavers, road milling equipment, material transfer vehicles, and other machinery critical for building and maintaining highways, roads, airports, and other large-scale infrastructure projects.
• Aggregates Producers and Mining Companies: Businesses involved in quarrying, crushing, screening, and processing rock, sand, gravel, and other raw materials for construction and industrial use are significant customers for Astec's crushing, screening, and material handling equipment.
• Ready-Mix Concrete Producers: Companies that produce and deliver concrete for various construction applications are customers for Astec's concrete plants and associated equipment.

Barry Wilson, President and Chief Executive Officer

Mr. Wilson joined Astec Industries in 2019 as President and CEO. Prior to Astec, he served as President of The Charles Machine Works, Inc. (Ditch Witch) for 15 years, until its acquisition by The Toro Company in 2019. Before his tenure at Ditch Witch, he held various leadership positions at Textron Inc., including President of Jacobsen, and Vice President of Marketing for both Jacobsen and E-Z-GO.

Rebecca A. M forthwith, Group President, Chief Financial Officer

Ms. Forthwith joined Astec Industries in 2021 as Group President, Chief Financial Officer. She previously served as the Chief Financial Officer for PlayPower, Inc., a designer and manufacturer of commercial playground and recreation equipment. Prior to PlayPower, she held finance leadership roles at SPX FLOW, Inc., and Ernst & Young LLP. PlayPower, Inc. was acquired by private equity firm Littlejohn & Co. in 2019.

J. Kevin Curtis, Group President, Materials Solutions

Mr. Curtis was appointed Group President, Materials Solutions in August 2022. Before joining Astec, he served as Vice President of Global Product Development at Metso Outotec. His professional background also includes leadership positions at Weir Group PLC.

Tim Averkamp, Group President, Infrastructure

Mr. Averkamp was appointed Group President, Infrastructure in March 2023, after joining Astec in 2021 as Vice President, Operational Excellence. Prior to his time at Astec, he spent 14 years at Danfoss Power Solutions, where he held various leadership roles in operations and supply chain management.

Andrew J. Novinger, Chief Accounting Officer, Vice President

Mr. Novinger serves as Vice President, Chief Accounting Officer, having joined Astec Industries in 2017. Previously, he held the position of Vice President, Chief Accounting Officer at Miller Industries, Inc. His career also includes senior roles at EPB and Deloitte & Touche LLP.

Astec Industries operates in several key markets, with the following estimated global addressable market sizes for its main products and services:

• Asphalt Paving Equipment:
  • The global asphalt paver market size was valued at USD 1.9 billion in 2022.
  • The global asphalt mixing plant market size was valued at USD 6.5 billion in 2022.
• Crushing and Screening Equipment: The global crushing and screening equipment market size was valued at USD 2.6 billion in 2022.
• Concrete Production Equipment: The global concrete batching plant market size was valued at USD 8.7 billion in 2022.
• Wood Processing Equipment: The global wood processing machinery market size was valued at USD 4.9 billion in 2022.
• Material Handling Equipment: The global material handling equipment market size was valued at USD 227.1 billion in 2022.

1. Strategic Growth Initiatives and Product Innovation: Astec Industries is focused on executing its strategic growth initiatives, which include expanding its product portfolio through innovation and new product development. The company aims to introduce new solutions that meet evolving customer needs and market demands, thereby driving increased sales. This focus on innovation is expected to contribute to revenue growth as new and enhanced products gain traction in the market.

2. Aftermarket Parts and Services Growth: The company anticipates continued growth in its aftermarket parts and services segment. This growth is driven by a large installed base of equipment, increasing demand for maintenance and repair, and the company's efforts to enhance its service offerings and distribution.

3. International Market Expansion: Astec Industries is actively pursuing opportunities for expansion in international markets. By increasing its presence in key global regions and adapting products to local market requirements, the company expects to tap into new customer bases and revenue streams.

4. Operational Excellence and Margin Expansion: While not a direct revenue driver, improvements in operational efficiency and margin expansion initiatives are expected to indirectly support revenue growth by allowing for more competitive pricing, increased investment in growth areas, and enhanced market positioning. The company's focus on operational excellence, including supply chain optimization and manufacturing efficiencies, aims to improve profitability and free up resources for growth.

5. Strong Backlog and Infrastructure Spending: A healthy order backlog provides a solid foundation for future revenue. Additionally, ongoing global infrastructure spending, particularly in road construction and other heavy industries, is expected to drive demand for Astec's equipment and solutions, contributing to sustained revenue growth.

Share Repurchases

• Astec Industries authorized a $100 million share repurchase program in March 2021.
• As of September 30, 2023, approximately $60.5 million remained available under the share repurchase authorization.
• The company repurchased $5.0 million of stock (117,143 shares) during the third quarter of 2023, $8.5 million (197,330 shares) in 2022, and $14.9 million (251,460 shares) in 2021.

Outbound Investments

• Astec acquired MINDS Inc. in 2020 for approximately $16.0 million.
• The company acquired substantially all the assets of Grathwol Automation, LLC in 2022.

Capital Expenditures

• Capital expenditures were $28.3 million for the nine months ended September 30, 2023, $22.2 million for the full year 2022, $13.5 million for 2021, and $26.8 million for 2020.
• For 2024, Astec anticipates capital expenditures between $50 million and $60 million.
• The primary focus of anticipated capital expenditures for 2024 is strategic growth projects, including facility upgrades and investments in equipment and automation.