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ASTE 8-K filings in 2024
Every material Form 8-K Astec Industries filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Astec Industries' Board approved an Executive and Key Employee Severance Plan on December 18, 2024, covering key employees, including four named executive officers. The plan sets severance pay and benefits if participants are terminated without cause or resign for good reason, with larger payments if the termination occurs within 24 months after a change in control. The filing does not report any financial results or an executive departure.
Plan approved by the Board on December 18, 2024; Jaco van der Merwe is a Tier I Participant, and Brian Harris, Michael Norris and Ben Snyman are Tier II Participants.
Tier I change-in-control severance is 3.0 times base salary and target bonus, with 36 months of group health costs; Tier II is 2.0 times with 24 months.
Participants must sign a restrictive covenant agreement; existing individual severance agreements with named executive officers terminate upon acknowledgment.
Astec Industries said Chief Accounting Officer and Corporate Controller Jamie E. Palm gave notice on December 6, 2024 that she will resign effective December 27, 2024, to pursue another opportunity. The company said her departure is not due to any disagreement over financial statements, operations, policies or accounting practices, and CFO Brian J. Harris will take on the principal accounting officer role after her departure.
Jamie E. Palm, Vice President, Chief Accounting Officer and Corporate Controller, gave notice of resignation on December 6, 2024
Resignation effective December 27, 2024; company states it is not related to any disagreement on accounting or financial matters
Brian J. Harris, current CFO and principal financial officer, will assume the principal accounting officer role after the resignation takes effect
Astec Industries reported third quarter 2024 net sales of $291.4 million, down 3.9% from a year earlier, and a net loss of $6.2 million. The loss included an $8.4 million charge to settle a legacy litigation matter, while adjusted EPS rose to $0.31 from $(0.01). Shareholders face lower sales and a continued GAAP loss, partly offset by higher adjusted earnings.
Net sales were $291.4 million, down 3.9%, with Materials Solutions sales down 9.6% to $126.4 million
Net loss was $6.2 million, or $(0.27) per diluted share, including an $8.4 million legacy litigation settlement charge
Adjusted EPS was $0.31 compared with $(0.01) a year earlier; Adjusted EBITDA was $17.4 million, up $7.4 million
Free cash flow was $19.9 million in the quarter; for the nine months it was $(29.6) million
Astec Industries named Brian J. Harris as Chief Financial Officer effective October 7, 2024. Heinrich Jonker steps down as Interim Chief Financial Officer and continues as Vice President Finance – Infrastructure Solutions. Harris previously served as CFO of Summit Materials from October 2013 to February 2023, and the filing sets his base salary at $550,000 with a long-term incentive award valued at about $800,000.
Brian J. Harris becomes CFO effective October 7, 2024; Heinrich Jonker steps down as Interim CFO.
Harris was CFO of Summit Materials from October 2013 to February 2023 and CFO of Bausch + Lomb from 2009 to 2013.
Harris's base salary is $550,000, with a target annual bonus of 70% of base salary and a long-term incentive grant valued at about $800,000, prorated for 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Astec Industries filing is on SEC EDGAR ↗. 8-K briefs of other companies →