ASTE - Earnings call transcript Q2 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Greetings. Welcome to Astec Industries Second Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

the of to Investor turn President Anderson, now Director and Relations. will conference Steve over Vice I Mr. Anderson you may begin.

Steve Anderson

ended the Okay. Thank Astec quarter for the welcome and XXXX. that second you, Sherri. Industries Good conference morning June XX, to call

call just Steve -- David As Also to call then Financial Silvious, over Interim and our on our turn Officer; Operating In Anderson. also Sherri Chief Dorris, name summarize Chief opening Rick a as for today's take comments my David CEO mentioned, to the moment our is I'll are results. well financial Rick Officer. as and to

are we contain to safe the liability you forward-looking Before future qualify that established may relate harbor Private Securities by that this statements to Act. the morning company remind Litigation intended I'll statements the Reform performance for our begin, of the discussion these and

our uncertainties today's our are certain such our and Factors filings that not subject Any are annual SEC. contained statements with influence to are of future are and and report others assumptions. news and release results performance highlighted risks, in guarantees the could financial in

As we ask those familiarize that with usual, yourself factors. you

I'll point, this to Rick. the call At over turn

Rick Dorris

everyone, this morning, Good you Steve. us thank on you, Thank joining call. for and

We going the forward will and comment new First of new he Directors Mr. company August his manufacturing that to as a him forward. to on has welcome of perspective with of CEO, years begins on selected on Astec Barry company become company better and XX. like all, working a I help the would in Ruffalo Industries look us leadership to experience a announcement our yesterday's Board of Ruffalo. His

of earnings the press in our announced $X.XX quarter. you morning's this per seen release, As for we second have share

services releases the plant aided pellet improve was completely $XX of to a performance plant. from in our and customers related to It payment ends receipt to wood Our focus any the the on efforts plant. also business plant this our This wood obligations ongoing for and totally sale and us for Georgia and sale the and Astec further involvement employees. our by million for products traditional of allows pellet Hazlehurst shareholders performance the our our our improve

million are Our less share. were lower below mostly was sale to $XX expectations under the to per lower share, pellet of $X.XX due plant than earnings absorption slightly per $X.XX earnings expected The volume production our $X.XX costs. of and which

the a in expectations and below oil This resulting quarter during noticeable equipment in first most reduced backlog. gas and three were for the and and weakening of year last segments in equipment groups of sales adjusted industry. have for and parts all we half in As equipment, of all year second demand aggregate seen screening the crushing below as year-over-year equipment paving was the

most in this had XX% is total demand significant impact Since a sales evident volume. domestic markets. has our reduced of our The are domestic on

As first noted has was wet around country, about the construction several to delayed in weather. the unusually of transportation quarter departments road due been

trailers and believe to that and customers drilling The is demand late We water start construction conditions demand pressure and prices for our well demand low construction competitors. for country production. in the We season gas widespread some by high reduced oil existing the caused remainder experienced oil use reduced season. also equipment also the of for seeders being have pump believe and across the have to process drought-free equipment has the reduced used nearly is

the terminal equipment; a and asphalt concrete companies; and large aggregate improved market the orders for and did wood improved of competitive in first quarter international States; United quarter have improve backlog orders conditions, pressures. second on been at thanks by and the half mining for the margins two asphalt impacted for during group also plants pricing orders to year and grinding the the reduced The gross Our volume international chipping Despite in our equipment. order

that, And let with quarter report I'll David results. on the second

David Silvious

All right. and morning, good everyone. Thanks, Rick,

were QX Sales for for to last impacted Our wood $XXX.X million, the XX.X% $XXX.X $XX mentioned were for increase. in by sale and million of quarter year, compared the Rick plant as the pellet the net Hazlehurst sales positively quarter million.

for provided QX, at glossary release in the pellet plant to and impacted as assist wood press periods that by also activity Recall in was activity all end results a of XXXX plant the we adjusted comparing presented. pellet have

quarter QX is within a which decrease million $XXX.X of to is above last that X% the XX% sales this for adjusted the So decrease. our guidance slightly year, XX.X%, of compared $XXX.X to million

those to adjusted a occurred in Canada, compared for America, and are Europe, XXXX, that quarter-over-quarter XXXX $XXX.X in sales by infrastructure million of And to in of million and primarily America, were Asia, $XXX.X million second sales then, decrease outside compared decreases million QX in decrease and decrease in of in offset $XX.X XX.X%. were and the Japan As XX% Russia. QX Africa. in International Central of Brazil, in increases year, quarter last Mexico, $XX.X South

$XXX.X the the and an remained group. in of in a the For in XX.X%. the QX and agg increased And energy quarter, quarter, the in group infrastructure international flat infrastructure the groups, last the Domestic group. decrease sales QX year, sales compared energy were agg and group, and decreased domestic in and million million in mining $XXX.X increase to for sales mining

groups, the adjusted, to as $XXX.X a $XXX.X primarily in million adjusted million were sales And XXXX, compared group. of XX%. QX in in of down infrastructure decrease domestic of were domestic sales So each the

to X.X%. agg the Part in of sales the in compared the for million decreased sales decrease And a energy the infrastructure for quarter, quarter last were were and group. and part and year flat million mining $XX.X group $XX.X in the

negative $X.X a of ForEx on million quarter-over-quarter. impact had sales

$XXX.X half-versus-half, a adjusted of compared sales half compared first that's And $XXX.X were million X.X%. an first $XXX.X $XXX X.X%. to in sales the million year, half the million of decrease million For were last to increase as and

sales decrease sales half International decrease primarily half-versus-half in the XXXX of to the first compared for As of Brazil, million were in a the the of million and are for Russia, occurred in half $XXX.X XX.X%. compared Canada, the those of decreases infrastructure to Australia. Asia, that and for half million of Africa, $XXX.X decrease first Mexico XXXX, $XXX.X in outside and adjusted, in million first half offset $XXX.X South increases in of XXXX, America, in by were and X.X% a

$XXX.X decreased in a half energy sales international compared increase. half, XXXX, to in X.X% of for the and group, first agg infrastructure were first the and half the the group and sales mining in group. million first Domestic million the $XXX.X increased For

sales domestic half decrease first $XXX.X the an the decrease. So in half, in agg group. of as energy of for and and the increased half first infrastructure XXXX adjusted, for the XX% sales to XXXX, domestic groups, And the compared first $XXX.X for million were and million mining

$XXX.X at for year. flat half of remained the this $XXX.X sales half to Part of million first last year compared in the first million

half, slightly For the by agg in infrastructure were sales the energy the and offset and group slight and the groups. decreased first part mining increases in

half million of on a negative half. first versus first impact ForEx $X.X sale had

was quarter the XX.X% in to QX million million was last for margin of profit $X.X because X.X% compared XXXX, QX Gross XXXX quarter compared year. in of for to the second $XX.X

XX.X% as QX for compared However, for QX margin of the XXXX XXXX. adjusted, gross was to XX.X%

of for Our XX% to QX was a margin XX%. gross XXXX guidance

million That's was of of second the The XXXX over absorption $XXX,XXX. the absorption compared to variance quarter in absorbed variance XXXX second change million. negative $X.X variance $X.X quarter in the of under of a absorption

was infrastructure then the as group gross XX% to XXXX compared XX% of margin adjusted XXXX. for QX The QX of in in

was profit half gross million increase. million of an half, the in $XXX first $XX.X to $XX.X the For compared XXXX, million first

half year. the percentage profit to XX.X% last gross half was compared of the The first for XX.X% first

the for XX.X% gross half XX.X% of XXXX the XXXX. adjusted, for consolidated the as margin However, half of compared to first first was

is to half $XX.X That half million variance to make the half absorption margin overhead for of million. XXXX. of as negative for unabsorbed million half $XX.X a compared of for Group for for of compared change the the adjusted $X.X Infrastructure of XX.X% The first first XX.X% will the unabsorbed gross first the first XXXX the overhead XXXX, of

benefits. in some fees, consulting SGA&E increase million reductions X.X% quarter XXXX, related $XXX.X increase $XX.X That SGA&E and offset half first for by to fees was professional for consulting compared by million and was the of was a costs. half million $XXX.X million for R&D and the that and XXXX, in increase. primarily driven a costs to legal and payroll primarily some by driven X.X% $XX compared costs quarter increase, was R&D the first exhibit second was expense,

is expenses and down decrease are benefits and of SGA&E related that drivers and to for expense XXXX, QX compared related payroll serve-type other and compensation primarily to those plans. exhibit million Sequentially, $X.X

normalized more this at remain half. to SGA&E on in rate run a second expect We the level

an $XX.X Operating of income compared million in $XX.X for was of million the to loss QX quarter XXXX. operating

million operating half $XX.X $XX.X to operating loss income for the last adjusted million from of million QX quarter first As first for year is the $XX.X compared to income half. for compared adjusted and million was operating operations XXXX income $XX.X for the

first half adjusted million $XX.X first compared as operating $XX.X of million was XXXX. income the However, operating income of half to in

quarter related interest have effective in to be our year to run as we a income effective XX.X% expense, XX.X% quarter do to year compared that The insurance at U.S. expect we've the income tax for XXXX period, income of the the compared other year-to-date related company. in of is income on XX.X% have XX% that do the XX.X% rate primarily for and rate primarily to we our We the was range. to effective And for year. and current XX% full statement shown have the last rate for rate rate the interest we debt tax And investment to captive last

that per QX net share compared a that's year the $XX.X of to loss per in loss second the quarter income $X.XX $X.XX for million last for $XX.X of to $XX.X Earnings million million XXXX. compared quarter, made of an and share and income increase was diluted

diluted million or to or $X.XX per As adjusted net year of share share for $XX $X.XX million, income quarter the compared QX XXXX. per was in diluted $X.X this

of share $XX.X were and to to the adjusted the was per of income then XXXX. income last a million half per $X.XX or income of to half first half year million million first $X.XX compared this share in per first year or $XX.X compared for Earnings of per the compared $XX.X loss loss diluted $XX.X in $X.XX share million as XXXX. diluted was $X.XX first share the half in of net And diluted

quarter the of EBITDA $XX.X sales in sales or million, or compared QX was EBITDA compared for $XX.X XX.X% of of million, EBITDA X% sales. $XX.X and XX.X% XXXX was or EBITDA year negative of QX adjusted $XX.X million last of XXXX an as a adjusted QX of in to million, to of

million, $XX.X million. X.X% of was And sales for to or EBITDA the first year last EBITDA $X.X compared of half the negative

adjusted, of was the million or it million half X.X% for first to first of sales. As $XX.X XXXX or XX.X% half of for sales the compared $XX.X XXXX of

June year. to $XX.X million backlog decrease. XXXX, a a compared XX.X% at $XX.X million June June million, XX at Our The backlog XX backlog June international $XXX.X $XX.X million is compared million XXXX of June XX $XXX.X at $XXX.X to is last million decrease to And XX or million or at our XXXX $XXX.X million XX.X% is decrease compared decrease. at domestic $XX of XX,

compared a increase. for were million QX orders $XXX.X Implied of to XXXX, quarter in million $XXX.X million $XXX.X the

Implied $XX.X implied million compared to were implied or in million sequentially million $XXX.X million $XX were or and million However, orders or as orders adjusted, for the XX.X% a as up $XX increase. of orders QX quarter $XXX.X X.X% adjusted, XXXX, were XX.X%. up

$X ForEx backlog had a impact million on year-over-year. negative

inventory of this million receivables June last balance $XXX.X XX, was to $X year, XX.X% we million to are in million compared our Pellet at days year approximately this June decrease, sheet are but $XX a On of plant, is increased nearly during me million last million our $XXX.X sold $XX balance million, year, sheet, outstanding XXXX $XXX.X million last the XX. million year adjusted, June compared Inventory -- at at included $XX.X recall year decrease as million. the a year, which QX this and so at the that XX $XX Wood pardon $XXX.X Hazlehurst

at credit XX, at and of had year-to-date primarily million we cash XXXX, XXXX. There the turns We owe million domestic our time equivalents borrowing $XX.X saw year-to-date X.X a our million $XX.X in In availability cash $X.X million X.X turns June we to facility compared on sheet, is $XXX of in subsidiaries. foreign and million. credit balance our on outstanding making $XXX.X this

and $XX.X months year-to-date million XXXX. for for $X.X million and full was CapEx for on compared the we're Depreciation quarter are for for depreciation for for XX $XX.X the six year $XX.X a forecasting the XXXX million basis the million of to around XXXX. forecasting we million of around quarter quarter of the through full of million $X.X million $XX.X June and is second year $XX the

of That's the my over remarks back and Rick. prepared to I'll end turn it

Rick Dorris

David. Thanks,

remain and quarter continue While and the year, the benefits our cautious the we will of to in for remainder provide plant beyond. we believe exiting business improvement efforts in the pellet performance wood third of the year and outlook the second half that our

We also half. normalized more see to in our second to expect SGA&E revert the levels

of as terms look results, financial of this second expect quarter much like quarter the year we third In to the the adjusted.

adjusted. half in of results remainder to with be first as half the the the expect we results line For the second year,

XXX lower affected have Total the by consulting quarter second a on procurement manpower the by reduced over planning. and at activities, the and has improvement reduced company's total XXX most year. concluded by the performance last We was been operational sales our just volume. firm our of with and reduced engagement during Regarding manpower we strategic

to year vendors as components inventory the savings the that are continue throughout existing rest complete engineering and new beginning effort the and will see believe deplete grow we savings strategic the validation of of material. We and procurement to of and components from

building procedures and going a sales inventory difference job and operational are do accurate as planning changes forward we controlling match forecasts. and in bill to cash new in our more better we'll Our a make producing schedules generation equipment of

our hiring benchmark in excellence plans. plan, training of of a our leaders operational They basis These with improvement program via and each group centrally all an also their a with all best in webinar participate monthly meet operational have practices share to operational are excellence lead the have an to or either other. part process discuss leaders. on companies As peers and meetings regional online face-to-face as

international regional drop and Our the in strategy the establishments international offices validated sales through for products is of the new by sales of of the on increasing emphasis designer sales domestic international customers year. this impact

product will year. development of the groups before improved and continuing also be new new Our or end three products is the introducing all

fill products gaps in Some of will portfolio. our the

some Some will more make us us make and more competitive competitive internationally will domestically.

for Over the our our have effort we into our that money shareholders and year, our invested customers, projects and employees. time, past improve will performance

to and excited CEO projects future a Some make of that returns, the a and well Astec. initiatives, our current require profitable interest Thanks of provide for the believe are these of will in will time little but as about company going stronger perspective we more forward. Astec your as new a us

Steve Anderson

glad you, answer All we'll up Sherri, open questions, Thank if lines you the Rick. right. be to would for those?

Operator

Please is [Operator from Baird question Dobre Robert Mig Great. Our Company. with & first W. proceed. Instructions]

Joe Grabowski

this morning. It's Joe Mig for Grabowski. I'm

Steve Anderson

Good morning, Joe.

Joe Grabowski

to I'll what right appointment person Maybe, and the about Ruffalo, the are Astec. lead Mr. CEO, that start with make bit out little as expand his of and skill sets a experience him maybe

Steve Anderson

Barry Hey, in and some Lindsay Bachelor and lot University most of also the Wisconsin. Engineering Science release, Biomechanics Valmont, of which about a in Joe, as company of news and a Steve recently in publicly saw traded experience, company is from graduated Industrial billion you Science Anderson Corp. $X.X He's here. with experience the got with of Master has Yes,

support excellence mining, engineering structures, company. a his and So fit positions he's with good our with energy management engineering, of and operational his in roles background and

Joe Grabowski

Great.

color quarter, the days for expand what a back some of Thanks below the but sales. the sales soft in on bit a businesses kind maybe came of Thanks. gave guidance And expectation the that then, provided. ago? Okay. in were that. Rick below on little the where the little range some getting were QX Obviously, to XX on color good

Rick Dorris

utilized haven't think that have conversions and the what biggest sales to past I improve and fleets bit the have in being that and quarter, did are second as to little good was we the what impact aggregate a they but not rental company dealers converting as sales. our just expected. mining Utilization been during not

Joe Grabowski

Got it.

grew quarter, I mentioned backlog came side, little but think, like orders that And, infrastructure the through kind of big was big important guess, good Rick you bit? on again, or a quarter, bit was the in about did orders Okay. orders And, pretty a improved? Obama underlying just it the couple more maybe few sequentially. were of the talk bright show Maybe little in talk it for a about How a demand I feel orders? that

Rick Dorris

for much asphalt on second sale was plants. good us second orders, typically the were isn't but plants a show Group asphalt Infrastructure the the receiving Obama better quarter Bookings show of big for in quarter. impact in The in the

was think, the in Infrastructure I the difference, Group. that big So

Joe Grabowski

Got it.

Okay. few savings you kind mentioned you me. few savings the more see part of come procurement is and do kind of how the of through the And over any the starting for The flowing yet? second of next Thanks. they project would consulting How through over. XXXX? kind Are A see year to you into half of project, the quarters?

Rick Dorris

we seeing some existing of where savings we they part new just some reductions need expect we are we to vendors recognizing are make have components did But those We We and and sure validate them from to. to direct to that components get savings big through price savings this some those we are engineering or have now. vendors switching will go a validation perform of that now. like

that's now. so, And what we're doing

and rest by the and through that of will of year, quarter, savings start should the the downs, price our year. we have through by price the fourth quarter And on the complete the reductions will probably end all the continue of of Obviously, engineering the end the all year. the on validations third seeing of

Joe Grabowski

it. Got

is little of understand couple more last kind this Two was right EPS similar time Do year? QX QX EPS And, qualitative to kind of I the of for way and than great. half, work quarters. out -- and a of to guidance sales for EPS first the guess, second me. to similar $X half that the that about QX about of roughly it? that does Okay, to more think The and I sales kind

Rick Dorris

That's correct.

Joe Grabowski

it. Got

construction and How last delays, that your and I over are It's just construction -- that mentioned because as public strongest I the with seen XX% spending believe already to far of every construction that get construction the going seeing drive is XX%. of up weather in highway come by numbers with of probably they with the year out a some seeing U.S. start spending maybe you're And kind that what as public show and How year-to-date? specifically, these and decade. year-to-date nearly up street that Okay. you we're spending we've street numbers question, the does that kind guess customers to does equipment fit of highway have? public month,

Rick Dorris

mean, it we they of typically year Yes. a we the our I most part. start Highway exploration in been orders seeing spending. hear of converted busy, Bill, on and pullback ahead And are contractors they just CapEx for customers busy the that the from have from hasn't their but the some

FAST little for October be early expire in that some a because that, the we're seeing are XXXX. but Act of bit of We could does that,

deliveries though same too. They're they seeing. seeing competitors things of busy, our our quicker that customers it kind and with we are have are and holding been off on giving So orders we even are

Joe Grabowski

Perfect.

guys. questions Thanks taking for Okay. my

Operator

Elliott is from Stifel. with question question. your with Stanley proceed Please next Our

Stanley Elliott

morning, for question. Rick, you pardon taking sorry, Rick. Good me, guys. the Thank

maybe to the your going Sorry, get hear voice like sneak to we forward in. on won't they'll calls

year-end, On or one about we the of profit now, volume achievable lower kind of XX% does the is you're that savings rate have with you're plant of talking about gross kind that that all sourcing where run still stand? and talking there, by the point

Rick Dorris

the believe and our really operational our We initiatives, with what's The where No. procurement are doing at savings I us other and are are maintain absorption. margins increased helping on don't what our reduced based under lower we that expect that volume. excellence seeing are with we they volume and through

I think us are doing volume our helping that up margins our things our are had where are be been would obviously at. we margins better, So they but maintain

Stanley Elliott

your of steel seems mentioned being help on us terms going has the are pricing in a with higher whole you guys because would had do maybe been leaders it it the cost -- you And Can tough think right? of have You categories. as pricing product industry hoped? like market you kind what's realizable Why has, in of you pricing, not marketplace. in as lot

Rick Dorris

competitive. situations higher have is in little competitive of We're the discount past, because we the bit to The the market. in market than more having what a

Stanley Elliott

you some the the you Do -- on federal up some because And customers necessarily funding? uncertainty on, end ordering deal think of weather? but environment budget you the guess doing I that's now. because funding what a in think right of into And of that busy, of tack does of kind XXXX? push as not then, maybe mentioned terms the level out are that the of at the for is the Do

Rick Dorris

the did then year. because died push on can there orders just seem federal next is that some -- season that to of think being concern part speakers until season I likely until it next contractors it weather I the want delayed have spending, And seem about buy and not recently. that much it's the it the to be there a said to use could to late been started will only leave that up a about equipment bill, and end the hasn't do so for or they they President probably but delay of year, some piece that and think they Well, because progress the some making

that in could resolved. until that's some that ordering there concern So cause some I think is about delay

about don't to although to funding deal, much doesn't with on that's come to that it. seem talking a need has be yet, the as It affect know how program it. far budget it will highway for they the plan are up really still As progress worked They be I and out.

Stanley Elliott

Thank very Great much. me. you That's for guys. it

Rick Dorris

Thanks, Stan.

Operator

from Larry De Our William proceed. with next [Operator Maria Please question Blair. is Instructions]

Larry De Maria

everybody. Thanks. morning, Good

more the Bill. you started a we been I -- a you the, cycle? on cycle decent delayed so as know. where Both bit as vis-à-vis infrastructure these are staying have things this in to a historically, had Just upgrade guess, upgrade a uncertain And beforehand. get to domestic noted obviously Obviously, year bills Highway cycles, tend

good the have much the we two XX expectations low should year and prospect for a reoccurred, Thanks. recovery -- in for is next I how higher next there replacement -- know six infrastructure a to -- And from So, don't we do this or domestic of the has replacement years? or months? level in next just think few this about the over on

Steve Anderson

renewal Larry, the the this over bipartisan Both different are this resolutions but the support at a bipartisan I'll even listed thing Hey, the Bill, through things Steve. support. the XX is a there a versus play renewal we year Bill. Highway and into on least in President increased by board have and saying is there tariffs other XX-plus it is Highway and continuing little taxes a that, like could come priority. have of as their of the the former states Speaker a over of cycle top out be gas living stake at things after that and lot different Federal cycles, start prior control though of of Certainly

have are states So, with highway real been have good increases good. and the is that the tax stepped indexed. gas the in State -- up estate budgets stake markets shape are spending

learned a be time, going decade lessons this continuing positive plus resolutions should from that a of previously. So

Larry De Maria

then years way where is at another Steve, is fleet we where now? demand put this this at demand largely and go replacement been has at replacement to maybe guess -- are the compared can And point point? couple I we of renewed

Steve Anderson

Yeah.

the prior we and of XXXX. as that had XXXX through consistent federal in impact. renewal, renewal I XXXX pent-up we the demand can and some that is the of of that early and to had December cycles XXXX. you know And pattern have mentioned comp which as did with think and see Rick normalized more typically good bill some get We we're numbers coming a some on in closer release as

So, some of be seen. yet is that to

Larry De Maria

Okay.

about market your talk the guys little deal, Something or And pricing? it Thanks. or bit of result what's a broadly across the in kind the the expectation talked how a then, Is else about? Deere-Wirtgen maybe of second board, pervasive more pricing you net in for the just half? is really about the pricing the it

Rick Dorris

Deere-Wirtgen always the prior a think factor. deal is don't Deere I to Wirtgen the was acquisition. competitive

So, think I anything don't has with it. that do to

I think aggregate equipment. the is have pricing and equipment that screening we pressure most seen and where in crushing in paving

So, are the at have widespread, seen those the we it's areas where pretty but most.

improvement we're not will in early we A looking point and little obviously, at that year bit and forecast. demand, pricing this later at help seeing next I but think the in get could our year, it just

Larry De Maria

put net into about base, engineering from year? cetera. or in remarks doing in cost being how structure consulting a So, that what Does done to guys going think et then, does get in obviously this next about you is your through the referenced position -- and lower guys -- pricing your next positive -- and you are you year adjusting we and a pricing your the do that

Rick Dorris

say yes. that's would I that accurate,

Larry De Maria

very Good you guys. Okay. luck, Thank much.

Steve Anderson

Thanks, Larry.

Rick Dorris

Thanks.

Operator

session. back We have would of reached turn I our closing remarks. end over the like to the question-and-answer to for conference management

Steve Anderson

Thank your your conference quarter thank We in the call for Astec. second interest you, appreciate you participation and on Sherry.

next be indicates, under replay will of days. will for release be and the conference seven been call the available an will news X, transcript the website days. available archived within A of conference our Investor webcast XX has call As today's through Relations be section the XXXX available August Industries' recorded. A Astec

that is out of earlier in sent the today. that was information contained All release news

thank concludes good week. this all mentioned Sherry and you so as a And our call, have we

Operator

This you. Thank our conference. concludes

lines you may time You this disconnect for participation. and at your thank your

Astec Industries (ASTE) 23 Jul 192019 Q2 Earnings call transcript