Atmus Filtration Technologies Inc. (Atmus; NYSE: ATMU) recently announced its plans for capital return to shareholders, showcasing the company's ongoing commitment to enhancing total shareholder value. The Board of Directors has declared the first quarterly cash dividend of $0.05 per common share, payable on August 14, 2024, to shareholders of record at the close of business on August 1, 2024. Additionally, the Board has authorized a $150 million share repurchase program, effective immediately.
The company's Chief Executive Officer, Steph Disher, stated that the capital return program reflects the strong cash generation capability of Atmus, which allows them to not only invest in strategic growth initiatives and deliver high-quality solutions to customers but also to return capital to shareholders.
In specific figures, the $150 million share repurchase program does not have an expiration date and may be suspended or discontinued at any time. The company expects to use cash generated by operations and cash on hand to fund repurchases under the program.
Atmus Filtration Technologies Inc. is a global leader in filtration and media solutions, with a global workforce of approximately 4,500 employees. The company serves customers across various vehicle and equipment markets, including truck, bus, agriculture, construction, mining, marine, and power generation, and provides comprehensive aftermarket support and solutions.
It is evident from the press release that Atmus is making significant strides in its capital return to shareholders, reflecting its confidence in the company's financial position and commitment to creating value for its shareholders. Today the company's shares have moved 1.9% to a price of $31.0. For more information, read the company's full 8-K submission here.
