Company: ASTE
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000792987-25-000064
Chunk: 114

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 114
---
 third quarter of 2025 was $0.9 million compared to $2.3 million for the third quarter of 2024. Our effective income tax rate was 17.6% for the third quarter of 2025 compared to 27.1% for the third quarter of 2024. The income tax benefit for the three months ended September 30, 2025 was lower compared to the same period in 2024 primarily due to lower pretax book loss and changes in the relative weighting of jurisdictional income and loss.

Our income tax expense for the first nine months of 2025 was $10.3 million compared to a benefit of $0.6 million for the first nine months of 2024. Our effective tax rate was 27.7% for the first nine months of 2025 compared to 3.4% for the first nine months of 2024. The income tax expense for the nine months ended September 30, 2025 as compared to a benefit in the same period in 2024 was primarily due to higher pretax book income and changes in the relative weighting of jurisdictional income and loss, partially offset by a net nondeductible goodwill impairment incurred in 2024.

28

Backlog

September 30,(in millions, except percentage data)20252024$ Change% ChangeInfrastructure Solutions$259.5 $351.1 $(91.6)(26.1)%Materials Solutions190.0 124.7 65.3 52.4 %Domestic Backlog373.7 377.6 (3.9)(1.0)%International Backlog75.8 98.2 (22.4)(22.8)%

The backlog of orders as of September 30, 2025 was $449.5 million compared to $475.8 million as of September 30, 2024, a decrease of $26.3 million, or 5.5%.

Backlog includes an incremental $64.1 million from the acquired TerraSource business in the Materials Solutions segment. Our shorter production lead times and parts fill rates have allowed for customers to place orders closer to the desired delivery date. Additionally, we have experienced variability in the ordering patterns from our customers as a result of macroeconomic factors.

Segment Net Sales – Three Months Ended:

Three Months Ended September 30,$ Change% Change(in millions, except percentage data)20252024Infrastructure Solutions$193.2 $165