NASHVILLE, Tenn. - Atmus Filtration Technologies Inc. (NYSE: ATMU), a leader in filtration and media solutions, reported a robust start to 2024 with first-quarter earnings and revenue surpassing Wall Street expectations.
The company's adjusted earnings per share (EPS) of $0.60 exceeded the analyst consensus of $0.47, while revenue for the quarter reached $427 million, outperforming the consensus estimate of $390.88 million.
The company's financial performance reflects a 2% increase in net sales compared to the first quarter of the previous year, which stood at $419 million. This growth was primarily attributed to pricing adjustments and favorable currency impacts, which helped offset a decrease in volume. Despite higher manufacturing costs and lower volumes, Atmus managed to maintain a steady gross margin of 26.2%, matching the previous year's percentage.
Looking ahead, Atmus has reaffirmed its full-year guidance for 2024, projecting revenues to be in the range of $1.61 to $1.67 billion, which brackets the analyst consensus of $1.65 billion. The company's forecast for adjusted EPS stands at $2.10 to $2.35, with the midpoint slightly below the consensus estimate of $2.22.
Steph Disher, CEO of Atmus, expressed pride in the team's solid quarterly results and confidence in the company's growth strategy. "I am proud of our Atmus team who delivered another quarter of solid results as we begin 2024," said Disher. "I am pleased with the successful share exchange which was completed during the quarter and am confident in our ability to deliver on our growth strategy as an independent company."
Atmus' commitment to innovation and customer service remains strong as it continues to serve a global market across various vehicle and equipment sectors. With approximately 4,500 employees worldwide, Atmus is poised to build on its legacy of more than 65 years in the filtration industry.
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