Company: ASTE
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000792987-25-000064
Chunk: 113

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 113
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 nine months of 2024, an increase of $14.1 million, or 6.8%, primarily due to (i) increased personnel-related costs of $16.9 million, partially driven by $5.9 million of employee incentive compensation costs, (ii) increased transaction costs of $6.1 million primarily attributable to the Acquisition and (iii) increased intangible asset amortization expense of $4.2 million. These increases were partially offset by lower costs related to our strategic transformation program of $10.4 million and decreased professional service costs of $2.8 million.

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Restructuring Charges and Other Asset Gains, net

Restructuring charges and the gain on sale of property and equipment, net for the three and nine months ended September 30, 2025 and 2024 are presented below:

Three Months Ended September 30,Nine Months Ended September 30,(in millions)2025202420252024Restructuring charges:Costs associated with exited operations – Enid$(0.2)$8.4 $(0.2)$8.5 Workforce reductions— — — 0.9 Total restructuring related charges(0.2)8.4 (0.2)9.4 Gain on sale of property and equipment, net:Gain on sale of property and equipment, net— — (0.1)(1.1)Total gain on sale of property and equipment, net— — (0.1)(1.1)Restructuring and other asset (gains) losses, net$(0.2)$8.4 $(0.3)$8.3 

See Note 13, Strategic Transformation, Restructuring and Other Asset Gains, net of the Notes to Unaudited Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for discussion of the individual restructuring actions taken.

Interest Expense

Interest expense of $7.3 million and $11.4 million was incurred in the three and nine months ended September 30, 2025, respectively, as compared to $2.6 million and $8.4 million in the three and nine months ended September 30, 2024, respectively, primarily related to higher average outstanding borrowings coupled with higher interest rates on the 2025 Credit Facility as compared to the previous 2022 Credit Facility.

Income Tax

Our income tax benefit for the