Company: ASTE
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000792987-25-000029
Chunk: 13

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 the Company's financial position, cash flows or results of operations.Previously Settled MattersThe Company and certain of its former executive officers were previously named as defendants in a putative shareholder class action lawsuit filed in 2019. In September 2024, the court formally approved the parties' agreement to settle the action for $13.7 million, which was funded entirely by the Company's insurance carriers, and the settlement agreement was entered into between the parties.In September 2024, the Company reached an agreement to resolve the matter styled 37 Building Products, Ltd. v. Telsmith, Inc., et al. for $6.3 million, which the Company paid that same month. Upon settlement, the full loss contingency of $8.2 million, inclusive of post-judgment interest, that was recorded as of June 30, 2024 was released. The $1.9 million net benefit derived from the loss contingency release offset by the final settlement amount was recorded in "Selling, general and administrative 

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expenses" in the Consolidated Statements of Operations during the third quarter of 2024.In October 2024, the Company reached an agreement to resolve the action styled VenVer S.A. and Americas Coil Tubing LLP v. GEFCO, Inc. for $8.4 million, which was paid in the fourth quarter of 2024. In connection with this settlement, management recorded a loss in "Restructuring, impairment and other asset charges, net" in the Consolidated Statements of Operations during the third quarter of 2024.

Note 8. Revenue Recognition

The following tables disaggregate the Company's revenue by major source for the three-month periods ended March 31, 2025 and 2024 (excluding intercompany sales):Three Months Ended March 31, 2025Three Months Ended March 31, 2024(in millions)Infrastructure SolutionsMaterials SolutionsTotalInfrastructure SolutionsMaterials SolutionsTotalNet Sales-Domestic:Equipment sales$133.3 $32.1 $165.4 $100.4 $36.6 $137.0 Parts and component sales68.9 19.6 88.5 70.8 19.5 90.3 Service and equipment installation revenue9.1 0.2 9.3 8.2 0.1 8.3 Used equipment sales2.1 0.2 2.3 — —