Astec Industries, Inc.(NASDAQ:ASTE) Succeeds Its Lab Test For Iron Flow Battery


Dallas, Texas 03/11/2014 (FINANCIALSTRENDS) – Confident on Lab test results: Astec Industries, Inc.(NASDAQ:ASTE) recently announced the successful advancement and expected promising results of its lab test, on Iron Flow battery which are used in providing storage for grid power. The company believes that it has more potential and remains efficient as this variable supply of electricity generated from renewable sources needs more buffer for flat demand. The company very soon plans to file patent covering this new technology. Though flow battery do not stand as new technology as more than 50 flow batteries were being installed globally during FY13, the company claims to have been using patent pending iron chemistry providing better ROI. According to the Astec Industries, Inc.(NASDAQ:ASTE) report, market demand for flow batteries are expected to exceed $400 billion by 2020, which remains as huge opportunity for the company to grow in revenues.

Bags line of orders: The company, in its battery and power system division recently bagged a $3.5 million order from its customers who had ordered for two types of batteries and chargers for military applications. One was tactical communication system and other is thermal imaging system. This division during January 2014, also grabbed $2.4 million order from new customers, whose orders include batteries(military graded) and related systems for military applications. These orders would augment the current quarter revenue.

New order for T&S Division: The company also recently received $3.3 million new order for its Training and Simulation Division. The company plans to provide simulation based solutions to its new customer. The company holds diversified set of customers in this division. It also expects to break records revenues in this segment.

Guidance overview: The company expects constant growth margins and anticipates FY13’s revenue to range between $89 -$90 million and EBITDA is likely to be increased and would range between $6.1-$6.3 million. The company plans to release its Q4 earning and full year FY13 on 17th march 2014.