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

  • Volvo CE benefits from strong sales of construction machines
    July 18, 2019
    Volvo CE reports strong financial performance on the back of healthy sales. The firm says that improvements in the key European and North American markets, coupled with a strong focus on its service business, volume flexibility in the industrial system and tight cost control have helped the company to deliver a good all round performance in its second quarter 2019 results. Net sales in the second quarter increased by 10%, amounting to SEK 26.814 billion, compared with SEK 24.403 billion in Q2 2018. Operati
    Read More
  • Volvo CE has maintained profitability for 2024
    January 31, 2025
    Volvo CE has maintained strong profitability for 2024
    Read More
  • Liebherr sees strong performance
    February 28, 2012
    Liebherr reports steady growth in 2010, with turnover increasing 9%, a growth in its workforce and company investments of €544.1 million.
    Read More
  • Astec Industries CEO and president Ben Brock says stay focused and true to win
    July 8, 2016
    Core values, constant innovation and looking after the customer are the key drivers for Ben Brock, chief executive officer and president of Astec Industries. How does he keep his company ahead of the pack and what does he think that the future holds? if you ask Ben Brock to explain how his Astec Industries group has managed to do so well for so long, he doesn’t even pause for breath. “That’s easy, I thank the good doctor. He always told me: do good work and take care of the customer ... which is exactl
    Read More

Highlighted Content