Atmus Filtration Technologies Reports Fourth Quarter and Full Year 2024 Results
Atmus Filtration Technologies (NYSE: ATMU) reported strong financial results for Q4 and full year 2024. The company achieved Q4 net sales of $407 million (up 1.8% YoY) and full-year sales of $1,670 million (up 2.5% YoY). Q4 net income reached $40 million with diluted EPS of $0.48, while adjusted EPS was $0.58.
For the full year 2024, net income was $186 million with diluted EPS of $2.22 and adjusted EPS of $2.50. The company's Adjusted EBITDA for Q4 was $78 million with a 19.1% margin, while full-year Adjusted EBITDA reached $330 million with a 19.7% margin.
Looking ahead to 2025, Atmus projects revenue between $1,670-$1,735 million, Adjusted EBITDA margin of 19.0-20.0%, and adjusted EPS of $2.35-$2.60. The company also continued its shareholder returns through a $10 million stock repurchase and quarterly dividend of $0.05 per share.
Atmus Filtration Technologies (NYSE: ATMU) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024. L'azienda ha registrato vendite nette nel Q4 di 407 milioni di dollari (in aumento dell'1,8% su base annua) e vendite totali per l'anno di 1.670 milioni di dollari (in aumento del 2,5% su base annua). Il reddito netto del Q4 ha raggiunto i 40 milioni di dollari con un utile per azione diluito di 0,48 dollari, mentre l'utile per azione rettificato è stato di 0,58 dollari.
Per l'intero anno 2024, il reddito netto è stato di 186 milioni di dollari con un utile per azione diluito di 2,22 dollari e un utile per azione rettificato di 2,50 dollari. L'Adjusted EBITDA dell'azienda per il Q4 è stato di 78 milioni di dollari con un margine del 19,1%, mentre l'Adjusted EBITDA per l'intero anno ha raggiunto i 330 milioni di dollari con un margine del 19,7%.
Guardando al 2025, Atmus prevede ricavi tra 1.670 e 1.735 milioni di dollari, un margine di Adjusted EBITDA del 19,0-20,0% e un utile per azione rettificato di 2,35-2,60 dollari. L'azienda ha anche continuato a restituire valore agli azionisti attraverso un riacquisto di azioni da 10 milioni di dollari e un dividendo trimestrale di 0,05 dollari per azione.
Atmus Filtration Technologies (NYSE: ATMU) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. La compañía alcanzó ventas netas en el Q4 de 407 millones de dólares (un aumento del 1,8% interanual) y ventas anuales de 1.670 millones de dólares (un aumento del 2,5% interanual). El ingreso neto del Q4 alcanzó los 40 millones de dólares con un EPS diluido de 0,48 dólares, mientras que el EPS ajustado fue de 0,58 dólares.
Para el año completo 2024, el ingreso neto fue de 186 millones de dólares con un EPS diluido de 2,22 dólares y un EPS ajustado de 2,50 dólares. El EBITDA Ajustado de la compañía para el Q4 fue de 78 millones de dólares con un margen del 19,1%, mientras que el EBITDA Ajustado del año completo alcanzó los 330 millones de dólares con un margen del 19,7%.
Mirando hacia 2025, Atmus proyecta ingresos entre 1.670 y 1.735 millones de dólares, un margen de EBITDA Ajustado del 19,0-20,0% y un EPS ajustado de 2,35-2,60 dólares. La compañía también continuó devolviendo valor a los accionistas a través de una recompra de acciones de 10 millones de dólares y un dividendo trimestral de 0,05 dólares por acción.
Atmus Filtration Technologies (NYSE: ATMU)는 2024년 4분기 및 연간 강력한 재무 결과를 보고했습니다. 회사는 4분기 순매출 4억 7백만 달러(전년 대비 1.8% 증가)와 연간 매출 16억 7천만 달러(전년 대비 2.5% 증가)를 달성했습니다. 4분기 순이익은 4천만 달러에 달하며, 희석 주당순이익(EPS)은 0.48달러, 조정 주당순이익은 0.58달러였습니다.
2024년 전체 연간 순이익은 1억 8천6백만 달러로, 희석 EPS는 2.22달러, 조정 EPS는 2.50달러였습니다. 회사의 조정 EBITDA는 4분기에 7천8백만 달러로 19.1%의 마진을 기록했으며, 연간 조정 EBITDA는 3억 3천만 달러로 19.7%의 마진을 달성했습니다.
2025년을 바라보며, Atmus는 수익을 16억 7천만에서 17억 3천5백만 달러로 예상하고, 조정 EBITDA 마진을 19.0-20.0%, 조정 EPS를 2.35-2.60달러로 예상하고 있습니다. 회사는 또한 1천만 달러 규모의 자사주 매입과 주당 0.05달러의 분기 배당금을 통해 주주 환원도 계속하고 있습니다.
Atmus Filtration Technologies (NYSE: ATMU) a annoncé des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. L'entreprise a réalisé des ventes nettes au Q4 de 407 millions de dollars (en hausse de 1,8% par rapport à l'année précédente) et des ventes annuelles de 1,670 millions de dollars (en hausse de 2,5% par rapport à l'année précédente). Le revenu net du Q4 a atteint 40 millions de dollars avec un BPA dilué de 0,48 dollar, tandis que le BPA ajusté était de 0,58 dollar.
Pour l'année complète 2024, le revenu net était de 186 millions de dollars avec un BPA dilué de 2,22 dollars et un BPA ajusté de 2,50 dollars. L'EBITDA ajusté de l'entreprise pour le Q4 était de 78 millions de dollars avec une marge de 19,1%, tandis que l'EBITDA ajusté pour l'année entière a atteint 330 millions de dollars avec une marge de 19,7%.
En regardant vers 2025, Atmus prévoit des revenus entre 1,670 et 1,735 millions de dollars, une marge d'EBITDA ajusté de 19,0-20,0% et un BPA ajusté de 2,35-2,60 dollars. L'entreprise a également continué à retourner de la valeur aux actionnaires grâce à un rachat d'actions de 10 millions de dollars et un dividende trimestriel de 0,05 dollar par action.
Atmus Filtration Technologies (NYSE: ATMU) hat für das vierte Quartal und das gesamte Jahr 2024 starke finanzielle Ergebnisse gemeldet. Das Unternehmen erzielte im Q4 Nettoumsätze von 407 Millionen Dollar (ein Anstieg von 1,8% im Jahresvergleich) und Gesamtjahresumsätze von 1.670 Millionen Dollar (ein Anstieg von 2,5% im Jahresvergleich). Der Nettogewinn im Q4 betrug 40 Millionen Dollar mit einem verwässerten EPS von 0,48 Dollar, während das angepasste EPS bei 0,58 Dollar lag.
Für das gesamte Jahr 2024 betrug der Nettogewinn 186 Millionen Dollar mit einem verwässerten EPS von 2,22 Dollar und einem angepassten EPS von 2,50 Dollar. Das angepasste EBITDA des Unternehmens für das Q4 betrug 78 Millionen Dollar mit einer Marge von 19,1%, während das angepasste EBITDA für das gesamte Jahr 330 Millionen Dollar mit einer Marge von 19,7% erreichte.
Für 2025 prognostiziert Atmus Einnahmen zwischen 1.670 und 1.735 Millionen Dollar, eine angepasste EBITDA-Marge von 19,0-20,0% und ein angepasstes EPS von 2,35-2,60 Dollar. Das Unternehmen setzte auch seine Rückzahlungen an die Aktionäre durch einen Aktienrückkauf in Höhe von 10 Millionen Dollar und eine vierteljährliche Dividende von 0,05 Dollar pro Aktie fort.
- Net sales increased 2.5% YoY to $1,670 million for full year 2024
- Full year Adjusted EBITDA margin improved to 19.7% from 18.6% in 2023
- Net income grew to $186 million in 2024 from $171 million in 2023
- Gross margin improved to 27.7% from 26.6% year-over-year
- Active shareholder returns through stock buybacks and dividends
- Q4 cash from operations declined to $20 million from $42 million YoY
- Full year cash from operations decreased to $105 million from $189 million YoY
- Adjusted free cash flow declined to $115 million from $152 million in 2023
Insights
Atmus Filtration's Q4 and full-year 2024 results reveal a company successfully navigating its transition to independence while maintaining operational momentum. The
The expansion of adjusted EBITDA margins to
Three key aspects deserve investor attention:
- Working Capital Transition: The
44.4% decline in operating cash flow to$105 million primarily reflects temporary inefficiencies from transitioning away from Cummins' intercompany settlement terms. This should normalize as standalone operations mature, potentially releasing working capital in future periods. - Capital Allocation Strategy: The company's balanced approach includes a
$150 million share repurchase program (with$130 million remaining) and a quarterly dividend of$0.05 per share, while maintaining investment in growth initiatives. This demonstrates confidence in future cash generation capabilities. - 2025 Outlook: The revenue guidance of
$1.67-1.735 billion implies growth of up to3.9% , with maintained EBITDA margins of19-20% , suggesting sustainable operational improvements and pricing power in core markets.
The
The effective tax rate of
Fourth Quarter and Full Year Highlights
-
Net sales of
$407 million $1,670 million -
GAAP net income of
$40 million $186 million -
Diluted earnings per share of
$0.48 $2.22 -
Adjusted earnings per share of
$0.58 $2.50 -
Adjusted EBITDA of
$78 million 19.1% for the fourth quarter -
Adjusted EBITDA of
$330 million 19.7% for the full year -
Cash provided by operating activities was
$20 million $105 million -
Adjusted free cash flow was
$28 million $115 million
2025 Outlook
The company is providing guidance for year 2025 as follows:
-
Revenue to be in the range of
$1,670 million $1,735 million -
Adjusted EBITDA margin to be in the range of
19.0% to20.0% -
Adjusted earnings per share in the range of
$2.35 $2.60
During the quarter, Atmus repurchased
“The Atmus team delivered strong financial results for fourth quarter and full year 2024 by providing our customers industry leading filtration solutions,” said Steph Disher, Chief Executive Officer of Atmus. “We continue to build long-term shareholder value through execution of our growth strategy and delivering cash returns to investors.”
Fourth Quarter Results
For the fourth quarter of 2024, Atmus posted net sales of
Gross margin was
Adjusted EBITDA was
Net income was
Adjusted earnings per share was
The effective tax rate for the fourth quarter was
Cash provided by operating activities was
Adjusted free cash flow was
Full Year 2024 Results
For the full year 2024, Atmus posted sales of
Gross margin was
Adjusted EBITDA was
Net income was
Adjusted earnings per share was
The effective tax rate for 2024 was
Cash provided by operating activities was
Adjusted free cash flow was
Fourth Quarter and Full Year 2024 Conference Call and Webcast
Atmus will host a conference call and webcast to discuss the company's fourth quarter and full year 2024 results on Friday, February 21, 2025, at 10:00 a.m. CT.
A live webcast and replay of the conference call can be accessed from the Atmus investor relations website at http://investors.atmus.com.
About Atmus Filtration Technologies Inc.
Atmus Filtration Technologies Inc. is a global leader in filtration and media solutions. For more than 65 years, the company has combined its culture of innovation with a rich history of designing and manufacturing filtration solutions. With a presence on six continents, Atmus serves customers across truck, bus, agriculture, construction, mining, marine and power generation vehicle and equipment markets, along with providing comprehensive aftermarket support and solutions. Headquartered in
Forward-looking disclosure statement
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, those that are based on current expectations, estimates and projections about the industries in which we operate and management’s views, plans, objectives, projections, beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “anticipates,” “expects,” “forecasts,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “could,” “should,” “may” or words of similar meaning. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding the outlook for our future business and financial performance, discussions of future operations, our strategy for growth and market position. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. If the underlying assumptions prove inaccurate, or known or unknown risks or uncertainties materialize, our actual outcomes, results and financial condition may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Risks and uncertainties include, but are not limited to, those reflected in Part I, Item 1A, “Risk Factors,” and elsewhere in our Annual Report on Form 10-K for our fiscal year ended December 31, 2024 and also as may be described from time to time in future reports we file with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements made herein are made only as of the date hereof and we undertake no obligation to publicly update or to revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Non-GAAP measures
We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in our underlying operating results and provide additional insight and transparency on how we evaluate our business. We use non-GAAP financial measures to budget, make operating and strategic decisions and evaluate our performance. We have detailed the non-GAAP adjustments that we make in our non-GAAP definitions below. We believe the non-GAAP measures should always be considered along with the related
Our primary non-GAAP financial measures are listed below and reflect how we evaluate our current and prior-year operating results. As new events or circumstances arise, these definitions could change. When our definitions change, we provide the updated definitions and present the related non-GAAP historical results on a comparable basis.
- “EBITDA” is defined as earnings or losses before interest expense, income taxes, depreciation and amortization and “EBITDA margin” is defined as EBITDA as a percent of net sales. We believe EBITDA and EBITDA margin are useful measures of our operating performance as they assist investors and debt holders in comparing our performance on a consistent basis without regard to financing methods, capital structure, income taxes or depreciation and amortization methods, which can vary significantly depending upon many factors. Additionally, we believe these metrics are widely used by investors, securities analysts, ratings agencies and others in our industry in evaluating performance.
- “Adjusted EBITDA” is defined as EBITDA after adding back certain one-time expenses, reflected in cost of sales and selling, general and administrative expenses, associated with becoming a standalone public company and one-time restructuring and “Adjusted EBITDA margin” is defined as Adjusted EBITDA as a percent of net sales. We believe Adjusted EBITDA and Adjusted EBITDA margin are useful measures of our operating performance as it allows investors and debt holders to compare our performance on a consistent basis without regard to one-time costs attributable to our becoming a standalone public company.
-
“Adjusted earnings per share” is defined as diluted earnings per share (the most comparable
U.S. GAAP financial measure) after adding back certain one-time expenses, reflected in cost of sales and selling, general and administrative expenses, associated with becoming a standalone public company and one-time restructuring costs less the related tax impact of the same one-time expenses. We believe Adjusted earnings per share provides improved comparability of underlying operating results. - “Free cash flow” is defined as cash flows provided by (used for) operating activities less capital expenditures and “Adjusted free cash flow” is defined as Free cash flow after adding back certain one-time capital expenditures and other separation related costs associated with becoming a standalone public company and one-time restructuring costs. We believe Free cash flow and Adjusted free cash flow are useful metrics used by management and investors to analyze our ability to service and repay debt and return value to shareholders.
The metrics defined above are not in accordance with, or alternatives for,
We do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP. Some of the limitations are: such measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in, or cash requirements for, our working capital needs; such measures do not reflect the interest expense or the cash requirements necessary to service interest or principal payments on our debt; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any cash requirements for such replacements; and other companies in our industry may calculate such measures differently than we do, limiting their usefulness as comparative measures. To properly and prudently evaluate our business, we encourage you to review the unaudited condensed consolidated financial statements included in our SEC filings and not rely on a single financial measure to evaluate our business.
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME |
|||||||||||
(in millions of |
|||||||||||
(Unaudited) |
|||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
NET SALES(a) |
$ |
406.7 |
|
$ |
399.7 |
|
$ |
1,669.6 |
|
$ |
1,628.1 |
Cost of sales |
|
299.6 |
|
|
294.1 |
|
|
1,207.5 |
|
|
1,195.4 |
GROSS MARGIN |
|
107.1 |
|
|
105.6 |
|
|
462.1 |
|
|
432.7 |
OPERATING EXPENSES AND INCOME |
|
|
|
|
|
|
|
||||
Selling, general and administrative expenses |
|
48.8 |
|
|
48.3 |
|
|
187.6 |
|
|
174.7 |
Research, development and engineering expenses |
|
10.4 |
|
|
9.3 |
|
|
40.6 |
|
|
42.5 |
Equity, royalty and interest income from investees |
|
7.6 |
|
|
8.8 |
|
|
34.3 |
|
|
33.6 |
Other operating expense (income), net |
|
0.9 |
|
|
0.6 |
|
|
2.0 |
|
|
0.7 |
OPERATING INCOME |
|
54.6 |
|
|
56.2 |
|
|
266.2 |
|
|
248.4 |
Interest expense |
|
9.2 |
|
|
10.6 |
|
|
40.6 |
|
|
25.8 |
Other income, net |
|
5.5 |
|
|
1.6 |
|
|
9.2 |
|
|
3.8 |
INCOME BEFORE INCOME TAXES |
|
50.9 |
|
|
47.2 |
|
|
234.8 |
|
|
226.4 |
Income tax expense |
|
10.8 |
|
|
12.4 |
|
|
49.2 |
|
|
55.1 |
NET INCOME |
$ |
40.1 |
|
$ |
34.8 |
|
$ |
185.6 |
|
$ |
171.3 |
PER SHARE DATA: |
|
|
|
|
|
|
|
||||
Weighted-average shares for basic EPS |
|
83.0 |
|
|
83.3 |
|
|
83.2 |
|
|
83.3 |
Weighted-average shares for diluted EPS |
|
83.5 |
|
|
83.5 |
|
|
83.6 |
|
|
83.4 |
|
|
|
|
|
|
|
|
||||
Basic earnings per share |
$ |
0.48 |
|
$ |
0.42 |
|
$ |
2.23 |
|
$ |
2.06 |
Diluted earnings per share |
$ |
0.48 |
|
$ |
0.42 |
|
$ |
2.22 |
|
$ |
2.05 |
| (a) |
Includes sales to related parties of |
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
(in millions of |
|||||||
(Unaudited) |
|||||||
|
December 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
184.3 |
|
|
$ |
168.0 |
|
Accounts and notes receivable, net |
|
254.2 |
|
|
|
246.8 |
|
Inventories |
|
266.6 |
|
|
|
250.0 |
|
Prepaid expenses and other current assets |
|
49.9 |
|
|
|
28.2 |
|
Total current assets |
|
755.0 |
|
|
|
693.0 |
|
Property, plant and equipment, net |
|
186.2 |
|
|
|
174.6 |
|
Investments and advances related to equity method investees |
|
84.9 |
|
|
|
84.8 |
|
Goodwill |
|
84.7 |
|
|
|
84.7 |
|
Other assets |
|
79.5 |
|
|
|
51.5 |
|
TOTAL ASSETS |
$ |
1,190.3 |
|
|
$ |
1,088.6 |
|
LIABILITIES |
|
|
|
||||
Accounts payable |
$ |
193.1 |
|
|
$ |
236.6 |
|
Accrued compensation, benefits and retirement costs |
|
37.2 |
|
|
|
41.8 |
|
Current portion of accrued product warranty |
|
4.9 |
|
|
|
5.4 |
|
Current maturities of long-term debt |
|
22.5 |
|
|
|
7.5 |
|
Other accrued expenses |
|
87.2 |
|
|
|
83.7 |
|
Total current liabilities |
|
344.9 |
|
|
|
375.0 |
|
Long-term debt |
|
570.0 |
|
|
|
592.5 |
|
Accrued product warranty |
|
7.3 |
|
|
|
8.6 |
|
Other liabilities |
|
40.7 |
|
|
|
31.8 |
|
TOTAL LIABILITIES |
|
962.9 |
|
|
|
1,007.9 |
|
Commitments and contingencies (Note 10) |
|
|
|
||||
EQUITY |
|
|
|
||||
Common stock, |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
61.9 |
|
|
|
49.7 |
|
Retained earnings |
|
264.5 |
|
|
|
87.2 |
|
Accumulated other comprehensive loss |
|
(79.0 |
) |
|
|
(56.2 |
) |
Treasury stock, at cost (537,643 shares at December 31, 2024 and no shares at December 31, 2023) |
|
(20.0 |
) |
|
|
— |
|
TOTAL EQUITY |
|
227.4 |
|
|
|
80.7 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
1,190.3 |
|
|
$ |
1,088.6 |
|
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(in millions of |
|||||||
(Unaudited) |
|||||||
|
For the Years Ended December 31 |
||||||
|
2024 |
|
2023 |
||||
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
|
|
||||
Net income |
$ |
185.6 |
|
|
$ |
171.3 |
|
Adjustments to reconcile net income to operating cash flows: |
|
|
|
||||
Depreciation and amortization |
|
24.8 |
|
|
|
21.5 |
|
Deferred income taxes |
|
(7.7 |
) |
|
|
(10.0 |
) |
Equity in income of investees, net of dividends |
|
(2.5 |
) |
|
|
(7.8 |
) |
Share-based compensation |
|
11.9 |
|
|
|
7.2 |
|
Foreign currency remeasurement and transaction exposure |
|
(3.6 |
) |
|
|
(4.5 |
) |
Changes in current assets and liabilities: |
|
|
|
||||
Trade and other receivables |
|
(16.8 |
) |
|
|
(10.1 |
) |
Inventories |
|
(25.4 |
) |
|
|
(4.3 |
) |
Prepaid expenses and other current assets |
|
(20.0 |
) |
|
|
(8.9 |
) |
Accounts payable |
|
(39.3 |
) |
|
|
4.4 |
|
Other accrued expenses |
|
(1.8 |
) |
|
|
30.2 |
|
Changes in other liabilities |
|
5.2 |
|
|
|
0.3 |
|
Other, net |
|
(5.0 |
) |
|
|
(0.3 |
) |
Net cash provided by operating activities |
|
105.4 |
|
|
|
189.0 |
|
CASH USED IN INVESTING ACTIVITIES |
|
|
|
||||
Capital expenditures |
|
(48.6 |
) |
|
|
(45.8 |
) |
Net cash used in investing activities |
|
(48.6 |
) |
|
|
(45.8 |
) |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
|
|
||||
Long-term debt proceeds |
|
— |
|
|
|
650.0 |
|
Payments on long-term debt |
|
(7.5 |
) |
|
|
(50.0 |
) |
Repurchases of Common stock |
|
(20.0 |
) |
|
|
— |
|
Dividends paid |
|
(8.3 |
) |
|
|
— |
|
Net transfers to Parent |
|
— |
|
|
|
(579.5 |
) |
Other, net |
|
— |
|
|
|
4.3 |
|
Net cash (used in) provided by financing activities |
|
(35.8 |
) |
|
|
24.8 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(4.7 |
) |
|
|
— |
|
Net increase in cash and cash equivalents |
|
16.3 |
|
|
|
168.0 |
|
Cash and cash equivalents at beginning of period |
|
168.0 |
|
|
|
— |
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ |
184.3 |
|
|
$ |
168.0 |
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
|
||||
Non-cash investing and financing activities: |
|
|
|
||||
Non-cash settlements with Parent |
|
— |
|
|
|
29.4 |
|
Non-cash Capital expenditures |
$ |
— |
|
|
$ |
(1.5 |
) |
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||||||
EARNINGS PER SHARE - RECONCILIATION |
|||||||||||
(in millions of |
|||||||||||
(Unaudited) |
|||||||||||
|
For the Three months ended
|
|
For the Years Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
$ |
40.1 |
|
$ |
34.8 |
|
$ |
185.6 |
|
$ |
171.3 |
Weighted-average shares for basic EPS |
|
83.0 |
|
|
83.3 |
|
|
83.2 |
|
|
83.3 |
Plus incremental shares from assumed conversions of long-term incentive plan shares |
|
0.5 |
|
|
0.2 |
|
|
0.4 |
|
|
0.1 |
Weighted-average shares for diluted EPS |
|
83.5 |
|
|
83.5 |
|
|
83.6 |
|
|
83.4 |
Basic earnings per share |
$ |
0.48 |
|
$ |
0.42 |
|
$ |
2.23 |
|
$ |
2.06 |
Diluted earnings per share |
$ |
0.48 |
|
$ |
0.42 |
|
$ |
2.22 |
|
$ |
2.05 |
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||||||||||
NET INCOME TO EBITDA AND ADJUSTED EBITDA - RECONCILIATION |
|||||||||||||||
(in millions of |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
NET INCOME |
$ |
40.1 |
|
|
$ |
34.8 |
|
|
$ |
185.6 |
|
|
$ |
171.3 |
|
Plus: |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
9.2 |
|
|
|
10.6 |
|
|
|
40.6 |
|
|
|
25.8 |
|
Income tax expense |
|
10.8 |
|
|
|
12.4 |
|
|
|
49.2 |
|
|
|
55.1 |
|
Depreciation and amortization |
|
7.0 |
|
|
|
5.4 |
|
|
|
24.8 |
|
|
|
21.5 |
|
EBITDA (non-GAAP) |
$ |
67.1 |
|
|
$ |
63.2 |
|
|
$ |
300.2 |
|
|
$ |
273.7 |
|
Plus: |
|
|
|
|
|
|
|
||||||||
One-time restructuring costs |
$ |
4.1 |
|
|
$ |
— |
|
|
$ |
4.1 |
|
|
$ |
— |
|
One-time separation costs(a) |
|
6.5 |
|
|
|
8.2 |
|
|
|
25.2 |
|
|
|
28.6 |
|
Adjusted EBITDA (non-GAAP) |
$ |
77.7 |
|
|
$ |
71.4 |
|
|
$ |
329.5 |
|
|
$ |
302.3 |
|
Net sales |
$ |
406.7 |
|
|
$ |
399.7 |
|
|
$ |
1,669.6 |
|
|
$ |
1,628.1 |
|
Net income margin |
|
9.9 |
% |
|
|
8.7 |
% |
|
|
11.1 |
% |
|
|
10.5 |
% |
EBITDA margin (non-GAAP) |
|
16.5 |
% |
|
|
15.8 |
% |
|
|
18.0 |
% |
|
|
16.8 |
% |
Adjusted EBITDA margin (non-GAAP) |
|
19.1 |
% |
|
|
17.9 |
% |
|
|
19.7 |
% |
|
|
18.6 |
% |
| (a) | Primarily comprised of one-time expenses related to Information Technology, warehousing, manufacturing and Human Resources separation costs. |
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||||||
DILUTED EARNINGS PER SHARE TO ADJUSTED EARNINGS PER SHARE - RECONCILIATION |
|||||||||||
(per share) |
|||||||||||
(Unaudited) |
|||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Diluted earnings per share |
$ |
0.48 |
|
$ |
0.42 |
|
$ |
2.22 |
|
$ |
2.05 |
Plus: |
|
|
|
|
|
|
|
||||
One-time restructuring costs |
$ |
0.05 |
|
$ |
— |
|
$ |
0.05 |
|
$ |
— |
One-time separation costs(a) |
|
0.08 |
|
|
0.10 |
|
|
0.30 |
|
|
0.34 |
Less: |
|
|
|
|
|
|
|
||||
Tax impact of one-time restructuring costs |
$ |
0.01 |
|
$ |
— |
|
$ |
0.01 |
|
$ |
— |
Tax impact of one-time separation costs(a) |
|
0.02 |
|
|
0.03 |
|
|
0.06 |
|
|
0.08 |
Adjusted earnings per share |
$ |
0.58 |
|
$ |
0.49 |
|
$ |
2.50 |
|
$ |
2.31 |
| (a) |
Primarily comprised of one-time expenses related to Information Technology, warehousing, manufacturing and Human Resources separation costs and the related tax impact of those expenses. The tax impact of one-time separation costs for the three months ended December 31, 2024 and 2023 were |
ATMUS FILTRATION TECHNOLOGIES INC. AND SUBSIDIARIES |
|||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW AND |
|||||||||||
ADJUSTED FREE CASH FLOW - RECONCILIATION |
|||||||||||
(in millions of |
|||||||||||
(Unaudited) |
|||||||||||
|
For the Three Months Ended
|
|
For the Years Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Cash provided by operating activities |
|
|
|
|
|
|
|
||||
Less: |
$ |
20.0 |
|
$ |
41.7 |
|
$ |
105.4 |
|
$ |
189.0 |
Capital expenditures |
|
|
|
|
|
|
|
||||
Free cash flow (non-GAAP) |
$ |
10.0 |
|
$ |
16.2 |
|
$ |
48.6 |
|
$ |
45.8 |
Plus: |
$ |
10.0 |
|
$ |
25.5 |
|
$ |
56.8 |
|
$ |
143.2 |
One-time restructuring costs |
$ |
4.1 |
|
$ |
— |
|
$ |
4.1 |
|
$ |
— |
One-time separation capital expenditures |
|
2.6 |
|
|
4.4 |
|
|
15.0 |
|
|
9.2 |
Other one-time separation related(a) |
|
11.7 |
|
|
— |
|
|
38.6 |
|
|
— |
Adjusted free cash flow (non-GAAP) |
$ |
28.4 |
|
$ |
29.9 |
|
$ |
114.5 |
|
$ |
152.4 |
| (a) | Primarily comprised of one-time working capital inefficiencies associated with the move from intercompany settlement terms with Cummins to standalone practices. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250220693713/en/
Media Contacts
Investor relations:
Todd Chirillo
investor.relations@atmus.com
Media relations:
Keri Moenssen
media.inquiries@atmus.com
Source: Atmus Filtration Technologies Inc.
FAQ
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