Business / Companies
Atmus sales rise 13.9%; company raises full-year outlook
The filtration company reported higher profit and a new $300 million share repurchase authorization.
Status: source-checked.
Atmus Filtration Technologies reported Nov. 6 that third-quarter net sales rose 13.9% to $510 million from $448 million a year earlier. The filtration company also raised its full-year outlook and announced a larger share repurchase program.
The company attributed the sales increase primarily to its Koch Filter acquisition, higher volumes, currency movements and pricing. Refunds of tariffs payable to customers partly offset those gains, meaning the increase did not reflect customer volume alone.
Net income rose to $61 million, or 74 cents a diluted share, from $55 million, or 66 cents a share. Gross margin increased to 30.3% from 28.9%, with Atmus citing acquisition benefits, volume and pricing among the contributors, partly offset by higher material and freight costs.
Atmus now forecasts full-year sales of $2.010 billion to $2.035 billion and adjusted earnings of $2.90 to $3.05 a share. The adjusted forecast is a non-GAAP measure, separate from the company’s reported earnings under generally accepted accounting principles.
Its board authorized a new $300 million buyback program on Nov. 4, replacing the previous authorization. Operating activities generated $98 million in cash during the quarter, up from $82 million a year earlier, according to the release.
What we know / what we don't
What we know
- Atmus Filtration Technologies reported Nov. 6 that third-quarter net sales rose 13.9% to $510 million from $448 million a year earlier. The filtration company also raised its full-year outlook and announced a larger share repurchase program.
What we don't know
- Issuer/agency claims checked against the saved release; no independent corroboration claimed.
The source record