Atmus Filtration Technologies Inc Reports Third Quarter 2024 Financial Results

Atmus Filtration Technologies Inc. Reports Third Quarter 2024 Financial Results

Atmus Filtration Technologies Inc. (NYSE: ATMU), a global leader in filtration and media solutions, announced its financial results for the third quarter ended September 30, 2024.

Key Financial Metrics

Atmus exceeded Wall Street consensus estimates for both revenue and earnings per share, reporting $404 million in net sales and $0.52 diluted EPS. The company showed robust growth in profitability metrics, reflecting higher volumes and favorable pricing, although currency impacts and increased costs were noted.

Operational Highlights

• Adjusted EBITDA for the quarter was $79 million, representing a 19.6% margin.
• Cash provided by operating activities was $71 million, reflecting strong operating performance.
• Adjusted free cash flow was recorded at $65 million, higher than the previous year.

Comments from Company Officers

Steph Disher, CEO of Atmus, remarked on the company's ability to maintain solid financial performance amid challenging market conditions. Disher emphasized the execution of growth strategies and cash returns to shareholders as key facets of Atmus' commitment to building long-term shareholder value.

Dividends and Share Repurchase Program

• Atmus paid a quarterly dividend of $0.05 per share.
• The company repurchased $10 million in common stock under a $150 million share repurchase authorization, leaving $140 million available for further repurchases.

Forward Guidance

Atmus raised its guidance for fiscal year 2024, projecting revenue between $1.65 billion and $1.675 billion and adjusted EPS between $2.35 and $2.50. The adjusted EBITDA margin is expected to range from 19.25% to 19.75%.

Stock Price Movement

Following the earnings release, Atmus' stock price marginally declined by approximately 0.12%.

This summary provides a professional overview of Atmus' financial performance in Q3 2024, capturing key elements that highlight the company's financial strength and strategic priorities in a dynamic market environment.