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Why is Astec Industries Inc (ASTE) Stock down?

We've noticed a 19.21% decline in Astec Industries Inc (ASTE) stock during the 2024-05-01 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
01 Nov, 2023:

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.
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