Astec Industries Inc (ASTE)

Shares of Astec Industries (ASTE) dropped by 22.20% from $40.04 to $31.15 in the trading on Wednesday, November 1, 2023. The reason why ASTE down is due to the company's disappointing quarterly earnings report.

• Earnings Miss and Surprise: Astec Industries reported a quarterly loss of $0.01 per share, significantly below the Zacks Consensus Estimate of $0.64 per share. This contrasts with earnings of $0.28 per share for the same period the previous year. These figures are adjusted for non-recurring items, resulting in an earnings surprise of -101.56%. In the prior quarter, the company was expected to earn $0.59 per share but exceeded expectations with earnings of $0.87 per share, resulting in a 47.46% surprise.
• Revenue Miss: The company's revenue for the quarter ending in September 2023 was $303.1 million, falling short of the Zacks Consensus Estimate by 8.01%. This figure also represented a decrease from year-ago revenues of $315.2 million.