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Altra Industrial Motion Corp. (AIMC) reported Q2 2022 net sales of $498.1M, representing a 1.9% increase year-over-year. Organic sales growth was 3.1%, with notable performance in the Power Transmission Technologies segment up 10.6%. However, GAAP net income decreased 35.5% to $26.3M, with earnings per diluted share dropping to $0.40. Despite challenges like inflation, management remains optimistic about sales and earnings for 2022, updating guidance to $1.93-$1.97 billion in sales. Altra emphasized a strong backlog and continued pursuit of strategic growth.
Altra Industrial Motion Corp. (AIMC) announced a $0.09 quarterly cash dividend for Q3 2022, marking the 42nd consecutive dividend in its history. The dividend will be paid on October 4, 2022 to shareholders on record as of September 16, 2022. Future dividends are subject to the Board's approval, dependent on market conditions and capital availability. Altra, a global leader in motion control and automation products, operates with over 9,000 employees across 47 facilities in 17 countries.
Altra Industrial Motion Corp. (Nasdaq:AIMC) plans to announce its unaudited financial results for Q2 2022 before market opening on July 28, 2022. An investor conference call will follow at 11:00 a.m. ET the same day, accessible domestically at (844) 200-6205 or internationally at (929) 526-1599. The public can join the call via a live webcast on Altra's investor relations website. A replay will be available until August 11, 2022. Altra Industrial Motion is a global leader in engineered motion control and power transmission products, with a diverse brand portfolio.
Altra Industrial Motion Corp. (AIMC) reported record quarterly sales of $512 million for Q1 2022, an increase of 8.4% year-over-year. The company achieved 7.9% organic sales growth and demonstrated effective margin management amid challenging supply chains, evidenced by a 150 basis point increase in non-GAAP adjusted EBITDA margin. Following the divestiture of Jacobs Vehicle Systems, Altra raised its 2022 guidance, forecasting sales between $1.9 billion and $1.94 billion. Despite challenges in cash flow, the company reported strong order rates with a book-to-bill ratio of 115%.
Altra Industrial Motion Corp. (NASDAQ: AIMC) has approved a new share repurchase program, allowing the buyback of up to $300 million in common stock by December 31, 2024. The repurchases will be made on the open market and can include various transaction methods compliant with SEC regulations. This decision follows the divestiture of Jacobs Vehicle Systems, and the company aims to enhance shareholder value while maintaining flexibility for future investments. The program reflects confidence in the company’s growth strategy and capital allocation priorities.
Altra Industrial Motion Corp. (AIMC) declared a quarterly cash dividend of $0.09 per share for Q2 2022, marking the 41st consecutive dividend payment in its history. The dividend will be distributed on July 6, 2022, to shareholders who are on record by June 17, 2022. This decision reflects the Board of Directors' ongoing commitment to shareholder returns, contingent on future market conditions and capital availability.
Altra Industrial Motion Corp. (AIMC) will present at the Oppenheimer 17th Annual Industrial Growth Conference on May 3, 2022, at 11:15 a.m. ET. The event highlights Altra's position as a key player in motion control, power transmission, and automation products, boasting over 26 recognized brands and a global workforce of more than 9,000 employees. A live audio webcast of the presentation will be accessible via Altra's investor relations website, with a replay available post-event.
Altra Industrial Motion Corp. (Nasdaq: AIMC) has successfully completed the divestiture of its Jacobs Vehicle Systems (JVS) business to Cummins Inc. for $325 million in cash. This strategic move aims to enhance Altra's balance sheet and focus on its core strengths in motion control and power transmission markets. The proceeds from the sale will primarily be utilized to reduce debt and support general corporate activities. Altra's CEO emphasized the transaction's role in positioning the company as a leader in engineered products.
Altra Industrial Motion Corp. (Nasdaq:AIMC) will release its unaudited financial results for Q1 2022 on April 28, before market opening. An investor conference call is scheduled for the same day at 10:00 a.m. ET, allowing public participation. The call can be accessed by phone or via a live webcast on Altra's investor relations website. A replay will be available shortly after the event. Altra, based in Braintree, Massachusetts, is recognized for its motion control and power transmission solutions, operating with over 9,000 employees in 16 countries.
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