Byline: Bob Gary Jr.
Mar. 1--Astec Industries Inc's stock price dropped by nearly 6 percent Tuesday after the company reported fourth-quarter earnings that were below expectations.
For the last three months of last year, the Chattanooga-based roadbuilding equipment maker posted a 21 percent increase in sales, from $111.2 million last year to $134.5 million. Its net income was $1 million, or 5 cents per share, compared to $300,000, or 1 cent per share, for the same time last year.
Analysts polled by Thomson Financial were looking for earnings of 13 cents per share on sales of $131.3 million.
Astec's stock price closed Tuesday at $35.92, down …
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