Astec Industries Inc (ASTE) 2025 Q3 法說會逐字稿

Hello, and welcome to the Astec Industries third-quarter 2025 earnings call. As a reminder, this conference call is being recorded. It is my pleasure to introduce your host, Steve Anderson, Senior Vice President of Administration and Investor Relations. Mr. Anderson, you may begin.

大家好，歡迎參加 Astec Industries 2025 年第三季財報電話會議。再次提醒，本次電話會議正在錄音。我很榮幸向大家介紹主持人史蒂夫·安德森，他是行政和投資者關係高級副總裁。安德森先生，您可以開始了。

Thank you, and good morning, everyone. Joining me on today's call are Jaco van der Merwe, our Chief Executive Officer; and Brian Harris, Chief Financial Officer. In just a moment, I'll turn the call over to Jaco to provide his comments, and then Brian will summarize our financial results. For your convenience, a copy of our press release and presentation have been posted on our website under the Investor Relations tab at www.astecindustries.com. Turning to slide 2.

謝謝大家，大家早安。今天與我一起參加電話會議的有我們的執行長 Jaco van der Merwe 和財務長 Brian Harris。稍後我會把電話轉給 Jaco，讓他發表意見，然後 Brian 將總結我們的財務表現。為方便起見，我們的新聞稿和簡報已發佈在公司網站 www.astecindustries.com 的「投資者關係」欄位下。請翻到第二頁。

I'll remind you this morning that our discussion will contain forward-looking statements that relate to the future performance of the company, and these statements are intended to qualify for the Safe Harbor liability established by the Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions. Factors that could influence our results are highlighted in today's financial news release and others are contained in our filings with the US Securities and Exchange Commission. As usual, we ask that you familiarize yourself with those factors.

今天早上我要提醒各位，我們的討論將包含有關公司未來業績的前瞻性陳述，這些陳述旨在符合《私人證券訴訟改革法案》規定的安全港責任。此類聲明並非對未來業績的保證，並且受到某些風險、不確定性和假設的影響。可能影響我們業績的因素已在今天的財務新聞稿中重點介紹，其他因素則包含在我們向美國證券交易委員會提交的文件中。像往常一樣，我們要求您熟悉這些因素。

In an effort to provide investors with additional information regarding the company's results, the company refers to various US GAAP and non-GAAP financial measures, which management believes provide useful information to investors. These non-GAAP measures have no standardized meaning prescribed by US GAAP, and are therefore unlikely to be comparable to the calculation of similar measures of other companies. Management does not intend these items to be considered in isolation or as a substitute for the related GAAP measures. A reconciliation of GAAP to non-GAAP results are included in our news release and the appendix of our slide presentation. And now, turning to slide 3, I'll turn the call over to Jaco.

為了向投資者提供有關公司業績的更多信息，公司參考了各種美國通用會計準則和非通用會計準則財務指標，管理層認為這些指標可以為投資者提供有用的信息。這些非GAAP指標沒有美國GAAP規定的標準意義，因此不太可能與其他公司類似指標的計算結果具有可比性。管理階層並不希望將這些項目孤立地看待，或作為相關GAAP指標的替代。我們的新聞稿和投影片簡報的附錄中包含了 GAAP 與非 GAAP 結果的調整表。現在，請看第三張投影片，我將把電話交給 Jaco。

Thank you, Steve. Good morning, everyone, and thank you for joining us. We were pleased to post another solid quarter, evidencing our focus on delivering consistent profitability and growth. Before we start, I would like to thank our combined Astec team as we continue to execute. As a reminder, our results now include TerraSource, which we completed on July 1.

謝謝你，史蒂夫。各位早安，感謝各位的參與。我們很高興又取得了穩健的季度業績，這證明了我們致力於實現持續獲利和成長的決心。在正式開始之前，我要感謝我們 Astec 團隊的全體成員，感謝他們繼續推進各項工作。再次提醒，我們的結果現在包含了 TerraSource，我們已在 7 月 1 日完成了 TerraSource 的測試。

On slide 4, we present a summary of our third-quarter performance. This quarter, we continued our positive momentum with increased net sales, increased adjusted EBITDA, and adjusted earnings per share. Adjusted EBITDA was $27.1 million, up $9.7 million or 55.7% from the third quarter of 2024.

在第 4 張投影片中，我們總結了第三季的業績。本季度，我們延續了良好的發展勢頭，淨銷售額、調整後 EBITDA 和調整後每股收益均有所增長。調整後 EBITDA 為 2,710 萬美元，比 2024 年第三季成長 970 萬美元，增幅達 55.7%。

Adjusted EBITDA margins increased to 7.7%, a gain of 170 basis points, while adjusted earnings per share reached $0.47 for a year-over-year increase of 30.6%. Our backlog at quarter end was $449.5 million, representing a sequential increase of $68.7 million, $64.1 million of which was due to the addition of TerraSource, while the backlog in our legacy Infrastructure Solutions and Materials Solutions segments both increased slightly.

調整後 EBITDA 利潤率增至 7.7%，成長 170 個基點；調整後每股盈餘達 0.47 美元，較去年同期成長 30.6%。截至季末，我們的積壓訂單為 4.495 億美元，季增 6,870 萬美元，其中 6,410 萬美元是由於 TerraSource 的加入，而我們傳統的「基礎設施解決方案」和「材料解決方案」部門的積壓訂單均略有增長。

We continue to see customers order closer to their desired delivery dates due to a combination of our shorter lead times and finished goods inventory on hand. Within the Infrastructure Solutions segment, asphalt plants, concrete plants, heaters, and burners delivered strong results and contributed to margin expansion, while forestry and mobile paving equipment faced headwinds due to challenging end market conditions.

由於交貨週期縮短以及成品庫存充足，我們看到客戶下單的時間越來越接近他們期望的交貨日期。在基礎設施解決方案領域，瀝青攪拌站、混凝土攪拌站、加熱器和燃燒器取得了強勁的業績，並促進了利潤率的擴張，而林業和移動式攤舖設備由於終端市場環境充滿挑戰而面臨不利影響。

Parts sales for the Infrastructure Solutions segment were strong, posting a 14.8% quarter-over-quarter increase. The Material Solutions segment includes the successful integration of TerraSource. Backlog in this segment has been stable for the past five quarters. We have noticed improved customer sentiment due to the recent movement in interest rates, and our parts sales mix increased 670 basis points with the addition of TerraSource.

基礎設施解決方案部門的零件銷售強勁，季增 14.8%。材料解決方案業務板塊成功整合了 TerraSource。該領域的訂單積壓情況在過去五個季度一直保持穩定。由於近期利率的變動，我們注意到客戶情緒有所改善，隨著 TerraSource 的加入，我們的零件銷售組合增加了 670 個基點。

Lastly, you may recall, our normal third-quarter experiences seasonality as our customers are busy in the field. We were pleased to drive enhanced year-over-year performance, resulting in a 170-basis-point increase in our adjusted EBITDA margin, our best since the third quarter of 2017. On slide 5, we outlined the third-quarter highlights and present our updated outlook for the full year. As previously highlighted, higher net sales contributed to year-over-year increases in adjusted EBITDA margin and adjusted earnings per share, and we posted adjusted ROIC of 12.3%.

最後，您可能還記得，由於客戶在第三季忙於現場工作，我們的業務通常會受到季節性因素的影響。我們很高興實現了同比業績的提升，調整後的 EBITDA 利潤率提高了 170 個基點，這是自 2017 年第三季以來的最佳表現。在第 5 張幻燈片中，我們概述了第三季的亮點，並提出了我們更新的全年展望。如前所述，淨銷售額的成長帶動了調整後 EBITDA 利潤率和調整後每股收益的同比增長，我們實現了 12.3% 的調整後 ROIC。

Given our solid performance through the first three quarters of the year, we are raising the lower end of our full-year guidance from $123 million to $132 million, while maintaining the upper range at $142 million. Our updated outlook is based on the current operating environment, which I will cover on the next slide. Slide 6 provides an overview of the current operating environment. There are several external factors affecting the markets in which Astec operates, including potential opportunities as well as challenges. One opportunity is the ongoing funding provided by the current federal highway bill in the United States. Multi-year commitments for federal road and bridge projects provide stability for Astec's customers, many of which have reported substantial backlogs of work.

鑑於我們今年前三個季度的穩健表現，我們將全年業績預期下限從 1.23 億美元上調至 1.32 億美元，同時維持上限為 1.42 億美元。我們更新後的展望是基於目前的營運環境，我將在下一張投影片中介紹。第 6 張投影片概述了目前的運作環境。Astec 營運所在的市場受到多種外部因素的影響，包括潛在的機會和挑戰。其中一個機會是美國現行聯邦公路法案提供的持續資金。聯邦公路和橋樑工程的多年承諾為 Astec 的客戶提供了穩定性，其中許多客戶都表示有大量工作積壓。

In addition, the demand for aggregate, concrete, and asphalt use, and other public residential and nonresidential construction projects, is encouraging. All of these are good examples of projects requiring materials processed with the equipment we build at Astec. Astec's recent acquisition of TerraSource demonstrates the potential of further inorganic growth within our disciplined financial framework. And the One Big Beautiful Bill enacted in the United States earlier this year extended expiring provisions from the 2017 Tax Cuts and Jobs Act. The reinstated business tax benefits such as accelerated depreciation and R&D tax credits are expected to benefit many of our customers.

此外，對骨材、混凝土和瀝青的需求，以及其他公共住宅和非住宅建設項目的需求，都令人鼓舞。這些都是需要使用我們在 Astec 製造的設備加工材料的項目的很好的例子。Astec 最近收購 TerraSource 表明，在我們嚴謹的財務框架內，有進一步實現非內生性成長的潛力。今年稍早在美國頒布的《一項偉大的法案》（One Big Beautiful Bill）延長了 2017 年《減稅與就業法案》中即將到期的條款。恢復的商業稅收優惠，例如加速折舊和研發稅收抵免，預計將使我們的許多客戶受益。

Lastly, the increased mining activity of rare earth minerals in the United States presents an opportunity for Astec's Material Solutions products as minerals are embedded in ore bodies, which must be crushed, screened, and conveyed. Current challenges include fluctuations in tariffs and any related uncertainty they create. We expect that last week's Federal Open Market Committee decision to reduce interest rates will further improve customer sentiment. On slide 7, we remind you that Astec operates in favorable markets. Within the United States, contract awards from state and local governments serve as key predictors of upcoming construction projects.

最後，美國稀土礦物開採活動的增加為 Astec 的材料解決方案產品帶來了機遇，因為礦物嵌入在礦體中，必須進行破碎、篩選和輸送。目前面臨的挑戰包括關稅波動及其帶來的不確定性。我們預計，上週聯邦公開市場委員會降低利率的決定將進一步提振消費者信心。在第 7 張投影片中，我們提醒您，Astec 在有利的市場中運作。在美國，州和地方政府的合約授予情況是預測未來建設項目的重要指標。

Those projects typically break ground within 30 to 60 days of being awarded, although the actual construction timeline can extend over several years based on the project size and complexity. As of August 30, 2025, approximately $230 billion or 66% of Infrastructure Investment and Jobs Act funds have been committed with $150 billion or 44% already allocated. [ARPA] reports that obligation rates remain strong, indicating that significant funding will continue to flow even after 2026. The current surface transportation law is set to expire on October 1, 2026. On September 18, Astec team members participated in Hill Days, cosponsored by the National Asphalt Paving Association; National Stone, Sand, and Gravel Association; and National Ready-Mix Concrete Association.

這些項目通常在得標後 30 至 60 天內破土動工，但實際施工時間可能會根據工程規模和複雜程度延長至數年。截至2025年8月30日，基礎建設投資和就業法案（IITA）約2,300億美元（佔總額的66%）的資金已承諾到位，其中1,500億美元（佔總額的44%）已分配完畢。 [ARPA]報告稱，資金承諾率依然強勁，顯示即使在2026年之後，仍將有大量資金持續流入。現行的地面交通運輸法將於 2026 年 10 月 1 日到期。9 月 18 日，Astec 團隊成員參加了由美國國家瀝青路面協會、美國國家石材、沙子和礫石協會以及美國國家預拌混凝土協會聯合舉辦的 Hill Days 活動。

After the event, they confirmed federal transportation leaders remain optimistic about passing a new transportation bill next year and are committed to securing presidential approval well before the deadline. These developments are promising for Astec. As a specialized provider in the Rock to Road sector, ongoing infrastructure upgrades fuel stable, long-term demand for our capital equipment, aftermarket parts, and digital solutions. Our strong reputation in the infrastructure market, especially in aggregates and the road and bridge construction, positions us well for the future. Slide 8 provides a summary of how we actively manage the ongoing shift in the current tariff landscape.

活動結束後，他們證實聯邦交通部門領導人仍然樂觀地認為明年將通過一項新的交通法案，並致力於在截止日期前獲得總統批准。這些進展對 Astec 來說是個好兆頭。作為一家專注於岩石到公路領域的專業供應商，持續的基礎設施升級推動了對我們的資本設備、售後零件和數位解決方案的穩定、長期需求。我們在基礎設施市場，尤其是在骨材、道路和橋樑建設領域，擁有良好的聲譽，這使我們在未來處於有利地位。第 8 張投影片概述了我們如何積極應對當前關稅環境的持續變化。

Astec maintains a proactive approach to minimizing tariff effects. For example, our OneASTEC procurement team requires suppliers to justify any price increases, and we are actively negotiating every purchase. We have also implemented new pricing measures when necessary and we'll continue to evaluate this situation to safeguard our margins. We are consistently pursuing dual sourcing and alternative sourcing options, and are working to realign our supply chain, including reshoring to the US when possible. Ongoing management of our manufacturing footprint is also a priority. So far, our mitigation strategies have neutralized tariff-related impacts on our margins.

Astec 採取積極主動的方式來最大限度地減少關稅的影響。例如，我們的 OneASTEC 採購團隊要求供應商對任何價格上漲做出合理解釋，我們正在積極協商每一筆採購。我們也已在必要時實施了新的定價措施，並將繼續評估這種情況，以確保我們的利潤率。我們一直在尋求雙重採購和替代採購方案，並努力調整我們的供應鏈，包括盡可能將生產遷回美國。持續管理我們的生產佈局也是我們的工作重點。到目前為止，我們的緩解策略已經抵銷了關稅對我們利潤率的影響。

These efforts are evident in our results, and we anticipate our initiatives will remain effective throughout the rest of the year. As you know, the tariff environment is fluid and creates an element of uncertainty for future periods. That said, we will continue to be proactive with our mitigation strategy in order to neutralize the impact of tariffs and to limit potential impacts to manufacturing inefficiencies. As such, our revised full-year adjusted EBITDA guidance noted on slide 5 reflects our current perspective on our operating environment, including the impact of tariffs. Slide 9 provides an update on our TerraSource integration. I could not be more pleased with how our team members are working together.

這些努力已在我們的成果中得到體現，我們預計這些舉措將在今年剩餘的時間內繼續保持有效。如您所知，關稅環境瞬息萬變，為未來時期帶來了一定的不確定性。儘管如此，我們仍將繼續積極採取緩解策略，以抵消關稅的影響，並限制其對製造業效率低下的潛在影響。因此，我們在投影片 5 中提到的修訂後的全年調整後 EBITDA 指引反映了我們目前對經營環境的看法，包括關稅的影響。第 9 張投影片介紹了我們 TerraSource 整合的最新進展。我對我們團隊成員的合作方式非常滿意。

Step 1 of onboarding of TerraSource employees was to ensure a seamless transition to the Astec payroll and benefit system. That has been completed successfully. Additional steps are listed on the slide and include harvesting synergies, including procurement opportunities. We have also made investments in high-turn inventory to further drive enhanced parts fill rates. As a reminder, we define fill rates as having the part ready to ship within 24 hours of receiving the order.

TerraSource 員工入職的第一步是確保順利過渡到 Astec 薪資和福利系統。這項任務已成功完成。幻燈片上列出了其他步驟，包括利用協同效應，包括採購機會。我們也投資了高週轉率庫存，以進一步提高零件供應率。再次提醒，我們的出貨率定義為在收到訂單後 24 小時內準備好零件並可以出貨。

Although it has only been a few months since welcoming TerraSource to the Astec family, our combined team is already in the process of adding to our parts sales force, aligning our sales channel and cross-selling efforts, developing and funding new products, and identifying factory utilization opportunities. We expect most synergies to show up in 2026 and are very satisfied with our progress thus far.

雖然距離 TerraSource 加入 Astec 大家庭只有幾個月的時間，但我們合併後的團隊已經在著手擴充零件銷售隊伍、調整銷售管道和交叉銷售工作、開發和資助新產品以及尋找工廠利用機會。我們預計大部分協同效應將在 2026 年顯現，並且對迄今為止的進展非常滿意。

On slide 10, we show our historical backlog information. On a sequential basis, backlog continued to evidence stability in the Infrastructure Solutions and Legacy Material Solutions segment. TerraSource contributed $64.1 million to Material Solutions and was the primary growth driver to our consolidated backlog. The backlog in our Infrastructure Solutions segment reflects a combination of strong invoicing for asphalt and concrete plants, partially offset by weaker demand for mobile paving and forestry equipment. In the Materials Solutions segment, backlog net of TerraSource remained steady at approximately $126 million. Looking ahead, we anticipate growing demand for Material Solutions products in the upcoming quarters.

第 10 張投影片展示了我們的歷史積壓資訊。從環比來看，基礎設施解決方案和傳統材料解決方案領域的積壓訂單持續保持穩定。TerraSource 為材料解決方案貢獻了 6,410 萬美元，是我們合併積壓訂單的主要成長動力。我們基礎設施解決方案部門的積壓訂單反映了瀝青和混凝土廠強勁的訂單開票情況，但部分被移動式攤舖機和林業設備需求疲軟所抵消。在材料解決方案領域，扣除 TerraSource 的訂單後，積壓訂單保持穩定，約 1.26 億美元。展望未來，我們預計未來幾季對材料解決方案產品的需求將持續成長。

Slide 11 is presented net of TerraSource and shows sequential and quarter-over-quarter increases in consolidated implied orders and our book-to-bill ratios. Both segments contributed to the quarter-over-quarter improvement, while the Infrastructure Solutions segment drove the sequential increase on a consolidated basis. We are pleased to show book-to-bill exceeded 100% in both the Infrastructure Solutions and Materials Solutions segments. With that, I'll hand the call over to Brian, who will share further insights into our third-quarter financial performance.

第 11 張投影片已扣除 TerraSource 的影響，並顯示了合併隱含訂單和訂單出貨比的環比和季度環比增長。這兩個業務板塊都對季度環比增長做出了貢獻，而基礎設施解決方案板塊則推動了合併層面的環比增長。我們很高興地宣布，基礎設施解決方案和材料解決方案兩個領域的訂單出貨率均超過 100%。接下來，我將把電話交給布萊恩，他將進一步分享我們第三季的財務表現。

Thank you, Jaco, and good morning, everyone. The next three slides provide both Q3 and trailing 12-month data, which we feel provide an excellent view of the underlying financial trends in our business. Turning to our consolidated financial results presented on slide 13. Net sales increased by 20.1%, which was due to strong demand for asphalt and concrete plants and the inclusion of TerraSource. Demand for forestry and mobile-paving equipment continues to be soft due to a relatively high interest rate environment and an extended global slowdown in end markets.

謝謝你，Jaco，大家早安。接下來的三張投影片提供了第三季和過去 12 個月的數據，我們認為這些數據能夠很好地反映我們業務的潛在財務趨勢。接下來請看投影片 13 中所展示的合併財務表現。淨銷售額成長了 20.1%，這主要得益於對瀝青和混凝土廠的強勁需求以及 TerraSource 的併入。由於利率環境相對較高以及全球終端市場持續放緩，林業和行動鋪路設備的需求仍然疲軟。

Over the trailing 12-month period, net sales increased 6.7%. We are pleased to report an adjusted EBITDA of $27.1 million for the third quarter, up 55.7% from $17.4 million in the same period last year. Looking at the trailing 12 months, adjusted EBITDA margin grew 49%. Our third-quarter adjusted EBITDA margin grew 170 basis points over the same period in 2024. And on a trailing 12-month basis, adjusted EBITDA margin grew 300 basis points to 10.5%.

過去 12 個月，淨銷售額成長了 6.7%。我們很高興地宣布，第三季調整後 EBITDA 為 2,710 萬美元，比去年同期的 1,740 萬美元成長了 55.7%。從過去 12 個月來看，調整後的 EBITDA 利潤率成長了 49%。我們第三季調整後的 EBITDA 利潤率比 2024 年同期成長了 170 個基點。以過去 12 個月計算，調整後的 EBITDA 利潤率成長了 300 個基點，達到 10.5%。

Adjusted earnings per share for the third quarter were $0.47, a 30.6% increase over the $0.36 reported in Q3 '24, while adjusted earnings per share grew by 48.7% on a trailing 12-month basis. Turning to the Infrastructure Solutions segment outlined on slide 14, the third quarter came in strong with a 17.1% increase over the third quarter in 2024. Growth was generated in both equipment and parts sales for the quarter. Solid demand for asphalt and concrete plants helped drive increased domestic sales, while international sales were stable. However, forestry and paving remain somewhat depressed.

第三季調整後每股收益為 0.47 美元，比 2024 年第三季報告的 0.36 美元增長了 30.6%；過去 12 個月的調整後每股收益增長了 48.7%。再來看投影片 14 中概述的基礎設施解決方案部分，第三季表現強勁，比 2024 年第三季成長了 17.1%。本季度設備和零件銷售額均實現成長。瀝青和混凝土攪拌站的強勁需求推動了國內銷售額的成長，而國際銷售額保持穩定。然而，林業和鋪路業仍然有些低迷。

Net sales for the trailing 12-month period grew 8.8%. Segment operating adjusted EBITDA and EBITDA margin grew quarter over quarter, and on a trailing 12-month basis. Our adjusted operating margin for the Infrastructure Solutions segment grew to 12.4% when compared to the same period in 2024 for an increase of 290 basis points. Segment operating adjusted EBITDA margin on a trailing 12-month basis reached an impressive 17.2% versus 12.7% in 2024. The 450-basis-point improvement was primarily the result of strategic pricing, operational excellence initiatives, and effective expense management.

過去 12 個月的淨銷售額成長了 8.8%。分部營運調整後 EBITDA 和 EBITDA 利潤率較上季成長，過去 12 個月也實現成長。與 2024 年同期相比，我們基礎設施解決方案部門的調整後營業利潤率成長至 12.4%，成長了 290 個基點。過去 12 個月的分公司經營調整後 EBITDA 利潤率達到了令人矚目的 17.2%，而 2024 年的預期為 12.7%。450 個基點的改善主要歸功於策略定價、卓越營運措施和有效的費用管理。

Moving on to slide 15. As previously mentioned, the Materials Solutions segment now includes TerraSource. Net sales for the quarter increased $30.5 million or 24.1%. Adjusted EBITDA for the segment increased 6.2%. However, adjusted EBITDA margin showed a 170-basis-point decline due to elevated profitability in the third quarter of 2024, stemming from the onetime release of $1.9 million of litigation reserves. On a trailing 12-month basis, increases were seen in net sales, segment operating adjusted EBITDA, and segment operating adjusted EBITDA margin.

接下來是第15張投影片。如前所述，材料解決方案部門現在包括了 TerraSource。本季淨銷售額成長3,050萬美元，增幅達24.1%。此業務板塊調整後 EBITDA 成長 6.2%。然而，由於2024年第三季獲利能力提高，調整後的EBITDA利潤率下降了170個基點，這是因為一次性釋放了190萬美元的訴訟準備金。過去 12 個月，淨銷售額、分部經營調整後 EBITDA 及分部經營調整後 EBITDA 利潤率均有所成長。

As shown on slide 16, our balance sheet remains strong, supported by substantial liquidity. At quarter end, we held $67.3 million in cash and cash equivalents and had $244.8 million in available credit, resulting in total liquidity of $312.1 million. Our net debt to adjusted EBITDA of approximately 2 times is well within our target range of 1.5 to 2.5 times. This provides us with the capacity for continued organic and inorganic growth.

如投影片 16 所示，在充足的流動性支持下，我們的資產負債表依然穩健。截至季末，我們持有現金及現金等價物 6,730 萬美元，可用信貸額度為 2.448 億美元，總流動資金為 3.121 億美元。我們的淨債務與調整後 EBITDA 比率約為 2 倍，遠低於我們 1.5 至 2.5 倍的目標範圍。這為我們提供了持續進行有機和無機增長的能力。

For modeling purposes, you should take into account the following full-year ranges: adjusted EBITDA of $132 million to $142 million, effective tax rate between 24% and 27%, capital expenditures between $25 million and $35 million. And the following ranges for Q4: adjusted SG&A of $65 million to $73 million, depreciation and amortization of $37 million to $42 million. And I'll now hand the call back to Jaco.

為了建模，您應該考慮以下全年範圍：調整後的 EBITDA 為 1.32 億美元至 1.42 億美元，有效稅率為 24% 至 27%，資本支出為 2500 萬美元至 3500 萬美元。第四季調整後的銷售、一般及行政費用為 6,500 萬美元至 7,300 萬美元，折舊和攤提為 3,700 萬美元至 4,200 萬美元。現在我把電話交還給雅各。

On slide 17, we provide a glimpse of our recently released 2025 Corporate Sustainability Report. As you will see in the report, we are committed to innovate our products and technologies to help our customers achieve their efficiency and cost-reduction goals through sustainability investments, respect our natural resources, ensure the safety and well-being of our employees, and uphold employee satisfaction by demonstrating our devotion to our core values. Slide 18 provides an overview of the key investment highlights for Astec. We take pride in Astec's ongoing reputation as a reliable provider of world-renowned brands and top-tier solutions for our customers.

第 17 頁，我們簡要介紹了我們最近發布的 2025 年企業永續發展報告。正如您將在報告中看到的那樣，我們致力於透過永續發展投資，不斷創新產品和技術，幫助客戶實現提高效率和降低成本的目標；我們尊重自然資源，保障員工的安全和福祉，並透過實踐核心價值來維護員工的滿意度。第 18 張幻燈片概述了 Astec 的主要投資亮點。我們為 Astec 一直以來作為世界知名品牌和一流解決方案的可靠供應商而感到自豪。

We continue to maintain a high level of engagement with our customers. While they remain somewhat cautious, their outlook is positive and customers are optimistic about the ongoing activity in the construction markets. We are also proud that our focus on operational excellence is yielding results with many benefits still ahead. Efforts in manufacturing and procurement are enhancing efficiency, and we are seeing favorable trends in adjusted EBITDA.

我們與客戶始終保持高度的互動。儘管他們仍保持一定的謹慎態度，但他們的前景是積極的，客戶對建築市場的持續活躍也持樂觀態度。我們也為我們對卓越營運的專注正在取得成效而感到自豪，未來還將帶來更多益處。生產和採購方面的努力正在提高效率，我們看到調整後的 EBITDA 呈現出良好的趨勢。

Our business is driven by several exciting growth opportunities, including expanding our reoccurring aftermarket parts business, which remains a key focus for the Astec team, advancing our strong pipeline of new products. Please mark your calendars to visit the Astec booth at the 2026 CONEXPO-CON/AGG trade show in Las Vegas from March 3 through March 7, 2026, where we will showcase various new products. The reliability offered by multi-year federal and state funding for interstate and highway projects in our primary market, the United States, multiple opportunity for expansion in both existing and emerging international markets, strategic inorganic growth prospects that align with our financial objectives. As Brian mentioned, our solid balance sheet gives us flexibility to support growth initiatives and effectively manage our leverage. With that, operator, we are ready for questions.

我們的業務受到幾個令人興奮的成長機會的推動，包括擴大我們經常性的售後市場零件業務（這仍然是 Astec 團隊的重點），以及推進我們強大的新產品研發計劃。請在日曆上標記 2026 年 3 月 3 日至 7 日，蒞臨拉斯維加斯 CONEXPO-CON/AGG 貿易展 Astec 展位，我們將在此展示各種新產品。在美國這個主要市場，聯邦和州政府為州際公路和高速公路項目提供了多年的資金支持，這為我們提供了可靠性；在現有和新興的國際市場，我們擁有多種擴張機會；戰略性的非內生增長前景與我們的財務目標相一致。正如布萊恩所說，我們穩健的資產負債表使我們能夠靈活地支持成長計畫並有效管理槓桿。操作員，我們準備好回答您的問題了。

(Operator Instructions)

（操作說明）

Steve Ferazani, Sidoti.

史蒂夫·費拉扎尼，西多蒂。

Morning, Jaco, and Brian. Appreciate the detail on the call this morning. First one, general question -- first general question in terms of your raising the low end of guidance. Was there any worries you saw that sort of dissipated in 3Q? Or are you seeing something particularly better in 4Q that gave you the confidence to raise that low end?

早上好，Jaco 和 Brian。感謝您今天上午電話會議中提供的詳細資訊。第一個問題，一般性問題—關於您提高指導底線的問題，第一個一般性問題。第三季有哪些擔憂有所緩解？或者，您是否在第四季度看到了特別好的結果，讓您有信心提高最低預期價格？

Yeah. No, Steve, good question. As a reminder, when we did the Q2 earnings call, we spoke about the fact that we still had quite a bit of gaps in our capacity to fill at the end of -- or when we had the Q2 call. Fortunately, for us, that filled in very nicely. And with our short lead times, our teams have the ability to deliver those in Q4. So we have the capital orders to deliver Q4 sales that we need to deliver that new range.

是的。不，史蒂夫，問得好。提醒一下，當我們進行第二季財報電話會議時，我們談到，在第二季末（或者說在我們進行第二季電話會議時），我們的產能仍然存在相當大的缺口。幸運的是，這對我們來說非常合適。憑藉我們較短的交付週期，我們的團隊有能力在第四季度交付這些產品。因此，我們有足夠的資金訂單來實現第四季度的銷售目標，從而推出該系列新產品。

When I look at your book-to-bill and order rates in 3Q, at least even the last two years, there was a change this quarter versus the last two years in terms of orders and even in IS. Did something change this year? Because typically, this has been seasonally weaker for the last two years?

當我查看你們第三季的訂單出貨率和訂單量時，至少與過去兩年相比，本季的訂單量甚至IS都發生了變化。今年有什麼改變嗎？因為通常情況下，過去兩年這種情況都會比較弱？

Yeah. So I don't think we've noticed anything specific. We definitely saw a later or a different booking process from our customers. As I said, if we look at where we were in Q2, we still had substantial gaps in our capacity to fill. And obviously, that came through during the third quarter. Steve, I think the other thing is we are getting to the tail end of what I want to say, the uncertainty around tariffs. And I think customers are just getting to a point where they know they need to make a decision. And obviously, we were the beneficiaries of that.

是的。所以我覺得我們還沒有註意到任何具體的情況。我們確實發現客戶的預訂流程有所延遲或有所不同。正如我所說，如果我們回顧第二季度的情況，就會發現我們在填補空缺方面仍然存在很大的能力缺口。很明顯，這一點在第三節比賽中得到了體現。史蒂夫，我認為還有一點是，我想說的快要說到尾聲了，那就是關稅的不確定性。我認為顧客現在正處於需要做出決定的階段。顯然，我們是其中的受益者。

That's helpful. The one to me was a negative surprise that even if I back out the litigation expense from the year ago MS, margins still would have been somewhat flat. Our expectation was TerraSource would have -- would be accretive to margins. Can you tell us if they were in 3Q and your expectation on the timing of synergy realization now that you're working through the integration?

那很有幫助。對我來說，最令人意外的是，即使扣除去年的訴訟費用，利潤率仍然會比較穩定。我們預期 TerraSource 將會提升利潤率。您能否告知我們他們是否在第三季度實現了協同效應，以及鑑於您目前正在進行整合，您對協同效應實現時間的預期？

Yeah. No, absolutely. So first of all, I want to say we could not be happier with what we're seeing of the TerraSource team now that they're part of our organization. We are excited about the work that our legacy team is doing. Obviously, last year, we had that one release that gave the benefit to that. Quarter over quarter, obviously, you will always have some swing, Steve. We are pretty excited about the underlying trends that we're seeing. And I think you will see the margins come.

是的。不，絕對的。首先，我想說，自從 TerraSource 團隊加入我們公司以來，我們對他們的表現感到無比滿意。我們對原有團隊的工作感到非常興奮。顯然，去年我們發布了一款產品，帶來了這種好處。很顯然，每個季度之間總是會有一些波動，史蒂夫。我們對目前觀察到的潛在趨勢感到非常興奮。我認為你會看到利潤空間擴大。

Remember, this was the first quarter that TerraSource was on our side. The legacy MSE sales was a little bit lower compared to last year. So obviously, that has an effect. But it's early days. We're excited about the work the team is doing. The TerraSource margins were accretive. So there's nothing that we have seen that raises our eyebrows now that we own them for the last three months. So yeah, I think in the next coming quarters, the full effect of TerraSource will show up.

請記住，這是 TerraSource 首次站在我們這邊。與去年相比，傳統MSE的銷售額略有下降。很顯然，這會產生影響。但現在下結論還為時過早。我們對團隊的工作感到非常興奮。TerraSource 的邊緣是增生性的。所以，在我們擁有它們三個月的時間裡，我們沒有發現任何讓我們感到驚訝的事情。所以，我認為在接下來的幾個季度裡，TerraSource 的全部影響將會顯現出來。

And your expectation, any changes in what you expect can be realized synergies and the timing of realizing them?

您的預期、任何預期變化，以及您認為可以實現的綜效和實現時間安排，您有什麼看法？

No. No, we have good visibility of the synergies that we communicated during the deal announcements. Some of the synergies are realized already. So we've seen some benefit. Obviously, they will flow through over a 12-month period. And we expect to see quite a bit of the synergies next year already.

不。不，我們對在交易公告中傳達的綜效有著清晰的認知。部分協同效應已經實現。所以我們已經看到了一些好處。顯然，這些流程將在 12 個月內完成。我們預計明年就能看到相當多的綜效。

Okay. You may not have this number, but any -- the breakdown of how much parts as a percentage of revenue per segment now? I'm assuming it's much -- it will now be at least higher on the MS side.

好的。您可能沒有這個數字，但是－目前每個細分市場的收入佔比是多少？我估計會高很多——至少在微軟那邊會更高。

Yes. So we -- I think we mentioned that in the release that MS have jumped about 670 basis points. So as a company now, I think we bounced to 32% or so. So I think that number is going to consistently pick up as it reflects in our rolling numbers. So it's definitely having the effect that we were hoping for, Steve.

是的。所以——我想我們在新聞稿中提到過，微軟股價上漲了約 670 個基點。所以現在，就公司而言，我認為我們反彈到了 32% 左右。所以我認為這個數字會持續上升，正如我們的滾動數據所反映的那樣。所以它確實達到了我們預期的效果，史蒂夫。

Great. And if I could get one more in, in terms of tariff uncertainty on your end, given the addition of the Section 232 tariffs. Is that getting a little bit harder to offset or no changes?

偉大的。如果我能再補充一點，考慮到第 232 條款關稅的增加，你們那邊的關稅不確定性問題。這種情況越來越難抵消，還是沒有任何改變？

Yeah. I mean it's complicated. I can tell you that. But we feel that we have a very good understanding of it. Our raised lower end of the range takes into consideration how we think we can deal with the tariff, Steve. So one thing I will say is that the flow-through is real. And the actions that our teams have taken on pricing and taken on looking for alternative supplies have really positioned us well to mitigate the tariff increases. And I think we're pretty well positioned for next year.

是的。我的意思是，這很複雜。我可以告訴你這一點。但我們覺得我們對它有非常深入的了解。史蒂夫，我們提高產品系列的低端價格，是考慮到了我們認為我們能夠應對關稅問題的可能性。所以我要說的一點是，這種流通是真實存在的。我們的團隊在定價和尋找替代供應方面採取的行動，確實使我們能夠很好地應對關稅上漲的影響。我認為我們已經為明年做好了充分的準備。

Great. Thanks, Jaco.

偉大的。謝謝你，雅各。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作說明）

Steven Ramsey, Thompson Research Group.

Steven Ramsey，湯普森研究小組。

Good morning, everyone, and glad to be on the call. Thanks for the time. Maybe to start --

各位早安，很高興能參加這次電話會議。感謝您抽出時間。或許可以開始--

Good morning, Steven.

早安，史蒂文。

Yeah, good morning. I wanted to start with the parts -- results within the Infrastructure segment. Good results there. Can you maybe parse out a bit the volume and price contribution to that 15% growth, and maybe kind of the push-pull dynamics there of better internal execution and reaching customers versus just natural demand that comes from the plants?

早安.我想先從各個部分著手──基礎建設領域的成果。結果不錯。您能否分析一下銷售量和價格對這 15% 成長的貢獻，以及更好的內部執行和觸達客戶與工廠自然需求之間的推拉動態？

Yeah. Yeah. No, good question, Steven. One thing I will say is we've been working on driving our parts business for quite a while now. And those efforts are starting to pay off. So obviously, that's a big piece of that growth. I mean, Brian, pricing-wise, I don't think we have broken that out specifically. But I will say, if I look at it, we've basically adjusted for inflation over the last year or so. And then obviously, Steven, where we have seen tariff increases coming through, that have been reflected. And overall, I will say probably 4% to 5% cost of goods sold effect that show up partially in that number. But I will say the majority of that is due to the work the teams are doing to grow that parts business.

是的。是的。不，問得好，史蒂文。我想說的是，我們已經努力發展零件業務很久了。這些努力開始見效了。顯然，這是成長的重要組成部分。我的意思是，布萊恩，就定價而言，我認為我們還沒有專門列出來。但我想說，如果我仔細分析，我們基本上已經根據過去一年左右的通貨膨脹進行了調整。很顯然，史蒂文，我們已經看到關稅上漲，這些都已反映在了價格中。總的來說，我認為銷售成本的影響可能佔這個數字的 4% 到 5%。但我認為，這主要歸功於團隊為發展零件業務所做的工作。

Okay. That's excellent. That's helpful. And you called out asphalt and concrete plant strength in the quarter. On a percentage basis, was one a bigger driver than another?

好的。太好了。那很有幫助。你在本季度指出了瀝青和混凝土工廠的實力。從百分比來看，哪一個驅動因素比另一個更大？

No, I won't say that. We're very fortunate that both those segments are very strong. So no, I will not say that. Obviously, asphalt plant sales, when you sell an asphalt plant, depending on the size, it can be $8 million, $10 million. So we just have one additional one, and it makes a big swing in the quarter. So -- but no, I don't think there's a trend more to the one versus the other.

不，我不會這麼說。我們非常幸運，這兩個業務板塊都非常強勁。所以，不，我不會這麼說。顯然，瀝青攪拌站的銷售，當你出售一座瀝青攪拌站時，根據其規模，價格可能為 800 萬美元、1000 萬美元。所以，我們只需要多一個，就能對季度業績產生很大的影響。所以——但是，我不認為這兩種方式之間有明顯的趨勢差異。

Understood. Understood. Flipping to the Materials segment, you've talked about the dealer-inventory dynamic. Can you maybe share the incremental changes that you're seeing there? And is this something that you expect to be washed out in the fourth quarter? Or is this more of a 2026 dynamic? And then maybe one more that would be good to get insight on is TerraSource within the dealer channel, are they experiencing the same dynamics?

明白了。明白了。轉到材料部分，您談到了經銷商庫存動態。您能否分享一下您觀察到的具體變化？你認為這種情況會在第四節被沖淡嗎？或者，這更像是 2026 年才會出現的情況？此外，或許還可以了解經銷商通路中的 TerraSource，他們是否也面臨著同樣的動態？

Yeah. Yeah. So let's talk legacy first. We've now said for the last two quarters, we've actually -- I think, reached a period where our dealer inventory for MS is pretty healthy. The type of inventory that our dealers have are the right level. We've actually started to see some dealer stocking again. So I think we're in a pretty good position, Steven, when it comes to dealer inventory.

是的。是的。那我們先來談談歷史遺留問題。我們已經說過，在過去的兩個季度裡，我們實際上——我認為——已經達到了經銷商MS庫存相當健康的時期。我們經銷商的庫存水準正合適。實際上，我們已經開始看到一些經銷商重新開始進貨了。所以我覺得，史蒂文，就經銷商庫存而言，我們處於相當有利的地位。

Obviously, there's always some movements that takes place dealer to dealer. But we're in pretty good shape. And the other thing that I'm excited about in the MS side is, historically, we were very strong in our system sales. So a system is where you put a significant amount of equipment together and provide a customer a whole solution. And there was a period in time where Astec lost the focus on that. We brought that focus back here in the last two, three years. And that is starting to show up as well. And obviously, that is something that doesn't necessarily get consumed out of inventory. So you have more of a flow-through effect from us to the dealer. So as that business starts to flow through, I think the dependency we have on dealer inventory for the pure mobile units should become less and less.

顯然，莊家之間總是會有一些交易變動。但我們目前情況相當不錯。微軟方面讓我感到興奮的另一件事是，從歷史上看，我們的系統銷售一直非常強勁。系統就是將大量設備組合在一起，為客戶提供完整的解決方案。有一段時間，Astec 在這方面失去了專注力。過去兩三年裡，我們重新把重點放在這裡。這一點也開始顯現出來了。顯然，這些東西不一定會從庫存中消耗掉。這樣一來，從我們到經銷商的整個流程就會更加順暢。隨著業務的逐步開展，我認為我們對經銷商庫存的純行動裝置的依賴性應該會越來越小。

On the second question, TSG. So TSG has a channel that uses, I want to say, all the channels possible. They sell direct in some areas. They do go through dealers in some areas. We have some agents in some areas. So we're busy working through that. There's a possibility that some of their sales in the future will go through our dealer channel. But the product is a little bit different. It's more project related. So I don't expect besides spare parts that our dealers will stock a lot of TerraSource equipment going forward.

關於第二個問題，TSG。所以 TSG 有一個頻道，我想說，它使用了所有可能的頻道。在某些地區，他們直接銷售。在某些地區，它們確實透過經銷商銷售。我們在一些地區設有代理商。所以我們正在忙著解決這個問題。未來他們的部分銷售額可能會透過我們的經銷商通路實現。但這款產品略有不同。這更多與項目相關。因此，除了備件之外，我預計我們的經銷商今後不會儲備大量 TerraSource 設備。

Okay. Okay. That's helpful. I wanted to get some more details on the fill rates with TerraSource that you talked about synergies coming in, in 2026 for that business and their parts fill rates, clearly a lot of upside for them to reach core Astec levels. Can you talk about the timing on how you expect TerraSource fill rates to improve over the coming quarters and years?

好的。好的。那很有幫助。我想了解更多關於您提到的 TerraSource 的供貨率的細節，您提到 2026 年該業務及其零件供貨率將實現協同效應，顯然他們有很大的發展空間，可以達到 Astec 的核心水平。您能否談談您預計 TerraSource 的供貨率在未來幾個季度和幾年內將如何提高？

Yeah, absolutely. I mean that's an effort that started day one. As you know, I'm personally very passionate about that and fortunately, the TerraSource team as well. They know having parts on the shelf makes a big difference. There's a big gap between what they have as performance versus what we are having today. And if I look back for Astec, it took us 18 to 24 months to get to where we are today. I think this is going to be a lot faster than that.

是的，絕對的。我的意思是，這項工作從第一天就開始了。如您所知，我個人對此充滿熱情，幸運的是，TerraSource 團隊也是如此。他們知道備有現貨非常重要。他們現在的表現和我們目前的表現之間存在著巨大差距。回顧 Astec 的發展歷程，我們花了 18 到 24 個月才達到今天的成就。我認為速度會比這快得多。

So I will say within the next 12 months, we're going to get them very close to our fill rates. And obviously, we believe that, that will have a good effect on their performance going forward. So -- the team is engaged. The work has started. We've identified where to go, and I will continue to keep the market updated on the performance there.

因此，我可以說，在接下來的 12 個月內，我們將使他們的訂單完成率非常接近我們的目標。顯然，我們相信這將對他們未來的表現產生積極影響。所以——團隊已經投入工作了。工作已經開始了。我們已經確定了發展方向，我將繼續向市場通報該方向的業績表現。

Excellent. That's good. Last one for me. You called out rare earth mining as a potential demand catalyst. Have you seen any of this to date or in conversations? And are there internal moves you're making within product development or within channels to take advantage of this?

出色的。那挺好的。這是我最後一個了。你曾指出稀土開採可能成為需求催化劑。你之前在哪些場合或談話中看過類似的內容？為了利用這項優勢，你們在產品開發或通路方面是否有內部舉措？

Yeah. Yeah, we actually received our first orders. One of the companies has been in the news a lot lately because the government took a stake in that. We got a nice order from them just here recently. So it's real, Steven, it's coming. Investments are happening. And the good thing for us is our equipment can do the work today. So there's not a need for a major redevelopment that needs to take place. So our dealer network are very entrepreneurial. So they are very aware of all the opportunities that's coming up in their markets, and they're taking advantage of that. And we are seeing it. So it's not just talk, it's actually orders.

是的。是的，我們已經收到第一批訂單了。最近，其中一家公司頻頻登上新聞頭條，因為政府入股了該公司。我們最近剛收到他們一筆不錯的訂單。所以是真的，史蒂文，它真的要來了。投資正在進行中。對我們來說，好消息是我們的設備今天就能完成這項工作。因此，沒有必要進行大規模的重建。因此，我們的經銷商網路非常有創業精神。所以他們非常清楚自己市場中出現的所有機會，並且正在利用這些機會。我們正在目睹這一切。所以這不僅僅是說說而已，而是實實在在的命令。

Great to hear. Thanks for the time.

很高興聽到這個消息。感謝您抽出時間。

Thank you.

謝謝。

That concludes our Q&A session. I'll now turn the conference back over to Mr. Anderson for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給安德森先生，請他作閉幕致詞。

Thank you, Carla. We do appreciate your participation in our conference call this morning, and thank you for your interest in Astec. As today's news release states, this conference call has been recorded. A replay of the conference call will be available through November 19, 2025, and an archived webcast will be available for 90 days. The transcript will be available under the Investor Relations section of the Astec Industries website within the next five business days. This concludes our call. I'm happy to connect later if you have additional questions. Thank you all. Have a good day.

謝謝你，卡拉。我們非常感謝您今天上午參加我們的電話會議，也感謝您對 Astec 的關注。正如今天的新聞稿所述，本次電話會議已被錄音。本次電話會議的錄音回放將保留至 2025 年 11 月 19 日，網路直播錄影將保留 90 天。會議記錄將於未來五個工作天內發佈在 Astec Industries 網站的投資者關係版塊。通話到此結束。如果您還有其他問題，我很樂意稍後與您聯繫。謝謝大家。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。