Atmus Filtration Technologies Inc. (NYSE: ATMU), a global leader in filtration and media solutions, announced its third-quarter financial results for the period ending September 30, 2024.
Q3 2024 Highlights:
- Net Sales: $404 million, a 1.9% increase from the previous year
- GAAP Net Income: $44 million
- Diluted EPS: $0.52; Adjusted EPS: $0.61
- Adjusted EBITDA: $79 million with a 19.6% margin
- Cash Flow: Operating activities generated $71 million; adjusted free cash flow was $65 million
Updated 2024 Guidance: Atmus has raised its 2024 outlook with revenue expected between $1,650 million and $1,675 million, an adjusted EBITDA margin of 19.25% to 19.75%, and adjusted EPS in the range of $2.35 to $2.50.
In Q3, Atmus repurchased $10 million of its stock under a $150 million buyback program authorized in July 2024, leaving $140 million remaining. The company also paid a quarterly dividend of $0.05 per share.
CEO Statement: “Atmus delivered strong financial performance amid challenging market conditions. Our focus on strategic growth and shareholder value remains steadfast,” said CEO Steph Disher.
Detailed Q3 Financials: Atmus posted net sales of $404 million, up from $396 million in Q3 2023, driven by volume growth and price adjustments, despite currency headwinds. Gross margin increased to $111 million, or 27.6% of net sales, from 26.0% in Q3 2023. Adjusted EBITDA rose to $79 million, with an adjusted EBITDA margin of 19.6%, up from 18.3% last year. The company also reported a net income of $44 million, translating to $0.52 per diluted share, and an adjusted EPS of $0.61.
Operating cash flow improved to $71 million, and adjusted free cash flow grew to $65 million, reflecting increased efficiency and a move to standalone financial practices following separation from Cummins Inc.
Q3 2024 Conference Call: Atmus will hold a conference call to discuss these results on Friday, November 8, 2024, at 10:00 a.m. CT. The live webcast and replay will be available on the Atmus investor relations website at investors.atmus.com.
