Atmus Filtration Technologies (ATMU) Reports 4.6% Increase in Net Sales

By Bobby Samwell • Friday, August 02 08:03 • Permanent Link

Atmus Filtration Technologies Inc. has reported its financial results for the second quarter of 2024, highlighting a significant increase in net sales compared to the same period last year. The company's net sales for the second quarter of 2024 were $433 million, a 4.6% increase from $414 million in the second quarter of 2023.

The gross margin for the second quarter of 2024 was $132 million, compared to $114 million in the same period last year. Gross margin as a percentage of net sales increased to 30.5% from 27.7% in the second quarter of 2023.

Adjusted EBITDA for the second quarter of 2024 was $93 million, up from $80 million in the second quarter of 2023. The adjusted EBITDA margin also improved to 21.4% from 19.3% in the same period last year.

Net income for the second quarter of 2024 was reported at $56 million, or $0.67 of diluted earnings per share, compared to $46 million, or $0.55 of diluted earnings per share in the second quarter of 2023. Adjusted earnings per share for the second quarter of 2024 increased to $0.71 from $0.63 in the same period last year.

The company's cash provided by operating activities for the second quarter of 2024 was $23 million, down from $46 million in the second quarter of 2023, primarily due to increased working capital requirements. Adjusted free cash flow for the second quarter of 2024 was $34 million, compared to $35 million in the second quarter of 2023.

Atmus also provided an updated outlook for the year 2024, with revenue expected to be in the range of $1,625 million to $1,675 million. The adjusted EBITDA margin is projected to be in the range of 18.50% to 19.50%, and adjusted earnings per share are expected to be in the range of $2.15 to $2.40.

In addition to the financial results, the company announced a $0.05 per share cash dividend and authorized a $150 million share repurchase program, emphasizing its commitment to enhancing shareholder value.

Atmus Filtration Technologies Inc. is a global leader in filtration and media solutions, serving customers across various vehicle and equipment markets. The company, headquartered in Nashville, Tennessee, employs approximately 4,500 people globally.

The company's second quarter 2024 conference call and webcast to discuss the results is scheduled for August 2, 2024, at 10:00 a.m. CT. Today the company's shares have moved -2.6% to a price of $29.98. If you want to know more, read the company's complete 8-K report here.

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