Astec Industries appoints new president and CEO

Astec Industries has appointed Barry Ruffalo as its president and chief executive officer, effective on August 12th, 2019. Ruffalo has also been elected to the board of directors. He will join the board of directors as a Class I director and will stand for re-election at the Company’s 2020 annual meeting. On the effective date of Ruffalo’s appointment, Richard Dorris, interim chief executive officer, will resume his role as chief operating officer. Prior to his appointment, Ruffalo was employed by Valmont
July 23, 2019 Read time: 2 mins

681 Astec Industries has appointed Barry Ruffalo as its president and chief executive officer, effective on August 12th, 2019. Ruffalo has also been elected to the board of directors. He will join the board of directors as a Class I director and will stand for re-election at the Company’s 2020 annual meeting. On the effective date of Ruffalo’s appointment, Richard Dorris, interim chief executive officer, will resume his role as chief operating officer.

Prior to his appointment, Ruffalo was employed by Valmont Industries, a publicly-traded diversified global producer of highly-engineered fabricated metal products, where he served in group president roles since 2016, having previously served as its executive vice president, Operational Excellence beginning in 2015. Prior to his work with Valmont Industries, Ruffalo was employed by 2438 Lindsay Corporation, a publicly-traded global leader in road infrastructure products and services and proprietary water management.

In addition, the Company reported results for its second quarter ended June 30th, 2019.

Net sales for the second quarter of 2019 were US$304.8 million compared to $272.5 million for the second quarter of 2018, an 11.8% increase. Domestic sales increased 21.1% to $246.2 million for the second quarter of 2019 from $203.4 million for the second quarter of 2018. International sales decreased 15.3% to $58.6 million for the second quarter of 2019 from $69.1 million for the second quarter of 2018.

Net income for the second quarter of 2019 was $23.4 million or $1.03/diluted share, compared to a net loss of $40.7 million or $1.76/diluted share for the second quarter of 2018.

Net sales for the first half of 2019 were $630.6 million compared to $598.0 million for the first half of 2018, an increase of 5.5%. Domestic sales increased 7.5% to $509.0 million for the first half of 2019 from $473.5 million for the first half of 2018. International sales decreased 2.4% to $121.5 million for the first half of 2019 from $124.5 million for the first half of 2018.

Net income for the first half of 2019 was $37.7 million or $1.66/diluted share, compared to a net loss of $20.4 million or $0.89/diluted share for the first half of 2018.

Finance & Funding

For more information on companies in this article

Related Content

  • The Volvo Group is appointing a new CEO
    January 6, 2017
    The Volvo Group has removed Olof Persson from the role of president and CEO of the company. This move came following pressure from certain shareholders due to the group’s weak financial performance in recent years. Instead the Volvo group plans to appoint Scania’s head Martin Lundstedt to the role. Lundstedt will take the post in October 2015, with the Volvo Group’s chief financial officer, Jan Gurander, standing in as temporary president and CEO.
    Read More
  • The Volvo Group is appointing a new CEO
    April 24, 2015
    The Volvo Group has removed Olof Persson from the role of president and CEO of the company. This move came following pressure from certain shareholders due to the group’s weak financial performance in recent years. Instead the Volvo group plans to appoint Scania’s head Martin Lundstedt to the role. Lundstedt will take the post in October 2015, with the Volvo Group’s chief financial officer, Jan Gurander, standing in as temporary president and CEO.
    Read More
  • Wacker Neuson reports strong performance
    August 12, 2013
    Wacker Neuson reports a strong financial performance in the second quarter of 2013, despite tough prevailing economic conditions. This represents an improvement also from the first quarter of 2013 when economic performance was weak. The Wacker Neuson Group’s second quarter revenue increased by 15.8% over the previous year, reaching €329 million compared to €284.2 million. An increase in construction activity in April helped boost sales. “In Q2, our revenue rose 28 % on the prior-year quarter to a new record
    Read More
  • JCB North America has new chief after John Patterson CBE retires
    January 7, 2014
    JCB’s John Patterson CBE, who rose through the ranks from field service engineer to Group chief executive, has retired after 43 years’ service. Arjun Mirdha is the new president and CEO of JCB in North America, where Patterson had led operations as chairman and CEO since 2008. After joining JCB in 1971, Patterson went on to work in Canada and America before returning to the UK in 1988 as managing director of JCB Service. In 1993, he was appointed managing director of JCB Sales before becoming Group CEO –
    Read More

Highlighted Content